About Us

We are proud to be an independent, local bank with a strong financial foundation, a tradition of exceptional service, and a legacy of community involvement and support.

 

Bank History

Bank History

The Winchester Savings Bank was established by the Massachusetts Legislature and incorporated on March 3, 1871. The first meeting of the Corporators was held in Lyceum Hall (the building at the corner of Main and Mt. Vernon Streets in Winchester) on July 11, 1871. The Bank first opened its doors for business on August 26, 1871, in a banking room on the north side of Main Street.

In 1880, the Bank moved to the second floor of the Brown and Stanton Block on Main Street, and remained there until 1892 when it moved into its newly constructed building at 26 Mt. Vernon Street. This building still stands today and is regarded as a historical building by the Winchester Historical Society. The Bank's main office was moved on December 10, 1979 to its present location at 661 Main Street.  Since its founding in 1871, the Bank has grown into a full-service financial institution.

The Bank is an independent, mutual, state-chartered institution with a mission of meeting the financial needs of the communities which it serves. The Bank is directed by a Board of Trustees elected by the Bank's Corporators, a group of civic-minded, local individuals. Since the Bank is mutual, all profits from operations are reinvested in the Bank.

In 2012, Winchester Savings introduced a new logo that represents the three core values the Bank strives to embrace every day… Strength. Service. Community.

All deposits are insured in full by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). The Bank is an equal housing lender.

President's Message

President's Message

Segerstrom As we look back at 2018, there are a number of accomplishments to highlight. After 40 years in Woburn at the Horn Pond Plaza location, we successfully negotiated a new lease that will keep us there for another 10-20 years. Our focus now is to renovate the branch, allowing us to enhance the customer experience and improve awareness in the surrounding community.

Last year was another strong one for loan growth, in both residential and commercial real estate loans. The Bank continues to expand its customer base and the scope of commercial projects it finances. In spite of the competitive deposit rate environment, both core and term deposits were up from the previous year.

Another accomplishment of note from 2018 was the rigorous and comprehensive review of our core computer system. For a variety of reasons that will be communicated later this year, the Bank has selected to upgrade its system to COCC. Among numerous benefits is an ownership structure comprised of user banks, as well as the ability to offer online deposit account openings. The change will be complete in Q4 2019.

As always, we are proud to be a local bank with a strong financial foundation, a tradition of exceptional service and a legacy of community involvement and support. For more than 145 years, Winchester Savings Bank has been an excellent place to keep your money safe; to speak with friendly, knowledgeable experts about financing a home, saving for the future, and guiding your business; and to access services that offer both value and convenience. You will always find someone here who will work with you to explore your options and help you make smart financial choices.

All of us here at Winchester Savings Bank wish you a healthy and prosperous 2019.

Peter J. Segerstrom
President and CEO

Statements of Condition

Statements of Condition

The Statement of Condition document represents the financial position of Winchester Savings Bank. For questions, please contact us.

Statement of Condition 2018

Statement of Condition 2017

Statement of Condition 2016

Statement of Condition 2015

Statement of Condition 2014

Statement of Condition 2013

Statement of Condition 2012

Statement of Condition 2011

 

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