GCB Through the Years:  A Look Back at the Bank’s Early History

For more than a century, Greenfield Cooperative Bank has been part of the story of Greenfield itself. From modest beginnings in the early 1900s, the bank has been steadily growing alongside the community serving local families, helping people buy homes, and adapting as times changed. 

Thanks to research and archival newspaper clippings compiled by Carol Aleman of the Greenfield Historical Society, we’re able to look back at some of the people and moments that shaped the bank’s early years.

1907: Bank Makes Good Showing

In 1907, Greenfield Cooperative Bank reported $20,461.28 in assets, including $18,000 in real estate loans. The bank had 285 members holding 1,790 shares in force, with monthly interest payments totaling about $100. Even then, the bank’s steady growth reflected the cooperative spirit that remains at its core today.

1914: Frank H. Snow Elected President

By 1914, the bank’s leadership was helping shape the broader cooperative banking movement across Massachusetts. That year, secretary of Greenfield Cooperative Bank, Frank H. Snow was elected president of the Cooperative Bank League of Western and Central Massachusetts, representing the region’s local institutions and their shared commitment to mutual banking.

1942: Bank Reelects Lyman W. Griswold

In 1942, Lyman W. Griswold was reelected president of the bank, continuing a long tradition of steady leadership. During June of that year, shares in the bank matured in the 50^th series, with a total value of $76,045.60 – a milestone that demonstrated the continued confidence of local members.

Supporting officers included Albert A. Tanner as Vice President, Henry S. Franklin as Clerk and Treasurer, and Catherine V. Studer as Assistant Treasurer. The Board of Directors at the time included Franklin, Leander C. Hood, Frank A. Yeaw, and Myron C. Stimson.

1955: Looking Back 50 Years

A 1955 article reflected on the bank’s earliest beginnings in 1905, when the new cooperative bank occupied part of the office shared by Lyman Griswold and Frank H. Snow.

Newspaper clipping from August 24, 1955

1964: 47 Years a Banker

By 1964, the bank had cemented itself as a trusted community institution. That year, Mrs. Catherine V. Clough, Assistant Treasurer, retired after an impressive 47 years of service.

She recalled that in 1916 the Treasurer’s salary was $85 per month, Directors received $1 per meeting, six months’ rent cost $50 and the gas bill was 30 cents.

The bank’s assets in January 1917 totaled $372,044 and by 1964 they had grown to $12,516,471. The bank also moved from its two-room office on Main Street to its present location at 63 Federal Street, a move completed on January 1, 1950.

Rooted in the Community

With roots firmly established in western Massachusetts communities, Greenfield Cooperative Bank has evolved from its early days in a two-room shared office space into a longstanding institution with ten branches in two counties, all built on dedication and trust among generations of local families.