Bank of Canton celebrates 175 years of financial success, service to community
By Mary Ann PriceThe Bank of Canton will celebrate its 175th anniversary on March 4, a remarkable accomplishment for a financial institution that has grown in size since 1835 but remains committed to its small-town roots.
This Mechanic Street home was moved in 1927 to make room for the bank’s current location at 557 Washington Street.
Canton, a postcard history book by local author George Comeau, includes a postcard picture of the Massapoag House. Bent’s Tavern in the Massapoag House, a hotel, was the location of the bank’s first office. Frederick W. Lincoln, Paul Revere’s nephew and adopted son, was a member of the bank’s Inaugural Committee and its president from 1845-1852. Another Revere family member, great-grandson William B. Revere, was treasurer of the bank in 1923 and president from 1934 to 1948.
Stephen P. Costello has served as president since October of 2008. “I like the historical connection,” he said of F. W. Lincoln. He described Revere’s nephew as an organizer, and one of the bankers who were starting to provide financial opportunities for citizens to purchase their own homes. “The Reveres were progressive,” he added.
The bank’s location moved over time from Bent’s Tavern to a stone house in Canton Center, an office near the Canton Center train station, and a former Post Office building. In 1927, a home on Mechanic Street was moved to make room for the bank’s present location at 557 Washington Street. The new building opened in 1928, and it underwent an expansion in the early 1990s.
Costello said that the bank has reached nearly $700 million in residential mortgages. While he is proud of that growth, he said he takes more pride in the bank’s ability to respond to customers’ concerns.
“What we need to remember is that it’s a person’s mortgage; it’s a relationship,” he said. “We’re owned by the people. Can (a customer) sit down and talk to someone?”
The Bank of Canton has been at its current location on Washington Street since 1928.
A thank-you message in English, Spanish, Chinese, Hebrew, Portuguese and Italian is displayed at ATMs and on the bank’s website.
The Bank of Canton has donated time and funds to local charities and non-profit organizations in Canton and other towns. Costello estimated that the bank has donated $79,000 to the Canton Food Pantry over the last ten years. The money is generated by customer use of the bank’s credit card. The Massachusetts Hospital School, Blue Hills Regional Technical School, the Irish Cultural Centre and Temple Beth Abraham are among the many recipients of the bank’s commitment to serving the community.
“Whatever you do is important to the organization,” Costello said. “A scoreboard for the Little League, a donation to a homeless shelter for Vietnam veterans, or educating a first-time home buyer — they’re all personal stories.”
Costello sees plenty of growth for the bank in the future, such as increasing financial planning and retirement planning for customers.
“We want to provide an above average product with outstanding personal service,” he said. “You have to earn your reputation every day.”
The Bank of Canton plans to serve light refreshments and cupcakes and to give small gifts to its customers on March 4 at all branch locations.
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Posted by Mary Ann Price
on Feb 25 2010. Filed under Business, Features, News.
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