Community Bank
The Community Bank in Massachusetts – a local bank that reflects the interests of the people, yet has a heart that belongs to the world. Get to know more about the significance of this Brockton bank, which is as service-oriented as its name.
The Massachusetts area had always wanted a bank that has a spirit reflecting their land. This proposition came to reality when in the 21st of September, 1877 the Community Bank of Massachusetts was born through the Campello Cooperative Savings Fund and Loan Association. The said association was to be chartered by the Commonwealth of the Massachusetts State in that same year, on the month of October, the 3rd.
The Campello Cooperative Savings Fund and Loan Association became the voice of the local. Although it was not the first association to serve the people of Massachusetts, it had intentions far exceeding that of the people’s needs. The association served the people with great enthusiasm. But it too had to evolve with the times, later it had to change its name to the Campello Co-operative. During that time, the Campello Co-operative Bank was the 4th banking organization in Massachusetts and stands today as one of the earliest and the oldest banking institutions in the Bay State.
The very definition of a community bank, during a time when they were still in its infancy, was to encourage the ownership of home through various means like regular savings and home loans. In a time when people were hesitant to place their money on somebody else’s custody, community banks promoted the importance of savings by means of an uncommon type of savings account, and this was called the serial shares. The community found it credible and very useful. Each of the shares in the account obliged a member to deposit at least a dollar monthly. The maturity of the account is based on an amount set. For instance, when the accumulated amount of deposit totaled to $200, all the shares were now in their maturity. This scheme of savings was proven to be very useful for the community especially in Massachusetts. The community bank in general, later on, underwent many revisions and amendments.
The corporate governors of the Community Bank in Massachusetts comprised of people who were respected during their time. The President was then Albert Keith, the Vice President was Daniel Dunbar, the Secretary was Warren T. Copeland and the Treasurer was Ziba C. Keith. The Charter Members of the company was composed of 43 reputable Brocktonians.
The Community Bank in Massachusetts had its first office in Main Street, South of Perkins Avenue. The bank only operated in a small store in Keith’s place. In 1948, it moved to a new property, soon after the bank’s very own building was constructed. The edifice continued to rise as it served more people.
The Community Bank in Massachusetts decided to expand in the year 1975. Its first branch opened down the Crescent Street. The succeeding branch was launched on Belmont Street at the Michael’s Plaza.
The 1990s was the turning point of the company. In the year 1995, the Campello Co-operative Banks were restructured. A new holding company came out by the name of Campello Bancorp. After the said reorganization, the growth of the company was unceasing. It soon followed a six branch expansion covering every street and community in Massachusetts, to name: Crescent Street, Quincy Street, Cape Cod, Cotuit Road, Belmont Street and Route 105.
The Bank’s addition of two new facilities called the Falmouth and Hyannis Business Resource Centers made a total of 8 branches. Although the Community Bank in Massachusetts underwent many changes in its course of operation, including its recent change of identity, one thing remained in the hearts of the company’s workers and that is to continue the legacy of its founders in providing the needs of their community.