Independent Banker - August 2022 - 47

From centennials to dodransbicentennials (that's
175 years), 36 community banks are marking significant
anniversaries in 2022. Four presidents and CEOs reflect
on how their banks survived the past, thrive in the
present and look toward the future. BY ROSHAN MCARTHUR
Changing
Clockwise from top:
Brentwood Bank's
pet supply campaign
delivered more than
1,000 pounds of dog
and cat food to animal
charities; Monson
Savings Bank and an
employee anniversary
raffle; Lorraine Oler
of National Iron Bank
volunteers as a reader
for North Canaan
Elementary School's
Read Aloud program;
Brentwood Bank
volunteers at the Greater
Pittsburgh Community
Food Bank; Brentwood
Bank beautifies gardens
and landscaping at
the Women's Center
& Shelter of Greater
Pittsburgh; and Chelsea
State Bank associates
wear blue to show they
care on Children's Grief
Awareness Day.
with the times
t's time once again to honor those community banks that are
celebrating remarkable anniversaries: their 100th, 125th,
150th or 175th anniversaries. They've survived depressions,
recessions and pandemics while fighting off competitors-so
what's the secret to their longevity?
Let's go back to 1847 for some answers. The MexicanAmerican
War was raging, the U.S. Post Office issued its
first postage stamp and the outlaw Jesse James was born. In Falls Village, Conn.,
business was booming. Rich ore beds, iron works and a new railroad had brought
great prosperity to town, and in May of that year, a charter was granted to establish
a much-needed bank. Five months later, the Iron Bank opened with assets of
$193,725 (about $3 million in today's money).
This year, the National Iron Bank, as it is now known, is celebrating 175 years in
business. With four branches, two loan offices and over $250 million in assets, it's
a far cry from those early days when the directors would gather around the bank's
potbellied stove, burning worn bank notes so that new currency could be issued.
The community bank has also come a long way since its acquisition of a " good dog "
to protect its premises from boisterous clients spilling out of nearby taverns, should
the newfangled burglar alarm system fail.
As its name suggests, the National Iron Bank has a reputation for durability.
It has survived crises including the Civil War, two World Wars and the Great
Depression. Other local banks have closed, the region has transitioned from forging
cannonballs to a focus on recreation, and the community bank has endured. That
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Independent Banker - August 2022

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Table of Contents
Independent Banker - August 2022 - Intro
Independent Banker - August 2022 - Cover1
Independent Banker - August 2022 - Cover2
Independent Banker - August 2022 - Table of Contents
Independent Banker - August 2022 - 2
Independent Banker - August 2022 - 3
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Independent Banker - August 2022 - Cover3
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