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Bank of Canton
celebrates 175 years of financial success, service to community
By Mary Ann Price
Citizen Staff
The Bank of
Canton will celebrate its 175th anniversary on March
4, a remarkable accomplishment for a financial institution that
has grown in size since 1835 but remains committed to its
small-town roots.
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This
Mechanic Street home was moved in 1927 to make room for the
bank’s current location at 557 Washington Street.
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Canton, a
postcard history book by local author George Comeau, includes a
postcard picture of the Massapoag House. Bent’s Tavern in the
Massapoag House, a hotel, was the location of the bank’s first
office. Frederick W. Lincoln, Paul Revere’s nephew and adopted
son, was a member of the bank’s Inaugural Committee and its
president from 1845-1852. Another Revere family member,
great-grandson William B. Revere, was treasurer of the bank in
1923 and president from 1934 to 1948.
Stephen P.
Costello has served as president since October of 2008. “I like
the historical connection,” he said of F. W. Lincoln. He
described Revere’s nephew as an organizer, and one of the
bankers who were starting to provide financial opportunities for
citizens to purchase their own homes. “The Reveres were
progressive,” he added.
The bank’s
location moved over time from Bent’s Tavern to a stone house in
Canton Center, an office near the Canton Center train station,
and a former Post Office building. In 1927, a home on Mechanic
Street was moved to make room for the bank’s present location at
557 Washington Street. The new building opened in 1928, and it
underwent an expansion in the early 1990s.
Costello said
that the bank has reached nearly $700 million in residential
mortgages. While he is proud of that growth, he said he takes
more pride in the bank’s ability to respond to customers’
concerns.
“What we need
to remember is that it’s a person’s mortgage; it’s a
relationship,” he said. “We’re owned by the people. Can (a
customer) sit down and talk to someone?”
A thank-you
message in English, Spanish, Chinese, Hebrew, Portuguese and
Italian is displayed at ATMs and on the bank’s website.
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The Bank
of Canton has been at its current location on Washington Street
since 1928.
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The Bank of
Canton has donated time and funds to local charities and
non-profit organizations in Canton and other towns. Costello
estimated that the bank has donated $79,000 to the Canton Food
Pantry over the last ten years. The money is generated by
customer use of the bank’s credit card. The Massachusetts
Hospital School, Blue Hills Regional Technical School, the Irish
Cultural Centre and Temple Beth Abraham are among the many
recipients of the bank’s commitment to serving the community.
“Whatever you
do is important to the organization,” Costello said. “A
scoreboard for the Little League, a donation to a homeless
shelter for Vietnam veterans, or educating a first-time home
buyer — they’re all personal stories.”
Costello sees
plenty of growth for the bank in the future, such as increasing
financial planning and retirement planning for customers.
“We want to
provide an above average product with outstanding personal
service,” he said. “You have to earn your reputation every day.”
The Bank of
Canton plans to serve light refreshments and cupcakes and to
give small gifts to its customers on March 4 at all branch
locations.
February 25, 2010
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