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Passumpsic Bank

Passumpsic Savings Bank Hold Time

I called Passumpsic savings bank with some simple questions, almost 10 minutes hold time later...

Vogel: Mutual Savings Banks

A “mutual” bank is a bank that’s owned by its depositors instead of by stockholders. Mutual savings banks have operated in Vermont for more than 150 years. They were originally created in the early 1800’s to provide banking services, such as providing a safe place for savings, and credit access for ordinary citizens. These banks have always been hybrids; for profit companies with a social mission embedded in their governing charter. And because they don’t pay dividends to stockholders, they pay dividends instead to the community.

Vermont has a number of them, including: The Bank of Bennington, Brattleboro Savings and Loan, Northfield Savings Bank, Passumpsic Savings Bank, Wells River Savings Bank – and the largest mutual bank serving Vermonters is Mascoma Bank.

The Bank of Bennington reports that in addition to donating dollars, last year their staff and board donated more than three thousand hours of community service.

In 2015, Brattleboro Savings and Loan became the first bank in Vermont to procure all of its electricity from solar panels.

James Kisch takes over at Passumpsic Savings Bank

Vermont Business Magazine Passumpsic Savings Bank’s Board of Trustees announces that James Kisch, a business executive and national banking authority with over 25 years of financial institution management has been named to succeed Peter F Crosby as President and Chief Executive Officer of the St Johnsbury-based financial institution.

James Kisch

“The Board of Trustees is very pleased that Jim has chosen to join our organization. He brings a broad banking background, both from inside the industry and externally by serving the financial services industry in many different capacities,” states Bradley Gebbie, Chair, Board of Trustees.  

Kisch, Co-Founder, Chief Strategy/ Information Officer for Continuity, a New Haven, Connecticut-based cloud computing software company serving community financial institutions nationwide, will be joining Passumpsic Savings Bank on October 11.  He will assume the CEO role before the end of the year.  Peter Crosby, who announced his intention to retire this past April, has served the bank for 43 years.