Union Savings Bank is a full‑service community bank and wealth‑management institution headquartered in Danbury, Connecticut, United States. It operates as a mutual savings bank and primarily serves customers in western Connecticut.
History
The bank was founded in 1866 as the Union Savings Bank of Danbury, following authorization by the Connecticut Legislature on 20 June 1866. Its first president was James S. Taylor, and the bank initially occupied a store on Main Street owned by trustee Samuel Stebbins. In 1887 the architectural firm Berg & Clark designed the current headquarters at 226 Main Street, Danbury, later known as the United Banks Building. The building has undergone several renovations, notably after a 1970 robbery and bomb attack and again in the 2000s to modernize facilities while preserving historic elements.
In 2010 Union Savings Bank expanded into Litchfield County through a merger with The First National Bank of Litchfield, the state’s oldest nationally chartered bank. The merger added new branches and extended the bank’s geographic footprint.
Operations
- Headquarters: Danbury, Connecticut
- Number of locations: 26 (as of 2020)
- Area served: Connecticut
- Key people: Chelen Reyes (President & CEO)
- Financial figures (2020):
- Revenue: $75.491 million (decrease from prior year)
- Net income: $17.790 million (decrease)
- Total assets: $2.735 billion (increase)
Union Savings Bank provides a range of personal and business banking services, including checking and savings accounts, certificates of deposit, mortgages, consumer and commercial loans, wealth‑management, and trust services. It is FDIC‑insured and operates under a mutual ownership structure.
Union Savings Bank Foundation
Established in 1998, the foundation supports charitable, educational, and community‑service organizations throughout Connecticut. Annual grantmaking typically exceeds $200 000, with a focus on education initiatives such as the USB Teachers’ Closet, which supplies school materials to local teachers.
Regulatory status
The bank is chartered as a community bank in the United States and is subject to regulation by the Federal Deposit Insurance Corporation (FDIC) and the Connecticut Department of Banking.
References
- Union Savings Bank, Wikipedia entry (accessed 2024)
- Official website, unionsavings.com
- Historical records of the Connecticut Legislature, 1866 incorporation act.
