A Little Bit of History

The Norwood Cooperative Bank was born in 1889, when the town had a population of 3300. At the time, Cooperative Banking was in its infancy (the first such banks were established in 1877).

The first meeting was held on August 5, 1889, at the residence of Charles King, Washington Street, Norwood. On that date, it was determined by the required twenty-five incorporators to formally organize.

The first loan was granted to Mr. Thomas O. Metcalf, $500 at 5 percent interest. Assets at the end of the first year were $6,765.35, which were lent to four borrowers. For many years, the routine business took place at the home of Dr. Irving Fogg, Treasurer, located on Washington Street.

Why open a bank? Our founders had a clear vision. They wanted to help town residents own their own homes. Little did they know what a success story this vision would produce.

Today, we continue to carry on the basic purposes for which the bank was founded. Home mortgages are still a major service, joined by a full line of financial services for individuals, families and businesses: checking plans, savings plans, loans, home equity products, term Certificates of Deposit, Money Market accounts, and more.

At the same time, we remain a hometown bank for hometown people. Neighbors helping neighbors. Our founders would certainly approve. And so do our customers.