Savings Institute Bank and Trust Company

Savings Institute Bank and Trust Company, established in 1842 as Willimantic Savings Institute, is a financial institution located in Willimantic, Connecticut. Over its long history, the institution has undergone several name changes and regulatory transitions. In 1991, it rebranded as Savings Institute, and shortly thereafter, it expanded through acquisitions, including the purchase of The Brooklyn Savings Bank in October 1990 and Enfield National Bank in August 1991. The institution changed its name to Savings Institute Bank and Trust Company on August 6, 2004, at which point it also altered its regulatory oversight to the Office of Thrift Supervision (OTS) and changed its bank classification to a Federal Savings Bank. It briefly operated under the OTS until it shifted regulatory agencies and became a member of the Federal Deposit Insurance Corporation (FDIC) on December 30, 2014, transitioning to an FDIC Supervised State Savings Bank. On April 6, 2015, Savings Institute Bank and Trust Company reverted to a state-chartered bank and rejoined the Federal Reserve System. Throughout its history, the institution has changed its trust powers status multiple times, marking its evolution within the U.S. banking landscape.

Below is a list of some important events in banks history, including mergers and acquisitions.

1842-01-01Institution established. Original name: Willimantic Savings Institute.

1974-05-04Changed Institution Name to Willimantic Savings Institute.

1990-09-24Changed Trust Powers to Full.

1990-10-19Acquired The Brooklyn Savings Bank in Danielson, CT.

1991-01-15Changed Trust Powers to N/a.

1991-03-18Changed Institution Name to Savings Institute.

1991-08-16Acquired Enfield National Bank in Enfield, CT.

2000-06-14Changed Organization Type to Stock Savings Bank.

2000-06-14Changed Trust Powers to Full.

2004-08-06Changed Chartering Agency to Ots.

2004-08-06Changed Bank Class to Federal Savings Bank.

2004-08-06Changed Primary Federal Regulatory Agency to Ots.

2004-08-06Changed Institution Name to Savings Institute Bank and Trust Company.

2004-08-06Changed Trust Powers to Limited.

2011-07-21Changed Primary Federal Regulatory Agency to The Office of the Comptroller of the Currency.

2013-09-07Acquired Newport Federal Savings Bank in Newport, RI.

2014-12-30Changed Chartering Agency to State.

2014-12-30Changed Bank Class to FDIC Supervised State Savings Bank.

2014-12-30Changed Primary Federal Regulatory Agency to FDIC.

2014-12-30Institution withdraws from membership in the Federal Reserve System.

2015-04-06Institution becomes member of the Federal Reserve System.

2015-04-06Changed Bank Class to State Chartered Bank, member of the Federal Reserve System (FRS).