Union Savings Bank , is a full-service Community bank and wealth management institution serving customers in Western Connecticut . The bank is headquartered in Danbury, Connecticut and was founded in 1866.
31-673: The mutual savings bank was founded as the Union Savings Bank of Danbury by a group of Danbury citizens including James S. Taylor, the bank’s first president. The Legislature of the State of Connecticut authorized the incorporation of the bank on June 20, 1866. The bank was first located in a store owned by trustee Samuel Stebbins on Main Street in Danbury. In June 2016, the bank celebrated its 150th year of being in business. In 1887,
62-529: A drive-up window were added, and a one-story addition was built at the back of the building. In 1983, Union Savings Bank became a part of the area known as the Main Street Historic District . Two decades later, further renovations included raising ceilings to the maximum height, replacing original mechanical systems and replacing the teller counters, maintaining the 1925 aesthetic. During this renovation, pieces of frieze and molding from
93-551: A normal regulatory environment was required (similar to companies, health and other business (loan organisations). The 2014 Act also provided that existing societies may not establish a 'loan fund' from the commencement of the Act (July 28, 2014). Friendly societies are registered under either the Friendly Societies Act 1974 or the Friendly Societies Act 1992. There are the following types of society registered under
124-618: A role based on solidarity and democracy without an objective to make profit. The current position of the mutual benefit society in Europe is well described in a report from 2012, commissioned by the European Commission . Healthcare mutuals worldwide are coming together in Association Internationale de la Mutualité , a Brussels-based association of healthcare mutuals. Friendly societies in countries such as
155-584: Is a mutual organization or benefit society composed of a body of people who join together for a common financial or social purpose. Before modern insurance and the welfare state , friendly societies provided financial and social services to individuals, often according to their religious, political, or trade affiliations. These societies are still widespread in many parts of the developing world, where they are referred to as ROSCAs (rotating savings and credit associations), ASCAs (accumulating savings and credit associations), burial societies, chit funds, etc. Before
186-554: Is also the Registrar for Friendly Societies, Industrial and Provident Societies and Trade Unions). In 2014 the Friendly Societies and Industrial and Provident Societies (Miscellaneous Provisions) Act, 2014, provided for the cessation of new friendly societies; as a result no new societies may be registered. It was felt that the form of organisation had outlived its usefulness, largely for reasons mentioned above. When
217-526: Is what allowed mutual savings banks to remain stable throughout the turbulent period of the Great Depression , despite the failing of commercial banks and savings and loan associations . Friendly society A friendly society (sometimes called a benefit society , mutual aid society, benevolent society, fraternal organization or ROSCA ) is a mutual association for the purposes of insurance , pensions, savings or cooperative banking . It
248-575: The Co-operative and Community Benefit Societies Act 2014 , which has renamed these societies as co-operative or community benefit societies. Examples include co-operatives for consumers, workers, agriculture and housing, working men's clubs , Women's Institute markets, allotment societies, mutual investment companies, housing associations and some social enterprises . Many sports clubs are registered under these provisions. Friendly societies, alongside other mutual societies, are registered with
279-643: The Ruthwell Presbyterian Church in Dumfriesshire , Scotland . Duncan established a friendly society to create a cooperative depository institution in order to enable his poorest parishioners to hold savings accounts accruing interest for sickness and old-age . Another precursor of modern savings banks were the ideas of Friedrich Wilhelm Raiffeisen that led to rural credit unions and cooperative banks . European voluntary organizations and " friendly societies " provided
310-522: The 1830s and have evolved into member-focused providers of financial services, healthcare, retirement living, aged and home care services, transport, pharmacies and other fraternal services to over 800,000 members. They typically provide savings, investment and insurance products. In Ireland, friendly societies are registered with the Registrar of Friendly Societies under the Friendly Societies Acts 1896–2014 (the Registrar for Companies
341-676: The 1980s, several building societies in Australia converted to banks, but were required to demutualize when doing so. These included Advance Bank (formerly NSW Building Society), St. George , Suncorp , Metway Bank, Challenge Bank, Bank of Melbourne and Bendigo Bank . A change in regulation meant that building societies and credit unions were no longer required to demutualize upon converting to banks, and several, including Heritage Bank , have converted since 2011 while retaining their status and structure as mutual organizations. Mutual savings banks were designed to stimulate savings by individuals;
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#1732779582455372-735: The 19th century e.g. the York Female Friendly Society, founded in 1788 by Faith Gray and Catherine Cappe . Grey and Cappe ran schools for girls and this society was intended to assist them. Another early Female Society was the Wisbech Female Friendly Society instituted on 1 February 1796. In Australia, friendly societies are regulated under the Life Insurance Act 1995 (C'th) and registered with APRA . Friendly societies were first established in Australia by community groups in
403-628: The Friendly Societies Act 1974: The activities of these societies varies, but includes: Some friendly societies are still governed by the 1974 act, although no new societies can be registered under that act. Friendly societies registered under the Friendly Societies Act 1992 are incorporated entities and are registered for effecting and carrying out contracts of insurance. Similar organisations were called industrial and provident societies . They are trading businesses or voluntary organisations. Recent legal developments in Great Britain include
434-720: The Salem Savings Bank. In 2020, Eastern Bank demutualized and listed its stock on the New York Stock Exchange . Since the 1970s, when the industry was deregulated, thousands of mutual savings banks have been converted into stock ownership companies , raising more than $ 40 billion. In 2010, only about 600 remained. These conversions have often resulted in large financial rewards for top bank executives. Current mutual saving banks include Dollar Bank , Ridgewood Savings Bank , Middlesex Savings Bank , Liberty Bank , and Marquette Savings Bank . Beginning in
465-557: The United Kingdom were subject to prudential regulation to safeguard the financial interests of their members and secure the benefits promised to them, but the legislation (see for example the Friendly Societies Act 1875 ( 38 & 39 Vict. c. 60)) was separate from that applicable to insurance companies. In other countries friendly societies have no specific legal status, which means that they have to comply to
