MONSON – Banks often merge or are taken over by larger financial institutions, but not Monson Savings Bank (MSB). It remained local and independent for 150 years.
“All of us at Monson Savings Bank are incredibly proud to be a trusted local community bank for 150 years,” Dan Moriarty, president and CEO of Monson Savings Bank, said in a statement.
The Monson Savings Bank began as a mutual savings bank in 1872 at the corner of Main and State streets in Monson. At the time, Monson was growing and the community needed a local place to save money.
In 1998, Monson Savings Bank became a full-fledged commercial bank. That same year, Moriarty joined the bank. He became chairman in 2020 and was named CEO in 2021.
“We felt we had to stay relevant and that means we have to expand our reach,” said Moriarty, who described himself as “from Monson.” This reach is both geographic, with locations in Monson, Hampden, Wilbraham, Ware and East Longmeadow, as well as in its diversity of financial opportunities. “We still want to keep that local bank feel with big bank products,” he said. These products include online banking, financial planning, mortgages and home equity loans.
There are now 95 employees and five branches, including their main office in Monson, and a loan and operations center.
150th Anniversary Events
Monson Savings Bank will kick off its 150th anniversary with a “Cheers to 150 Years” event on March 19. It will be followed by a 150th anniversary week between March 28 and April 2. Throughout the week, Monson Savings Bank has a planned schedule of excitement for customers visiting any MSB branch.
“As a throwback to the 1966 Monson Savings Bank reopening event, the bank will also be holding ‘Yesterday and Now’ grand prize draws, with winners announced at the culmination of the anniversary week,” MSB announced. in a press release.
Customers will also be automatically entered into a drawing each month between March and December, and an MSB customer will win $150 at the end of each month.
In another celebration, commemorative plaques will be unveiled at the original bank building and at the current Monson Savings Bank Monson branch. At that time, a time capsule will be filled with memories, artifacts, and reminders of the year 2022. The capsule will be buried at the Monson branch and excavated in 2047, the bank’s 175th anniversary.
Monson Savings Bank ran a campaign to donate to local nonprofits and found ways to get involved in its communities.
“Without earning the trust of our communities, we have no chance to grow,” Moriarty said. This year, the bank plans to step up its community efforts, with a 150th Build a Bike campaign, in which it will purchase $15,000 worth of children’s bikes and helmets from the Family Bicycle Shop in East Longmeadow. The bank partners with the YMCA of Greater Springfield, YWCA of Western Massachusetts, I Found Light Against All Odds, Educare Springfield, and the South End Community Center (SECC), to assemble the bikes for local children.
MSB will also be a sponsor of the Spirit of Springfield “World’s Largest Pancake Breakfast” on May 14 and host annual shredding days, among other opportunities.
To come up
Monson Saving’s Bank’s plans for the future are simple – “to remain mutual and independent for another 150 years,” Moriarty said. Reminder publication. He said it was important that the company was not beholden to shareholders so that customers remained their primary concern.
The Monson Savings Bank survived, while many local banks were bought out or merged into increasingly larger corporate financial institutions. His method of maintaining independence begins with local decisions, Moriarty said.
“We can react quickly to what’s happening,” he said, without having to coordinate with banks across the country. “I can contact board members at any time.” MSB’s agility means it can stay on top of changes happening in Western Massachusetts or nationwide, without the bureaucracy of a huge operation.
Another benefit of being local is the bank’s practice of responding to customers within 12-24 hours. Moriarty said teamwork, both between employees and with customers, is an integral part of the MSB culture.
To learn more about Monson Savings Bank, visit https://www.monsonsavings.bank and to view the bank’s calendar of events, visit https://www.monsonsavings.bank/connect/anniversary.html.