Pictured L to R: John Watt Jr. (NBT Bank), Kelly Latta (NBT Bank), Susan Miller (Cherry Valley History Museum), Christine Erway (NBT Bank)
Cherry Valley, NY (October 12, 2018) – The Cherry Valley branch of NBT Bank has housed a number of different banks over the past 200 years, but it has always been a bank since the National Central Bank first opened on October 8, 1818. It is also the oldest bank in New York State west of Albany.
Today, NBT Bank concluded a week-long celebration of this milestone – which is especially significant in a small town, and in an industry that is shifting more and more toward self-service technologies.
Throughout the week, NBT provided lunch from local restaurants for bank customers and held a raffle for local giveaways. Today, the branch hosted a press conference and presented a check for $1,000 to Cherry Valley Historical Association.
The bank partnered with the Cherry Valley Museum to display a special exhibit with historic bank artifacts from the past 200 years, including branded deposit bags, bank notes, office supplies, customer gifts, calendars, photos, news articles, annual reports and more.
“This building has always been of interest to us at the Cherry Valley Historical Association, ever since the Association was founded in the 1950s,” said Susan Miller, Town and Village Historian and Museum Secretary. “We have a few buildings from the 1790s and 1800s, but this is one of the oldest. In addition to the artifacts that we have on display, we have some great stories that have been passed down about the ‘crazy characters’ who were part of the first bank team in 1818.”
According to bank documents, the Central (as National Central Bank was called) thrived in the aftermath of the United States first major financial crisis:
“During the panic of 1819 nearly all of the country banks in the state failed or temporarily suspended. The Central weathered the financial storm without trouble, although the Directors deemed it advisable to personally guarantee the redemption of its notes. The strength of the bank during this strain was good advertisement and it helped to increase deposits.”
“Cherry Valley is a community rich in history. It is a part of the Revolutionary War Heritage Trail and on the National Register of Historic places, and our bank is part of that history,” said Cherry Valley Branch Manager Christine Erway. “Through our contribution to the Cherry Valley Historical Association, NBT Bank is supporting the volunteers and other individuals who are equally as dedicated to preserving the history and uniqueness of our town.”
About NBT Bank
NBT Bank offers personal banking, business banking and wealth management services from locations in six states, including New York, Pennsylvania, Vermont, Massachusetts, New Hampshire and Maine. The bank and its parent company, NBT Bancorp, are headquartered in Norwich, NY. NBT Bancorp had assets of $9.5 billion as of September 30, 2018, and is traded on the Nasdaq Global Select Market under the symbol NBTB. More information about NBT is available online at www.nbtbank.com.