Ulster Savings Bank

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For the Irish bank, see Ulster Bank.
Ulster Savings Bank
TypeMutual savings bank
IndustryBanking
FoundedApril 13, 1851; 170 years ago (April 13, 1851)
HeadquartersKingston, New York
Key people
 Dr. Hadi Salavitabar, Chairman
Total assets$819 million (2017)[1]
Total equity$95 million (2017)[1]
Number of employees
300[2]
Websitewww.ulstersavings.com
Alton B. Parker, president of the bank from 1896 to 1904 and Democratic nominee for President of the United States in 1904.

Ulster Savings Bank is a mutual savings bank headquartered in Kingston, New York. The bank has 14 branches, all of which are in Ulster County, Orange County, or Dutchess County.

History[]

The bank was founded on April 13, 1851.[1][3]

Archibald Russell (father of Archibald D. Russell) was the first president of the bank; he served until 1870.[3]

Between 1858 and 1868, deposits grew from $21,982 to $646,922 as the population of Kingston grew from 15,000 to 20,000.[3]

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.[4] Both received prison sentences as a result of their actions in 1892.[5]

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.[3]

In 1896, Alton B. Parker was named president of the bank and served until his resignation in 1904.[3]

In September 2011, Lisa Marie Cathie was named president and chief executive officer of the bank, succeeding Marjorie Rovereto.[6]

In 2015, Glenn B. Sutherland replaced Lisa Marie Cathie as president and chief executive officer.[7]

In January 2016, the bank opened a branch in Newburgh, New York.[2]

In June 2016, William C. Calderara was named president and chief executive officer of the bank.[8][9]

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.[10][11]

References[]

  1. ^ a b c "FDIC Bank Info: Ulster Savings Bank (FDIC # 15970)". Federal Deposit Insurance Corporation.
  2. ^ a b "Ulster Savings Bank opens new branch". Daily Freeman. January 16, 2016.
  3. ^ a b c d e Manning, James Hilton (1917). Century of American Savings Banks, Volume 1. B. F. Buck. p. 102.
  4. ^ "Wrecked by Its Officers" (PDF). The New York Times. October 3, 1891.
  5. ^ "Ostrander Convicted" (PDF). The New York Times. December 1, 1892.
  6. ^ "Ulster Savings Bank taps new president/CEO". Daily Freeman. September 28, 2011.
  7. ^ "Ulster Savings Bank has new president/CEO". Daily Freeman. June 1, 2015.
  8. ^ "Ulster Savings Bank to get new president June 27". Daily Freeman. June 16, 2016.
  9. ^ "Ulster Savings Bank names new president, CEO". Times Herald-Record. June 16, 2016.
  10. ^ Kirby, Paul (November 29, 2016). "Suit alleges Ulster Savings Bank has discriminated against blacks in granting mortgages". Daily Freeman.
  11. ^ Yakin, Heather (November 28, 2016). "Ulster Savings Bank hit with racial-discrimination suit involving mortgages". Times Herald-Record.
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