This Day in Norwood History-April 21, 1955-Norwood Bank Reaches $15 Million Mark

Norwood’s First Bank Is Largest Massachusetts Co-operative Bank Located Outside A Metropolitan Trading Area

The Norwood Co-Operative Bank, Norwood’s first bank, established in 1889, has set another milestone with the issuance of the latest Quarterly Report to its shareholders. For the first time in the history of Co-Operative Banks in Massachusetts, a bank outside a Metropolitan trading area has reached $15,000,000 in assets This achievement is only one of many set by the Norwood Co-Operative Bank in creating improved thrift and home ownership financing plans for the people of Norwood and vicinity.

First Norwood Bank

When the Norwood Co-operative Bank was established in 1889, It was the first bank established in the town so that today it is the oldest and largest bank with Its main office located In Norwood or its environs.

It is the largest Co-operative Bank outside a metropolitan trading area in Massachusetts.

It occupies the largest and most modern bank building built exclusively by and for a Co-operative Bank in the Commonwealth.

It is a part of the fastest growing group of banks in Massachusetts — since January 1954, four new Co-operative Banks have applied for their charters.

The present bank building was opened in 1950 and it was the fourth expansion that the bank’s growth demanded ln 1G89 when the bank was founded, it had offices in the ¡ home of Dr. Irving S Fogg on Washington street. The first Annual Report listed total assets of $6,765,125 shareholders, and borrowers. At that time, the 93 Co-operative Banks in the Commonwealth re-1 ported total assets of $7,106,600 or Jess than half of the assets of the Norwood Co-operative Bank at the present time The Norwood Co-operative, besides owning assets in excess of $15,000,000 with the latest report, has outstanding a total of well over 11,000 accounts, representing Serial Shares, Paid-up Shares, Savings Shares, and Dividend Savings, and over 2100 mortgage loan accounts. Growth and progress during the past six years have exceeded the record of the first 5 years of operation. The present building is of modern architecture, with clean lines achieved in white stone and the interior is functional to the point of perfection Daylight illumination from full-length windows and uncluttered design allow the visitor a pleasing view of the1 entire offices. The attractive decor is highlighted by modern wood panels throughout blended with warm pastel tones on the walls and soft ceiling lighting to produce a friendly feeling when you enter the bank.

Bank Officers All Local Men

If ever the expression “big enough to serve you, small enough to know you” was an accurate description of a hank’s operations, it is true in , the fullest meaning in the case of the Norwood Cooperative Bank The bank’s first officers, all from Norwood and environs were. President, Francis 0. Winslow, Clerk and Treasurer, Irving S. Fogg, Vice- President, George B. Talbot; Directors Lewis Day, George H. Morrill, Tyler Thayer, Otis King, John E. Smith, Frank A Fales, Edmund J. Shattuck, T. Frank Guy, Harvey L. Boyden, George H. Bateman, Thomas J Casey, George W Gay and Attorney Don Gleason Hill The present officers also all local men, are as follows’ President, Arthur P. Allen, Purchasing Agent of Plimpton Press, Vice-President, Henry Crosby; Treasurer, Kenneth W. Tatro, Assistant Treasurer, Charles P. Kent, Board of Directors: Arthur P. Allen, James J Callahan, President of Norwood Furniture Company, John J. Coakley, executive with Winslow Brothers and Smith, Henry Crosby, retired, Walter E. Dolan, General Manager of Norwood Lumber Company and President of Mansfield Lumber Company, Robert V Garner, executive with Bird & Son; Harold W. Gay, co-founder of Gay and Matters Insurance, Charles P. Kent; Louis Orent, founder of Orcnt Brothers, Norwood and North Attleboro Guido A SLunUncr, Chairman o the Board, Norwood Buick Inc. Kenneth W. Tatro and R. W. Williamson, Treasurer of T O Metcalf Clerk of the Corporation and Board of Directors, Charles P. Kent, Print ers, of Boston. Attorneys arc San born & Squires, Ralph S Osgood Herbert D. Robinson, and William J Robinson.

Maintenance of the Buildings and Grounds is in the capable hands of Patrick J. Connor.

