Liberty Bank
Connecticut, the Constitution State, is one of the cradles of Liberty of the great nation of America. It’s a home to more than three and half million people. It is a thriving State that lives on agricultural products, rural trading, industrial manufacturing, textiles, sewing machines, silverware, watches and clocks. Financial services and insurance are very important in this State. Hartford, Connecticut’s capital is one of the forerunners of these industries. Real estate, service sector and financial industries play a major role in its economy. And although major financial services companies have already dominated the markets of Connecticut, the people are still dependent on their community banks. One of these banks is the Liberty Bank.
Liberty Bank in Connecticut is the ancestor of all mutual banks in the State. Its origins can be uprooted to the year 1825. Just decades after its admission to the union, Connecticut picked up its economy. And Liberty Bank was there for the community and grew along with the State. It survived the greatest times and darkest hours of American history. Liberty Bank is today’s primary provider of first class financial services and products at the most competitive and world-standard rates.
The Bank currently serves more than one hundred ninety thousand business and individual banking customers all throughout its thirty four community banking centers spread out in the eastern, central and on the shores of Connecticut. The Liberty Bank is one of the biggest community banks in the Constitution State with assets amounting to $2.5 billion.
Liberty Bank opened its doors to Connecticut business owners and households in the year 1825 at a place in Samuel Southmayd Pharmacy. The name of the bank was Middletown Savings Bank. The first days of operation were successful. On the opening it recorded $970.75 total deposits. It became an instant hit to many business owners and individuals. One interesting story is the account of Frederick Sheffield, who for this day is considered the oldest person to hold a savings account. One day in 1844, Sheffield, who was a merchant, dropped in an $8 deposit to Middletown Savings Bank. His second and last deposit was worth $18 and was made six months later after his first.
After this, Sheffield never had any transaction with the bank. His deposits were never moved. It remained in the vaults of Middletown Savings Bank and its successors for one hundred fifty years. Until 1994, Sheffield’s successors closed his savings account and withdrew an accumulated interest amount of $32,000. Until this very day, the Sheffield account is recorded as the oldest individual savings account in the banking history of the United States. A Sheffield descendant still holds a savings account at the Liberty Bank.
The story of Sheffield was just one of the many remarkable events of the history of Liberty Bank. In 1852, the Middletown Savings Bank recorded $1 million of deposits. 60 years later it went $10 million. It went through the beatings of the Great Depression in 1929. But it survived.
The Second World War however did not pose any declining risk to the company. As a matter of fact, it was opened opportunities for the company. Because of the sudden population rise after the WWII, the Middletown Savings Bank became the leading mortgage lender providing financial services to housing loan applicants.
In 1975, a new corporate identity was introduced and the company was called The Liberty Bank for Savings. Some would call it Liberty Savings Bank. The company expanded and in the 90s, it entered the business banking. In 1997, Liberty Bank online banking was launched.
The growth of the company never ceased over time. In fact, there was a time when the lines of community banks and major banks were blurred. It reached unexpected heights never before achieved by any other community banks. But it still remains true to its heritage – dedicating itself to providing excellent personal service and unmatched community involvement.