Back to News and Blog
Ulster Savings Bank Celebrates 175 Years of Community Banking Excellence
Posted April 6, 2026
As part of this milestone, the bank will celebrate its anniversary at various events throughout the year. These efforts reflect Ulster Savings’ ongoing dedication to giving back and strengthening the communities it calls home.
Back in 1851, Kingston was a place on the cusp of transformation. The railroad was coming. Industry was rising. And yet, for working families of Ulster County, there was no safe place to store their savings. A group of local visionaries of proven integrity and reputation and with no idea of profit to themselves, wanted to organize and set up such a place as an alternative to hiding money under mattresses or in spice jars. They petitioned the New York State Legislature for something bold: a savings institution created not for profit, but for people. And so, a charter was granted and Ulster County Savings Institution was born.
The 20th century brought upheaval -- world wars, the Great Depression, suburban expansion, and the shifting tides of American finance. But Ulster County Savings Institution had a quiet advantage. It belonged to its depositors. As a mutual savings bank, there were no stockholders to answer to. Its mission was to serve its owners -- its depositors.
In 1972, the bank embraced a new name – Ulster Savings Bank -- but kept its old soul. Expansion soon followed across the Hudson River into Dutchess County with the first Poughkeepsie location opening in 1973. As needs changed, so did they. In 1985, they started offering financial services and tax preparation. In 2000, they bought an insurance agency to offer insurance products and services.
In an era of national megabanks and digital only startups, Ulster Savings stands out as something rare: A 175-year-old community bank that still knows its customers by name. A community bank that is still a mutual savings bank that’s owned by its depositors. Together with its charitable foundation, Ulster Savings Bank has given millions of dollars to help improve the lives of so many over the years.
“For nearly two centuries, we’ve been more than a bank -- we’ve been a neighbor. We bring generations of experience, stability, and relationship-based banking to the Hudson Valley. We blend our rich community banking legacy with forward-thinking financial solutions -- always focused on what matters most: our customers and community,” said Bill Calderara, President and CEO of Ulster Savings Bank.
While times will certainly change, this award-winning bank stands strong. No doubt, its focus on customers, community, and colleagues will persevere for years to come.