Our History

Chicopee Savings Bank was founded in 1845 and opened for business nine years later on March 6, 1854, in the homestead of its first president, Jerome Wells. The Wells Homestead was located at the original site of the Chicopee Public Library in Market Square.

Leadership

Through our history, we have continued to prosper under the leadership of many talented and well-regarded presidents, including former governor George D. Robinson, Nelson B. Carter for 58 years, and many others. On August 3, 1984, William J. Wagner was elected the 11th president and is the current president of Chicopee Savings Bank. Under his leadership, Chicopee Savings Bank has grown to where we are today.

Expansion

The Bank relocated from the Wells Homestead in 1874 to the ground floor rooms of the Market Square Hotel, which was destroyed by fire in 1876. After many years of steady growth, Chicopee Savings Bank opened its first branch office on Memorial Drive in November of 1955. This began a new era of expansion for the Bank.

Over the next half century, the Bank would open a new Main Office at the corner of Center and School Streets, later expanding to the Ferris Building across the street to accommodate its growing staff. In addition, the Bank opened three more branches in Chicopee, as well as expanding into West Springfield and Ludlow. Its continued success also necessitated an expanded Operation and Lending Center. Most recently, the Bank has expanded its branch footprint to the towns of South Hadley and Ware in 2008 and 2009, respectively.

Banking Evolves

Chicopee Savings Bank was quick to respond to the emergence of the internet with the unveiling of our website in 1998. The Bank introduced its retail online banking services and commercial electronic payment solutions. This has served as a platform for future expansion of the Bank's e-product and service offerings. The Bank also began expanding its ATM network with 24-hour machines located around the major highways in Palmer, Ludlow, and Holyoke. Today, we have evolved to a full-service cash management bank.

After the Gramm-Leach-Bliley Act, which permitted banks to offer non-deposit financial services, was passed, the Bank partnered with Linsco/Private Ledger (LPL) to establish the Financial Services Center at Chicopee Savings Bank. The Financial Services Center offers a host of financial services including sound financial consulting, mutual funds, college savings plans, annuities, brokerage services, and tax-free investments.

Going Public

On July 19, 2006, Chicopee Savings Bank received regulatory approval to complete the conversion from a mutual to a stock form of ownership. Through its initial public offering, Chicopee Bancorp sold 6,888,304 shares of common stock to eligible depositors and employees at a price of $10 per share.

On July 20, 2006, Chicopee Bancorp's common stock began trading on the NASDAQ Global market under the symbol CBNK opening at an unprecedented $14.25 per share. A total of 1,435,846 shares were traded with an intra-day high of $15.29 and a closing price of $14.46. Investor Relations information can be found here.

Focus on Community

Chicopee Savings Bank has been a thriving financial institution since 1854. Throughout our more than 150-year history, the Bank has continued its commitment to being a leader in community support, both financially and through staff voluntarism. The Bank's officers and growing number of employees actively participate in over 100 different non-profit organizations serving the community.

The Bank also makes grants in markets in which we have offices through the Chicopee Savings Bank Charitable Foundation. We continue to find more ways to give back to the communities we serve.

The philosophies and principles our founders established over 150 years ago still apply:

"…to operate a financial institution whereby all persons could deposit their earnings safely, under the protection of the state, and whereby those who wanted to build homes or develop industries could borrow money at a reasonable rate."

-Jerome Wells, Chicopee Savings Bank's first President (1854)