NO. R-121.  House concurrent resolution congratulating the Passumpsic Savings Bank on the occasion of the financial institution’s 150th anniversary.

(H.C.R.74)

Offered by:  Representatives Larrabee of Danville, Bostic of St. Johnsbury, Clark of St. Johnsbury, Crawford of Burke, Hall of Newport City, Hudson of Lyndon, Johnson of Canaan, Ketchum of Bethel, Kilmartin of Newport City, Larocque of Barnet, Shaw of Derby, Sheltra of Derby and Young of Orwell.

Offered by:  Senator Canns of Caledonia County.

Whereas, by the midpoint of the 19th century, St. Johnsbury was emerging as a thriving municipality, and in recognition of the growing need in St. Johnsbury for a financial institution to serve as a savings depository, the General Assembly granted a charter to St. Johnsbury area citizens Joseph P. Fairbanks, Edward C. Redington, Ephraim Chamberlain, Barron Moulton, Samuel W. Slade, David Moulton, Gustavus A. Burbank, Jesse P. Bancroft, Charles Blinn, John Morse, Asa L. French, and T. Jefferson Cree, constituting these individuals as “a body politic and corporate by the name of the Passumpsic Savings Bank,” with the authority to “receive on deposit, for the use and benefit of the person by or for whom deposits may be made, all sums of money offered for that purpose,” and

Whereas, on November 23, 1852, the charter took effect when Governor Erastus Fairbanks signed the legislative measure into law as No. 93 of the Laws of 1852, and pursuant to the act, the Passumpsic Savings Bank conducted business for the first time on February 24, 1853 in the Main Street headquarters of the former commercial Passumpsic Bank, and

Whereas, on the bank’s initial day in business, 17 customers deposited $863.00, and at the conclusion of Passumpsic Savings Bank’s first year, it held $32,208.99 in deposits, and

Whereas, in 1885, the bank opened its own building on Main Street which continues to serve as a branch office, and

Whereas, in the ensuing decades, there have been many significant milestones marking the bank’s development, including the opening of its first St. Johnsbury branch in 1964; the subsequent introduction of new offices in Lyndonville, St. Johnsbury Center, Newport, Danville, and Island Pond; the establishment of a loan center in Littleton, New Hampshire which in 1999 was chartered in New Hampshire as the full-service Passumpsic Bank, and with changes in federal banking laws, was merged into the Vermont‑based Passumpsic Savings Bank in January 2002; and the 1996 reorganization from a mutual savings bank into a state‑chartered stock savings bank which is a wholly‑owned subsidiary of Passumpsic Bancorp., and

Whereas, today, the Passumpsic Savings Bank consists of a thriving network of 10 branches and 14 ATMs in the Northeast Kingdom and northern New Hampshire with a promising future, now therefore be it

Resolved by the Senate and House of Representatives:

That the General Assembly congratulates the Passumpsic Savings Bank on the occasion of the financial institution’s 150th anniversary, and be it further

Resolved:  That the Secretary of State be directed to send a copy of this resolution to the Passumpsic Savings Bank in St. Johnsbury.