Ulster Savings Bank is a

mutual savings bank A mutual savings bank is a financial institution chartered by a central or regional government, without capital stock, owned by its members who subscribe to a common fund. From this fund, claims, loans, etc., are paid. Profits after deductions a ...

headquartered in

Kingston, New York Kingston is a Administrative divisions of New York#City, city in and the county seat of Ulster County, New York, United States. It is north of New York City and south of Albany, New York, Albany. The city's metropolitan area is grouped with t ...

. The bank has 15

branches A branch, sometimes called a ramus in botany, is a woody structural member connected to the central trunk of a tree (or sometimes a shrub). Large branches are known as boughs and small branches are known as twigs. The term ''twig'' usually ...

, all of which are in

Ulster County Ulster County is a county in the U.S. state of New York. It is situated along the Hudson River. As of the 2020 census, the population was 181,851. The county seat is Kingston. The county is named after the Irish province of Ulster. History ...

Orange County Orange County most commonly refers to: *Orange County, California, part of the Los Angeles metropolitan area Orange County may also refer to: U.S. counties *Orange County, Florida, containing Orlando *Orange County, Indiana *Orange County, New ...

, or

Dutchess County Dutchess County is a county in the U.S. state of New York. As of the 2020 census, the population was 295,911. The county seat is the city of Poughkeepsie. The county was created in 1683, one of New York's first twelve counties, and later organ ...

History

The bank was founded on April 12, 1851. Archibald Russell (father of Archibald D. Russell) was the first

president President most commonly refers to: *President (corporate title) *President (education), a leader of a college or university *President (government title) President may also refer to: Automobiles * Nissan President, a 1966–2010 Japanese ful ...

of the bank; he served until 1870. Between 1858 and 1868, deposits grew from $21,982 to $646,922 as the population of Kingston grew from 15,000 to 20,000. In 1891, the treasurer and assistant treasurer of the bank were accused of stealing more than $400,000, resulting in the temporary closure of the bank. Both received prison sentences as a result of their actions in 1892. In 1892, John B. Alliger was named treasurer of the bank. At that time, the bank had $1.835 million in deposits. By 1916, the bank had $5.135 million in deposits. In 1896,

Alton B. Parker Alton Brooks Parker (May 14, 1852 – May 10, 1926) was an American judge, best known as the Democrat who lost the presidential election of 1904 to Theodore Roosevelt. A native of upstate New York, Parker practiced law in Kingston, New York, ...

was named president of the bank and served until his resignation in 1904. In September 2011, Lisa Marie Cathie was named president and

chief executive officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

of the bank, succeeding Marjorie Rovereto. In 2015, Glenn B. Sutherland replaced Lisa Marie Cathie as president and chief executive officer. In January 2016, the bank opened a branch in

Newburgh, New York Newburgh is a city in the U.S. state of New York, within Orange County. With a population of 28,856 as of the 2020 census, it is a principal city of the Poughkeepsie–Newburgh–Middletown metropolitan area. Located north of New York City, a ...

. In June 2016, William C. Calderara was named president and chief executive officer of the bank. In November 2016, a lawsuit alleged that the bank discriminated against African-American borrowers by offering them less favorable loan terms than white borrowers, in violation of the

Fair Housing Act The Civil Rights Act of 1968 () is a landmark law in the United States signed into law by United States President Lyndon B. Johnson during the King assassination riots. Titles II through VII comprise the Indian Civil Rights Act, which applie ...

References

{{DEFAULTSORT:Ulster Savings Bank Banks established in 1851 Banks based in New York (state) Organizations based in New York (state) Kingston, New York Ulster County, New York 1851 establishments in New York (state)