Ulster Savings Bank

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.

For the Irish bank, see Ulster Bank.
Ulster Savings Bank
TypeMutual savings bank
IndustryBanking
FoundedApril 13, 1851 (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.

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. "FDIC Bank Info: Ulster Savings Bank (FDIC # 15970)". Federal Deposit Insurance Corporation.
  2. "Ulster Savings Bank opens new branch". Daily Freeman. January 16, 2016.
  3. 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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