History

At Athol Savings Bank our motto is "proud of our past; focused on the future". In today's economy, it is unusual, particularly for a bank, to be in business for over 135 years. But Athol Savings Bank has done just that and we are extremely proud of our accomplishments.

Athol Savings Bank was incorporated on February 12, 1867 after a group of area businessmen were convinced by John C. Hill that Athol needed a savings bank. The businessmen initially scoffed at Hill's suggestion, but his enthusiasm finally won them over. He predicted that in three years they would live to see $400 on deposit in the bank. After the bank was incorporated, Hill visited the homes of people in Athol and the surrounding valleys. He taught them how to save and instilled in them the enthusiasm for thrift. Soon the small accounts grew into larger accounts. Hill's vision of a successful savings bank in Athol was more than realized and within a few short years the bank had $1 million in assets on their books.

Athol Savings Bank continued to grow and in the early 1980s the Bank's assets had reached $42 million. In early 1991 the Bank had the opportunity to expand when it opened its first branch by acquiring the Uptown Athol Branch from the former Bank of New England.

During an era of bank closings and mergers Athol Savings Bank has advanced to accommodate the needs of the community. A summary of these changes are:

• At the end of 1991 the Bank announced that it would offer commercial loans when Fleet Bank moved out of town.
• In March of 1992 Athol Savings Bank acquired the former Fleet Bank property at 388 Main Street, Athol and a portion of Fleet's assets. Athol Savings Bank was now a $100 million bank.
• In August of 1992 Athol Savings Bank successfully acquired the former Winchendon Savings Bank from the FDIC. That acquisition doubled the staff size of the Bank, expanded the branch system to five, and increased the Bank's assets to $150 million.
• In December 1995 Athol Savings Bank continued their expansion efforts with the acquisition of a Bank of Boston branch in Ashburnham, increasing the Bank's asset size to $166 million.
• In 1997 improvements were made at the 388 Main Street, Athol location when an addition was added on to the rear of the building. With extended hours and three drive-up lanes, the branch became the Bank's "Convenience Center." The original building continues to house the Lending Center and some of the bank's administrative offices.
• The Bank's seventh branch was added in December 2000 in Gardner when a temporary office was opened in the former bakery building on Timpany Blvd while construction was underway on a new building across the street. The new Gardner office was completed in July 2001.
• In January 2003 the Bank opened its eighth branch in Barre.

Athol Savings Bank has come a long way since it was chartered by the Commonwealth of Massachusetts in 1867. It has survived the Great Depression, two world wars, a roller coaster economy and many National tragedies. The Bank's products and services have also been greatly expanded to include a vast array of retail and commercial savings, loan and Savings Bank Life Insurance® products. The bank's most popular products include its Completely Free Checking Account and Choice Equity® Loans. The bank also has 24 hour Automatic Teller Machines at their branches, offers a 24 hour telephone banking service and online banking.

Athol Savings Bank provides high quality products and services and we are pleased to be the premier bank in the communities that we serve. We are proud to have had the financial strength and commitment to meet the needs of the community in the past and continue to do so today. While products, services and technology may change, it is the old-fashioned sense of community pride and commitment that we focus on to bring you our full range of products and services in the future.