Putnam Bank’s Mission is to be the leader among independent, community-based banks in the markets we serve. We will deliver responsive customer service and high-quality, innovative products, in a safe, sound and profitable manner. We will achieve these objectives and serve our communities with efficiency, professionalism and integrity.
Putnam Bank is a community bank, headquartered in Putnam, Connecticut, dedicated to providing superior products and exceptional customer service. Putnam Bank is more than just a bank, it is the people who work day-in and day-out to improve both the Bank and the communities we serve.
Our principal business activities include the origination of mortgage loans secured by one- to four-family residential real estate, loans secured by non-residential real estate and multi-family real estate, residential construction loans, commercial loans as well as consumer loans. We also offer a wide variety of deposit accounts, including checking, savings, and certificates of deposit. Deposits are our primary source of funds for our lending and investing activities.
Putnam Bank is a federally-chartered stock savings bank. The Bank (as Putnam Savings Bank) was founded in 1862 as a state-chartered mutual savings bank. In May 2003, the Bank reorganized into a two-tier mutual holding company structure. As part of the reorganization, Putnam Savings Bank formed PSB Holdings, Inc. and Putnam Bancorp MHC, Inc., a Connecticut-chartered mid-tier stock holding company and mutual holding company, respectively. The Bank became a Connecticut-chartered capital stock savings bank, and the wholly-owned subsidiary of PSB Holdings, Inc., and PSB Holdings, Inc. became the wholly-owned subsidiary of Putnam Bancorp, MHC.
In October 2004, Putnam Savings Bank, PSB Holdings, Inc. and Putnam Bancorp MHC, Inc. converted to federal charters and are now regulated by the Office of Thrift Supervision. In connection with the charter conversion, Putnam Bancorp MHC, Inc. changed its name to Putnam Bancorp, MHC.
Also in October 2004, we completed a successful minority offering of the common stock of PSB Holdings, Inc. Putnam Bancorp, MHC retained a majority of the voting stock of PSB Holdings, Inc. PSB Holdings, Inc. continues to own 100% of the common stock of Putnam Savings Bank. PSB Holdings, Inc. is traded on the NASDAQ under the symbol "PSBH". For more information visit the Investor Relations section of our website.
Putnam Savings Bank was founded in 1862 and operated for the first four years out of Gilbert W. Philips' law offices. In 1866 the First National Bank of Putnam built a new building on the corner of Main and Front Streets, and invited Putnam Savings Bank to share its vault. By 1874 business was booming for Putnam Savings, and it purchased its own vault which was installed in the building's upper rooms.
Putnam Savings Bank moved into its own building in 1924 and moved again in 1974 to its present location on Main Street where it continues to provide the same hometown service that has been a tradition for over 140 years. In June 2004, we completed the addition of a second floor to our Main Office facility in Putnam to accommodate the continued growth of the bank.
Putnam Bank operates seven branch offices in addition to its Main Office in Putnam. The Pomfret Center Branch was opened in 1981; its Branch in Danielson opened in 1993; and the Plainfield Branch Office was opened in September of 2000. In October of 2005 the Bank acquired two branch offices and their related deposits from People's Bank. These offices are located in the towns of Griswold and Ledyard (Gales Ferry). In August of 2005 the Bank opened the Price Chopper Branch in the Putnam Price Chopper Supermarket offering customers 7-day-a-week banking. In September of 2009, Putnam Bank opened our Norwich branch on 40 High Street, helping to fill in our branch presence along the 395 corridor from Putnam to Gales Ferry.
We also operate a full service Loan Center, located at 50 Canal Street in Putnam, which was opened in March 2000.
Furthermore, we have operated a "special needs limited branch" at the Creamery Brook Retirement Village in Brooklyn since 2002. We provide limited banking services for the residents of Creamery Brook including accepting deposits, cashing checks, renewing Certificates of Deposit and providing notary services.
In addition to our physical presence, we are also extremely proud of our community involvement and the efforts of our employees who donate thousands of hours to raise monies for local charities.
Branches from top to bottom, left to right
Putnam (Main Office)
Putnam (Price Chopper), Pomfret, Danielson
Plainfield, Griswold, Gales Ferry (Ledyard),
Here are some photos from the early days: (captions below photos)
An Old 'Dime Saver' Savings Book from the 1920's