Coatesville Savings Bank Celebrates 90 Years of Service in 2009
In 1919, 15 local men with the pooled resources of some two hundred dollars met in the back of the Coatesville Trust Company at the corner of Third Avenue and Lincoln Highway in Coatesville. PA. There was no grand opening announcement. There wasn't even a permanent location.
But what those original members did have was a vision that was founded on a very simple principle. They, united under the name of the Industrial Building and Loan Association, would offer a chance at home ownership to those to whom it would not otherwise readily be available.
The purpose of the building and loan is by cooperation to accumulate funds from which members may borrow to purchase lots, erect homes, or improve property. The loans are repaid in an easy and convenient mode, thus enabling persons of limited means to acquire homes of their own.
The association began to prosper over the next few years. In 1926 the association merged with another local association, Steel City Building and Loan.
Surviving through the stock market crash in 1929 and the Great Depression, the association moved its location to an office space on Second Avenue. Through the years the association changed its name to the Industrial Savings and Loan Association later to become Coatesville Federal Savings and Loan. In 1970 Coatesville Federal Savings and Loan merged with the Citizens' Building and Loan.
After 57 years of successful operation in the Coatesville area, the officers and directors of the Coatesville Federal Savings and Loan Association made application for the first branch office. The branch opened in the spring of 1977 in the New Holland Shopping Center just west of New Holland. Offering full services including a broad range of savings plans, home mortgage loans and customer conveniences such as money orders and travelers checks. The savings and loan branch was established with a local advisory board from the New Holland area.
As Coatesville Federal moved into its 68th year as a savings and loan, it had the distinction of being the only locally owned association. And it's future, like that of its past will be one of pride in its hometown and of service to its community.
Early in the 1980's it became apparent that the facility serving the association was no longer adequate. In four years' time assets had doubled with a 26% increase in one year alone. Under the guidance of board president William Batteiger, the directors made the decision to purchase land for a new building. In 1986 Coatesville Federal Savings and Loan replaced the Thompson Building, a former Coatesville landmark. The building was designed to reflect the association's long-standing commitment to its community. As a future landmark, it too will be a source of pride for all to see.
Due to changes in the federal insurance provided for savings and loan associations, Coatesville Federal Savings and Loan Association converted to a state chartered institution with federal insurance through the FDIC. Thus a name change was once again required. In October of 1991, the official name of the association became Coatesville Savings Bank.
Progressing forward, the success of both the main office in Coatesville and the branch office in New Holland led the officers and directors to decide to open another branch office. On January 9, 1996 Coatesville Savings Bank opened its Oxford branch for full service business. Located in the heart of Oxford, the branch is equipped to serve the financial needs of customers located in the southern part of Chester and Lancaster Counties.
In November 2000, the Bank began offering Internet Banking through its website, and, in combination with the Bank's telephone banking product entered the era of 24/7 banking.
In December 2004, in response to the needs of the local community, the Bank established an office in Paradise. This office, which was located at a temporary site until a permanent one could be established, became a gathering spot across from the post office, and, early on, hinted that the area needed the Coatesville Savings type of banking.
In January 2007, the permanent office on Georgetown Road opened for business. Since that time, the Georgetown Office has grown to be a very successful office. Included within this office was the Bank's first Automated Teller Machine (ATM). This feature became so popular that by the end of 2007 each of the Bank's other offices had installed their own ATMs to complete the 24/7 banking experience for our customers.
Over the next couple of years the Bank made some significant changes to its processing systems and communications network to strengthen our ability to serve our customers. Now, in 2010, we have people and processes that will carry us forward with a renewed commitment to our customers and communities.
As the sole home-based, independent financial institution in Coatesville, celebrating is 91st year in 2010, the Trustees and Management of Coatesville Savings Bank view their ultimate responsibility to the customers by providing them the best possible products and services to meet their financial needs. We are here for the ordinary, working man who wants to get the most service from his money. We can make home ownership possible and we give people the kind of treatment that they can't find anywhere else.