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Catskill Savings Bank

Extracted from "The Capital Region of New York State Crossroads of Empire"
Comprising Albany, Columbia, Rensselaer, Schenectady, Greene, Schoharie, Montgomery, Fulton, Herkimer, Otsego Counties and Environs
Volume III
by Francis P. Kimball
Published by Lewis Historical Publishing Company, Inc. New York in 1942

Volume located at the Catskill Public Library and article transcribed by Arlene Goodwin

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Courtesy Seward R. Osborne

The Catskill Savings Bank at Catskill is the only institution of its kind in Greene County. Incorporated by special act of the Legislature, passed April 1, 1868 (Chapter 96 of Laws of 1868), the bank began business on July 24, 1868, in the main room of the Tanners National Bank of Catskill.  These quarters it occupied for over forty years. In June, 1909, it moved into its own building adjoining the Tanners National Bank and then just completed.

The bank’s first officers were:  John Breasted, president; George Beach, vice-president; Rufus H. King, treasurer; and Edgar Russell, secretary. The first trustees were: S. Sherwood Day, John Breasted, Samuel Harris, Rufus H. King, Jacob H. Meech, George Griffin, Elijah P. Bushnell, Frederick Cooke, John H. Bagley, Jr., Burton G. Morse, John A. Griswold, Luke Roe, Edward N. Hubbell, Sheldon A. Givens, Charles L. Beach, George Beach, George Robertson, Isaac Pruyn, John M. Donnelly, Francis N. Wilson, Nelson Fanning, Manly B. Mattice, Edgar Russell and Joseph Hallock.  On October 5, 1874, the number of  trustees was reduced from twenty-four to eighteen and on January 2, 1878, was again reduced to fifteen, the present number of the board. A savings bank trustee is prohibited by law from receiving any compensation as such, and has no interest directly or indirectly in the profits of the institution.

The Catskill Savings Bank was founded as an institution where people with moderate incomes could deposit their money in small amounts and be sure of getting it again when needed.  Safety of principal has always been the main consideration of the trustees. A large interest rate on money deposited was never promised and intended. Nevertheless, the bank has paid its depositors to January 1, 1941, interest in excess of $7,000,000. depositors in this bank are insured in the Mutual Savings Banks Fund.  There are no stockholders, and all profits are paid to the depositors, or added to the surplus fund.  Interest on deposits begins from the first of each monthly and is credited to accounts semi-annually on January first and July first of each year. As of January 1, 1941, the bank had 7,773 depositors and the total deposits amounted to $7,401.984.22. The school savings system was installed in the Catskill public schools through the Catskill Savings Bank on March 15, 1927. There are now about 1,500 such accounts to $8,668.33. Total assets of the Catskill Savings Bank as of January 1, 1941, were $8,962,647.53, with a surplus, and investment value, amounting to $1,543,917.34. The present quarters of the bank, the building at No. 341 Main Street, Catskill, occupied since June, 1909, constitute a model banking house, equipped with modern bookkeeping and posting machines, York Safe & Lock Company modern vault, safe deposit boxes and all other necessary facilities.

The present officers of the institution, who continue the distinguished tradition of their predecessors, are: Addison P. Jones (q.v.), president; Albert C. Bloodgood, first vice-president; John L. Fray, second vice-president; Wendell S. Sherman, treasurer-secretary; and C. Edsall Fiester, assistant secretary. The board of trustees is composed of: Albert C. Bloodgood, Addison P. Jones, J. Clark Salisbury; Howard C. Smith; John L. Fray, Raymond E. Smith, Wendell S. Sherman, C. Edsall Fiester, Floyd F. Jones, Howard E. Muller, Frederick W. Goodrich, Leon L. Parker, M. Edward Silbertein, Richard C. Kennedy and John C. Bagley. The present employees are: Richard C. Kennedy, Lester Lindsey, Florence Fiero, Eleanor B. Guldenstern, Barbara F. Craigie and George Mulbury.

Catskill Savings Bank is now in its seventy-third year in business. Its long history has been characterized by steady growth under sound and able management, as a result of which the interests of depositors have been safeguarded at all times and the institution has fully discharged its duties and responsibilities to the community. The year 1941 marks the 125th anniversary of mutual savings banks in the United States and the Catskill Savings Bank is justly proud of its record as such an institution.

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