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bank history
proud past...
The history of Rhinebeck Savings Bank is the chronicle of a strong, community-driven institution that has fueled – and mirrored – a century and a half of economic progress in Dutchess County.
On April 12, 1860, Rhinebeck Savings was incorporated as a mutual savings bank, opening our doors for business on Saturday, May 5, 1860. At first, banking was only conducted on Saturdays from 3:00 to 8:00pm and checks were not accepted as deposits. Mary S. Gillender was the first depositor that day with $100, with the day’s total deposits adding up to $511.
The first mortgage granted was on July 1, 1870, for $8,000 toward the purchase of a residential dwelling. From that point on, mortgage investments of Rhinebeck Savings would fulfill the dream of home ownership for thousands of local families.
In 1883, Rhinebeck Savings purchased land at 14 Montgomery Street in Rhinebeck for $2,000 as the site for the permanent headquarters. Permission was granted by the State Banking Department on September 14, 1884 and construction of the one-story brick building was completed in 1885. The location remained our headquarters until 2001.
In 1937, the original Rhinebeck branch was enlarged to include the addition of a board room and offices for the President and Treasurer. The branch expanded yet again in 1953 by extending 35 feet at the rear of the building to accommodate our growing staff.
In the early 1970s, the Village of Rhinebeck was struggling economically as retail trade relocated to outlying areas. Rhinebeck Savings made a bold investment and constructed the Rhinebeck Savings Village Plaza in the heart of the community. Opening in November 1974, it consisted of four two-story buildings to house local stores and business offices. The project stands as a lasting legacy of the Bank’s leadership and commitment to the future of the local service area.
Over the years, our branch footprint expanded to better serve our ever-growing customer base. Listed are some of the significant milestones throughout the years.
- 1974 - Opened a new Branch in Millerton, NY
- 1980 - Hyde Park Branch opened
- 1994 - Millerton Branch sold
- 1995 - Red Hook Branch opened
- 1999 - South Road Branch opened
- 2000 - Arlington and Mid-Hudson Center Branches opened
- 2001 - Headquarters moved to 2 Jefferson Plaza, Poughkeepsie
- 2003 - Rhinebeck Branch Renovation Project completed
- 2004 - Rhinebeck Savings Bank became a holding company,
retaining 100% ownership of the shares - 2006 - Kingston Branch opened
- 2007 - East Fishkill Branch opened
- 2009 - Beacon Area Branch opened
- 2010 - LaGrange Branch opened
focused future...
Since 1860, Rhinebeck Savings Bank has always been deeply rooted in our communities. Our belief in relationship focused banking - growing relationships through one-on-one interactions - has been the mainstay of our customer commitment.
Our Bank has accomplished great success during past years thanks to you - our customers, employees and the communities we are proud to serve. We look forward to the future, as the Bank continues to expand its products, services and locations in Dutchess and surrounding counties. We have a great foundation as an independent community bank - a foundation we intend to build upon for years to come.
