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Minute books and other original documents, some of which are now more than 100 years old, were used to gather the following information on the history of the institution. In this fast-changing world, the fact that Fairport Savings Bank has remained in the Village of Fairport for the entire time of its existence and has retained all the original Board minute books is evidence of the stability and unique character of this institution. It is a genuine example of what is meant by a "community bank."
Fairport Savings Bank was originally incorporated as the Fairport Permanent Loan Association. The Bank’s purpose was “To encourage industry, frugality, home-owning, the saving of money by its members, the accumulation of savings, the loaning of such accumulations to its members..."
The first mortgage was granted with a weekly payment of $2.00. By the end of the first year, the Bank had 54 paying members.
The Board of Directors began to discuss a proposal to purchase property at 45 South Main Street, known as the “George Filkins Block.” They voted to purchase the building for $7,500 and to spend up to $7,000 to remodel it.
The business changed its name to Fairport Savings and Loan Association and moved into its current location at 45 South Main Street. The total assets were $376,000.
War bonds and stamps were made available for sale to “Back up the boys upfront.” The motto, which was used until 1978, was “If you save regularly, you can be a financial success."
At the end of the year, total assets were $934,700.
The first personal checking account was opened.
Major remodeling took place. An addition was put on the back of the building and the entire building was refurbished. The Bank’s staff of twenty persons fully occupied the two floors of the building.
The Bank’s first ATM was installed.
Online banking was introduced to customers.
The institution became a federally charted bank, instead of a state-chartered S&L, with a change of name to Fairport Savings Bank.
At the end of the year, total assets were more than $93 million.
Fairport Savings Bank expanded and opened its first branch in Penfield on Route 250.
With recommendation from the Board of Directors and members, the Bank’s customers voted to convert the charter of Fairport Savings Bank from that of a mutual savings bank to that of a mutual holding company. Fairport Savings Bank officially became the wholly owned subsidiary of FSB Community Bankshares, MHC. At the end of 2005, total assets were $124,828,075.
The Town of Irondequoit welcomed Fairport Savings Bank to the neighborhood when the Bank opened its third office near the corner of Hudson and Titus Avenues.
A fourth branch opened in Webster at 1075 Ridge Road across from the Webster Towne Center.
Fairport Savings Bank unveiled Fairport Mortgage, a dedicated mortgage originations division in Pittsford.
A fifth branch opened in Perinton on Pittsford-Palmyra Road/Rt. 31. At the end of 2011, total assets were $223.3 million.
The institution became a state chartered bank, regulated by the New York State Department of Financial Services. It had been a federally chartered bank since 2000.
The Fairport Savings Bank mobile banking app was released.
Fairport Mortgage opened an office in Greece.
Fairport Mortgage opened an office in Buffalo and started the Bank’s expansion outside of Rochester.
The new website was launched in order to provide customers of Fairport Savings Bank, Fairport Mortgage and Fairport Wealth Management with a better online banking experience. A Commercial Lending division was added and upon the recommendation of the Board of Directors, Fairport Savings Bank converted to a fully shareholder owned company.
FSB Insurance Agency was created to offer property and casualty insurance.
The structure of Fairport Savings Bank and its products and services have certainly changed in the last century. But as we continue to grow, our purpose, philosophy, and commitment to meeting our customers' needs has remained the same.