Farmington Bank to Hold Open House to Introduce Team Members and Services

Farmington Bank will hold an Open House at its 32 Main St. branch on Thursday, March 10, 8:30 a.m. - 8 p.m. to provide information about its services and an opportunity to meet new team members.

"Our logo, ‘You've come to the right place’, says it all," explained newly appointed Branch Manager Mecheal Hamilton.

The bank has been a local institution since 1851. The founding charter petition as described in On Common Ground, Farmington Savings Bank, 1851-2001, A commemorative History of its First 150 Years, states it was established as a mutual savings bank rather than a commercial bank, to directly benefit “the community…affording them a place for the deposits and safe keeping of surplus funds.”

Farmington Savings Bank opened on August 25, 1851 at 93 Main St. in Deacon Hart’s home. Savings book #1 was issued to Miss Harriet E. Porter. Twelve accounts were opened the first day, with a total of $88.70 in deposits. Currently, the bank has approximately $1.5 billion in assets, $1.2 billion in deposits and capital accounts of approximately $97.9 million. In January the bank board approved a mutual-to-stock conversion and stock offering.

The bank moved to Samuel Cowles' house at 27 Main St. in 1853, then to its current location, 32 Main St. in 1865, to a building that had been a small store since 1791.

The current bank was built in 1927 and a 2,600 square-foot addition was built in 1964. There are now 15 branches in the Farmington Valley area.

The Open House will feature a chance to win up to $100 worth of gift certificates; first 50 checks free when you open any new personal checking account; first order of checks free when you open any new business checking account and a quarter off residential mortgage rates when you auto pay from a Farmington Bank personal checking account each month.

There will be 15-minute sessions about products and services every two hours beginning at 10 a.m.

Small businesses are encouraged to meet with the business development manager. Farmington Bank was 2010’s SBA Emerging Lender of the Year.

The day will end with a Meet and Greet reception from 6 - 8 p.m.