496-485: The architectural firm Berg & Clark of New York City was selected to design the bank’s current office at 226 Main Street in Danbury, also known as the "United Banks Building". Until 1925, Union Savings Bank co-occupied the first floor of the three-story Romanesque Victorian building with the National Pahquioque Bank. That year, an expansion of the building saw the main entry relocated to the center of
527-539: The building where it resides today. The second and third floors at the time housed the high school, a 500-seat ballroom and the YMCA, among other offices. Years after Union Savings Bank became the sole occupant of the United Banks Building, repairs were made to the bank’s vault area following a bomb attack and robbery in 1970. At the same time, modern amenities including acoustic tiles, fluorescent lights and
558-421: The development of large-scale government and employer health insurance and other financial services, friendly societies played an important part in many people's lives. Many of these societies still exist. In some countries, some of them developed into large mutually-run financial institutions, typically insurance companies, and lost any social and ceremonial aspect they may have had; in others they continue to have
589-461: The exclusive function of these banks is to protect deposits, make limited, secure investments, and to provide depositors with interest. Unlike commercial banks , savings banks have no stockholders; the entirety of profits beyond the upkeep of the bank belongs to the depositors of the mutual savings bank. Mutual savings banks prioritize security, and as a result, have historically been characteristically conservative in their investments. This conservatism
620-523: The foundation has focused its efforts primarily on education, forming the USB Teachers’ Closet to help provide school supplies to teachers in local communities. Mutual savings bank A mutual savings bank is a financial institution chartered by a central or regional government, without capital stock, owned by its members who subscribe to a common fund. From this fund, claims, loans, etc., are paid. Profits after deductions are shared among
651-580: The foundation’s endowment. Each year during an open application period, 501(c)(3) non-profit organizations are invited to submit requests to receive grants from the foundation. In 2018, these grants contributed $ 202,525 to 18 different local non-profit organizations in Connecticut. Organizations that receive support from the foundation serve a range of needs including child and family services, medical and dental care for low-income individuals and educational resources for underserved communities. Since 2016,
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#1732779582455682-407: The inspiration for their state-incorporated American counterparts. These first savings banks were envisioned as philanthropic endeavors, designed to uplift the poor and working classes. The banks were started by philanthropists who took on the positions of savings bank trustees, managers, and directors as opportunities to teach the working class the virtues of thrift and self-reliance by allowing them
713-522: The leadership team include Paul Bruce, Executive Vice President and Chief Financial Officer and Treasurer, Frederick “Rick” F. Judd, III, CFP®, EVP and Head of Wealth Management and Branch Banking and Peter Maher, EVP and Chief Lending Officer. A Board of Trustees and team of Corporators also contribute to company leadership. The Union Savings Bank Foundation was established in 1998 to provide contributions to charitable organizations and non-profits in Connecticut. The Bank makes annual contributions to sustain
744-407: The members. The institution is intended to provide a safe place for individual members to save and to invest those savings in mortgages , loans , stocks , bonds and other securities and to share in any profits or losses that result. The institution most frequently identified as the first modern savings bank was the " Savings and Friendly Society " organized in 1810 by Rev. Henry Duncan of
775-424: The minister's staff examined the register, it was found that only three new societies had registered in the previous nine years, as the use of the traditional friendly society types of business had become regulated elsewhere and a 'rump', which on examination are largely public-service types, remain (mainly army, customs, gardaí , and prison officers). Many of the others could expect to cease to trade if additional, or
806-542: The original lobby were discovered and protected with Christo wrap. In 2010, Union Savings Bank expanded its branch offices into Litchfield County through a merger with The First National Bank of Litchfield, the oldest nationally chartered bank in the state of Connecticut. The First National Bank of Litchfield had been in operation in Litchfield County for 196 years. Cynthia C. Merkle has served as President and CEO of Union Savings Bank since 2014. Other members of
837-540: The same rules and regulations as for-profit insurance companies. In some cases, especially in America, members typically paid a regular membership fee and went to lodge meetings to take part in ceremonies. If members became sick, they would receive an allowance to help them meet their financial obligations. The society might have a doctor whom the member could consult for free. Members of the lodge would visit to provide emotional and other support (and possibly to verify that
868-589: The security to save their money. The first incorporated US mutual savings bank was the Provident Institution for Savings in Boston. Its 1816 charter was the first government legislation in the world to safeguard savings banks. In 2015, the oldest (and largest) mutual bank in the U.S. was Eastern Bank of Boston, with approximately $ 10 billion in assets. It was chartered in 1818 in Salem, Massachusetts, as
899-507: The sick member was not malingering ). When a member died, the funeral would be paid for and the members of the lodge might attend in ceremonial dress. Often, there was some money left over for the next of kin. Friendly societies might also organize social functions such as dances, and some had sports teams for members. They occasionally became involved in political issues that were of interest to their members. Others were purely financial, with little or no social side, from their foundation—this
930-517: Was more typical in Britain. The first mutual savings bank , founded in Scotland in 1810, was called the "Savings and Friendly Society". Credit unions and other types of organization are modern equivalents. Friendly society brasses were the emblems of village friendly societies or clubs common in the west of England between the late 18th and early 20th centuries. The use of brasses as emblems
961-524: Was particularly prevalent in Somerset and the surrounding counties. The Museum of English Rural Life has a collection of over 900 Friendly Society Brasses aka poleheads. The design of the brasses was sometimes conventional or sometimes represented an interest of the club such as the inn in which the meetings were held. Female friendly societies became a common form of friendly society in England during