 |
This article may need to be wikified to meet Wikipedia's quality standards. Please help by adding relevant internal links, or by improving the article's layout. (April 2008) |
 |
This article does not cite any references or sources. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (August 2008) |
Chittenden Corporation was a Vermont Banking company that was founded in Burlington, Vermont. The Stock was traded on the NYSE from 1974 to 2007. The Company merged January 1, 2008 with People's United Bank in Bridgeport, Connecticut.
Address: Chittenden Bank* Two Burlington Square P.O. Box 820 Burlington, VT 05401
- (use any bank that's People's United owns with the same address. This includes Chittenden Bank, Ocean Bank, Flagship Bank & Trust, Maine Bank & Trust, Merrill Bank, Bank of Western Mass.)
Chittenden Corporation (Chittenden) was a bank holding company that provided financial services through its banking subsidiaries. The Company was the holding company parent and owned 100% of the common stock of Chittenden Trust Company D/B/A Chittenden Bank, Flagship Bank and Trust Company, The Bank of Western Massachusetts, Maine Bank & Trust, and Ocean National Bank. Through its subsidiaries, Chittenden offered a variety of lending services, with loans totaling approximately $4.7 billion during the year ended December 31, 2006. Chittenden's largest loan categories were commercial loans and residential real estate loans. Commercial loans included commercial, municipal, multi-family residential real estate, commercial real estate and construction. Chittenden owned banks located in Vermont, New Hampshire, Maine, and Massachusetts.
Contents |
Chittenden Trust Company
Chittenden Bank was founded in 1904 and was established in 1906 as Chittenden County Trust Company. Chittenden's legal name was Chittenden Trust Company.
Per the FDIC website, some of the banking companies that made up Chittenden were:
- Montpelier National Bank 1824
- Rutland Savings Bank 1850
- The County National Bank Of Bennington 1878
- Ethan Allen National Bank 1879
- Bellows Falls Trust Company 1902
- Vermont National Bank 1906
- Windsor Federal Savings & Loan Association 1917
- Randolph Savings & Loan Association 1920
- Middlebury Savings & Loan Association 1928
- Vermont Federal Bank 1936
- Mountain Trust Company 1977
- Valley Bank 1987
The merger in 1998 with Chittenden Corporation & Vermont Financial Services Corporation placed Chittenden Bank as a Vermont & New Hampshire Bank. The legal Name was Chittenden Trust Company D/B/A Chittenden Bank in Vermont and First Savings of New Hampshire in the respected state.
Effective January 1, 2009, Chittenden Bank became a division of People's United Bank.
Ocean Bank
Ocean Bank opened its doors on Aug 1, 1854 in Kennebunk, Maine. In 1865 Ocean changed their name to Ocean National Bank of Kennebunk. The 1960s customer base remained focused in Kennebunk, with one branch in Kennebunkport. By the 1980s the bank also had branches in Wells, York and Kittery, and in 1998 Ocean opened an office in Portsmouth, New Hampshire. In 2002 Ocean was acquired by Chittenden Corporation. During the same year Ocean assumed responsibility for First Savings of New Hampshire branches in nine communities. In 2004 Ocean purchased Granite Bank of New Hampshire. The main reason for the merger was a high level of overlapping branches[citation needed]. In 2007 Ocean reverted to its original name of Ocean Bank.
Per the FDIC website, the following is a list of banks that make up Ocean Bank:
- Ocean National Bank 1854
- First National Bank of Peterborough 1854
- Peterborough Savings Bank 1859
- Primary Bank 1859
- Iona Savings Bank of Tilton 1870
- Franklin Cooperative Bank 1888
- Exeter Cooperative Bank 1892
- First Savings of New Hampshire 1892
- Granite Bank 1895
- Keene Savings Bank 1895
- Merchants Savings Bank 1901
- Keene Co-operative Bank 1912
- Durham Trust Co. 1947
- Seacoast Savings Bank of Dover 1977
- First Northern Cooperative Bank 1984
- Hillsborough Bank & Trust Company 1986
- Horizon Bank & Trust 1989
- Community Bank & Trust Company 1991
Effective January 1, 2009, Ocean Bank became a division of Peoples United Bank.
The Bank Of Western Massachusetts
The Bank of Western Massachusetts was established in 1987 as an independent commercial bank. Initiated by local business owners and other Western Massachusetts investors, the bank focused its resources on serving the small and medium-sized businesses. The Bank was the first bank to be purchased by Chittenden Corporation in 1995. In 1999 the bank merged with United Bank. United Bank was owned by Vermont Financial Services Corporation. Unlike with First Savings of New Hampshire, United Bank was owned by the holding company and not by Vermont National Bank, therefore was merged with Bank of Western Massachusetts.
Effective January 1, 2009, Bank of Western Massachusetts became a division of Peoples United Bank.
Flagship Bank & Trust Company
Flagship Bank and Trust Company opened for business on December 27, 1987. Situated in Central Massachusetts, Flagship was the first new bank to have opened in the Worcester, Massachusetts area in 35 years. Flagship Bank is a state chartered commercial bank whose primary mission has been to serve the banking need of Central Massachusetts. The Flagship Bank was the second bank purchased by Chittenden Corporation and merged in 1996.
Effective January 1, 2009, Flagship Bank became a division of Peoples United Bank.
Maine Bank & Trust Company
Maine Bank & Trust Company was established in 1991 by Maine philanthropist Elizabeth B. Noyce. The Bank was formed during a recession that overtook New England, and at a time of major upheaval in the Maine banking industry. (This included the loss of Maine National Bank) It was Mrs. Noyce's vision to establish the Bank to fulfill the need in Maine for a locally managed commercial bank and trust company, "a Maine bank for Maine people." Today the Bank maintains 12 offices. During the fall of 2002 the bank closed two branches in Kennebunk & York, Maine. The reason behind this was in part due to Ocean National Bank.[citation needed] Ocean National Bank maintained more deposit shares in York County market and with federal regulation required one of the banks to close their branches.
Effective January 1, 2009, Maine Bank & Trust became a division of Peoples United Bank.
Merrill Merchants Bank
Merrill Bank is located in Bangor, Maine and was founded in 1992. It was acquired by Chittenden in 2007.
Effective January 1, 2009, Merrill Bank became a division of Peoples United Bank.
People's United Bank
On January 1, 2008 People's United Bank took ownership of Chittenden Corporation's assets. As of January 1, 2009, People's United Bank has merged all seven banks under one charter and kept the six local banks as divisions of People's United Bank. The bank does business in Connecticut, Vermont, New Hampshire, Maine, Massachusetts and New York.
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