Officers Past, And Present

Presidents

Treasurers

Present members of the staff whose efficiency and devotion to their work have been major contributing factors in the bank’s growth and progress, include Lillian Behrsing, Viola W. Cain, Jessie L. Dawson, Priscilla Haverly, Marie C. Lydon, Herbert J Millen, Mary J Millin, Beruta Shergals, Hilka K Sullivan, and Frieda Vietze.

Perfect Record Over 70 Years

The Norwood Co-operative Bank operates on the same principles which have guided all cooperative banks since first they were established in 1877 Since that time, no depositor or member has lost a penny In any co-operative bank, a record unequaled by any other type of financial institution. The bank’s services are constantly reviewed for possibilities to improve or increase their helpfulness to patrons The basic idea of cooperative banks is to encourage systematic savings by making it easy for members to save a percent of everything they earn. In like manner, cooperative bank loans arc so devised that borrowers pay monthly rent-like sums that represent a percent of their entire obligation including principal and interest on unpaid balance only In this fashion, the basic theme of saving a percent of earnings and paying a percent of loans systematically is graphically illustrated by using the two 0’s in the percent sign to spell the word Co-operative. And to stress the friendliness, effectiveness, and courtesy you’ll find at Norwood’s first bank, emphasis is placed on the fact that “Co-operative is our middle name!”

SAVINGS PLANS

Although systematic savings arc I associated most closely with cooperative banks, there is nothing forced on you by saving systematically. It is simply the Norwood Cooperative Bank’s way of rewarding savers who deposit regularly with extra dividend returns The bank offers Paid-Up Shores in units of $200 at generous dividends as well as regular Savings Shares which may be added to or withdrawn at will. All savings accounts have interest compounded quarterly which is one of the most popular and unique features at Norwood’s first bank New limits provided by law allow you to deposit up to $8,000 in a single Savings Share* Serial Share or Paid-up Share Account; in two or more names, the amount is now $16,000, and up to $24,000 in combination joint accounts. All funds are insured without limit under Massachusetts law. There is no Massachusetts Income Tax required on Paid-up Shares making them an ideal way for Corporations, Municipalities, and Trust Funds, as well as individual savers to invest with no risk and generous dividends, compounded quarterly with checks mailed regularly in January, April, July and October The other types of Co-operative Bank thrift accounts are likewise exempt from Massachusetts Income taxes. Banking hours are 9 a.m to 4 p.m Monday through Friday and the first Tuesday of the month (which is designated Bank Day) from 9 a.m to 5 p.m and 7 to 9 p.m. Deposits are also received at Neponset Credit Union office, Cast Walpole, on first Tuesday of each month from 2 to 4 p.m.

TYPES OF LOANS

Just as there are literally thousands of patrons of the bank enjoying the results of their savings in retirement, financing college educations for their youngsters or in one of dozens of worthwhile uses, so also there are countless home-owners in Norwood and environs who have used the many low-cost loan services that the Norwood Co-operative Bank has improved to the point that they can boast that as only one example, their type of Home Modernization Loan, available to their own mortgage loan borrowers, is the lowest-cost loin written for the purpose by anyone to their knowledge. There Is no qualification on what you may do with your funds from Shire Loans which allow borrowers to loan up to 95% of the face value while still keeping their savings intact. These loans are made in a matter of minutes without the red tape of any nature.

Direct Reduction Mortgage Loans are the pride and joy of cooperative banks and the Norwood Co-operative Bank has adopted every fine improvement in their handling of this type of loan. There néver is any penalty for prepayment at any time nor are there any hidden clauses or contingent fees in this straight-forward mortgage that has been a source of great comfort and satisfaction for mortgage holders In this entire area. The Direct Reduction is truly the modern way for modern home-owners to pay for their homes. Monthly payments include a percent of the principal, interest on unpaid balance only and l/12th of a year’s taxes on the property.

There is never any obligation involved by a visit to the bank and a confidential talk with one of the bank’s officers to determine what savings or loan plan is best suited to take maximum advantage of your particular budget.

Norwood’s first bank is a member of the Federal Home Loan Bank, Co-operative Central Bapk, Massachusetts Co-operative Bank League, Massachusetts Bankers Association, and the United States Savings and Loan League.

(All articles were originally published in the Norwood Messenger unless otherwise noted)