On September 20, 1851, The Stamford Savings Bank opened its doors for business on Main Street. Hezekiah Satterlee opened Account Number 1 with $5.
The Stamford Savings Bank began as a mutual savings bank to safeguard and invest the money of Stamford's residents as well as make loans for the construction and purchase of homes. This new institution was to have no stock and its profits were to be paid to depositors in dividends or held in reserve for their greater security. This definition of a mutual savings bank holds true today.
By the time the new Bank issued its first Statement of Condition, deposits had grown to $8,708.48 and loans amounted to $7,659.00.
As The Stamford Savings Bank continued its steady growth so did Stamford. By 1886, the city's population had reached 15,000. The Bank had outgrown its building and a new Victorian, three story brick structure was built. This building earned the Bank its nickname which lasted for a century - "The Old Red Bank."
The one time country village became a city. New business blocks broadened and heightened the commercial center. Residential streets were extended further and further into the surrounding countryside. By 1926, Stamford was a major city with a population of 50,000, and The Stamford Savings Bank was celebrating its 75th anniversary, with deposits now totaling almost $10,000,000.
Once again, the Bank outgrew its home and in 1940 constructed a new brick Georgian structure on Atlantic Street. As Stamford grew, so did the surrounding towns of lower Fairfield County. In 1961, the Bank's deposits were well over $150,000,000 and the Bank opened it's first branch office. Located on 19 Corbin Drive in Darien this new location offered residents of Darien the same dedication to promoting thrift and home financing. A second branch followed in 1968, this time in Greenwich on Mason Street. From 1969 through the early 1980's the Bank continued to open more branch locations throughout the town of Stamford to keep pace with the expanding city.
After savings banks had been granted equal powers with commercial banks in the 1980s, The Stamford Savings Bank began offering commercial and trust services in addition to traditional savings bank services. The Bank was also looking to expand into new market areas and to better define its geographical reach; the Bank changed its name to First County Bank. Within a year, First County Bank opened a new office in New Canaan. Since that time, the Bank has expanded into Westport with an office at 1260 Post Road East.
In 2001, First County Bank reached a historical milestone in celebrating its 150th anniversary. To commemorate the anniversary, the Bank established the First County Bank Foundation, Inc., which will distribute grants on a yearly basis to benefit local nonprofit organizations in Stamford and the surrounding communities.
Today, First County Bank has fifteen branches in Stamford, Greenwich, Darien, New Canaan, Norwalk and Westport. The Bank is now a full service bank offering its customers deposit products, mortgage, trust and estate planning, and business banking services. First County Bank continues to promote the principles of providing its customers with personalized service and state-of-the-art banking to meet their changing needs.
An independent, mutual community bank dedicated to serving individuals, businesses and nonprofit organizations in Fairfield County Connecticut.Read More ›
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