Index

Scott D. Cote, President and CEO

HISTORY

In the 1600's when the settlers first traveled up the Merrimack River they settled in the Indian village area known as "Pentucket," which means the "place by the winding river." On November 15, 1642, the English settlers purchased the entire Pentucket area from the Passaconaway Indian tribe for three pounds and ten shillings. At that time, the boundaries of the area purchased were 12 miles north of the Merrimack River. The original deed included the towns now known as Salem, Hampstead, Atkinson and Plaistow in New Hampshire, along with Methuen, Bradford and Haverhill in Massachusetts. Before town boundaries were established for the New Hampshire towns, that area was known as Timberlane. Later on, when Plaistow was first established it was spelled with an "e" on the end and was pronounced "plass-toe." And at one time there also was a West Plaistowe, which eventually became Atkinson.

In 1740, nearly 100 years following the purchase of the Pentucket Village area by the English settlers, the state line between New Hampshire and Massachusetts was redrawn to be only three miles north of the Merrimack River. Naturally, the winding river accounts for the jagged and uneven state line, which extends all the way to the ocean. One final bit of trivia: Haverhill's city seal, which appears on city vehicles, still includes the word "Pentucket."

Throughout the 1800's, mutually chartered banks grew rapidly. The newly authorized state banking charter caught on in Massachusetts. By the close of the 19th century, nearly every large town or city in New England, New York, Pennsylvania, Ohio and the Mid-Atlantic states had a locally run community bank. The purpose of these institutions was to serve the large numbers of working-class people seeking a safe haven for their savings. Today, there are about 650 mutual banks located throughout the country and about 70 are still remaining in Massachusetts and New Hampshire.

Pentucket Bank received its Mutual Charter in March 1891 and opened for business four hours a week at 35 Washington Street in Haverhill. Today, we still do not have stockholders to please or to pay dividends to. This allows us to provide a high level of personalized service to our customers and to provide stability and support to the communities we are located in. Because we are not obligated to pay stockholders we can focus on people, the needs of our communities and the long term development and growth of the bank and its customers. These are the major reasons why we are committed to remaining a mutual bank for many, many years to come.


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