Since 1888, we've been helping our customers reach their financial goals. Whether it’s a business loan to purchase a building or open an IRA to save for retirement, share your dreams with us and we’ll roll up our sleeves and get to work for you.
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On April 1, 2017, the Holbrook Cooperative Bank merged with Abington Bank, under the corporate charter of Abington Bank. The newly combined bank will continue to operate out of its current location at 95 North Franklin Street, Holbrook, MA doing business as “Holbrook Cooperative Bank, a Division of Abington Bank”. The merger of these 2 financial institutions will bring great opportunity to our customers, employees and the local community.
Since its formation in the spring of 1888, Holbrook Cooperative Bank has pledged to serve the community. HCB was founded by Mr. Willard Gleason and 34 prominent community members who were passionate about a common goal—making the dream of home ownership a reality for the townspeople. The founding partners knew that by encouraging people to save every month, a Cooperative Bank would accumulate enough money to provide mortgages to several of its depositors. On Tuesday, June 12, 1888, the Bank opened for business at the Town Hall at 7:45 A.M.
While home ownership continued to prosper in Holbrook, community members turned to the bank for other financial services, especially during the challenges of the early 20th century. As a result of the financial strain of World War I, HCB and other banks encouraged their communities to invest in the war effort by purchasing war bonds and war savings stamps. It was not until the Great Depression, however, that HCB felt its toughest challenges. With one out of every four workers in the nation unemployed and over 2,000 bank failings across the nation, millions of people saw their life's savings and properties vanish. The shareholders of HCB, and other Massachusetts Cooperatives, were more fortunate. Not one person lost as much as a dollar. This is a proud record that all Massachusetts Cooperative Banks retain to this day.
Continuing its tradition of community service, the Bank helped residents by carrying their delinquent mortgages for up to two years in 1933. HCB even assisted the neighboring Randolph Trust Company by investing $7,000 in capital assistance to help keep it solvent. During the Second World War, HCB again focused its efforts to "Keep Them Flying." After the war, HCB offered GI Home Loans and reported that they were "happy to be able to assist returning veterans in the purchase of a home under the provisions of the GI Bill of Rights."
It was not until the country was easing out of the Depression that HCB decided to "break new ground" and expand to a new building better fit to serve its customers, and with new products as well. By 1946, HCB made its first attempt to diversify its loan services, assisting borrowers in home repair and alternations. In 1982, the Bank was able to offer an array of services from personal loans, auto loans, student loans, business loans, to home equity loans. In 2017, HCB merged with Abington Bank more than doubling its total asset size while retaining its mutual ownership structure.
The Bank has grown over the years to meet the ever-changing needs of its customers. It has been a joint effort of both dedicated bank personnel and community members throughout our history. As we look to our next century of service, the Bank remains committed to the customer, community, and doing it right. Thank you for the opportunity to serve you.