Our History

Minute books and other original documents, some of which are now over 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 the unique character of this institution. It is a genuine example of what is meant by a "community bank."

The structure of Fairport Savings Bank and the products and services it offers have certainly changed in the last century, but the purpose, philosophy, and commitment to meeting its customers' needs have remained the same.

May 7, 1888

Fairport Savings Bank was originally incorporated as the Fairport Permanent Loan Association, with Martin J. Gannon as the first President. The purpose stated, in part, was as follows: "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 Board of Directors was made up of the following members:

Martin J. Gannon, President

George W. Green, Vice President

S. D. Archer, Secretary

P. McAuliffe, Treasurer

J. Duncan

Joseph McKenna

P. Cox

Levi J. DeLand

J. H. Blades

F. W. Howard

F. S. Todd

P. T. Walsh

R. R. Lay

1888 - 1927

The first mortgage was granted on May 28, 1888. Mr. Gannon was the first subscriber enrolled, paying in a weekly sum of $2.00, and by the end of the first year, the Association had 54 paying members.

The board met every Monday evening at 7:30 p.m. The Association initially was located in various offices of local businessmen. From 1901 until 1927, the place of business was in the store of Edward C. Snow, who also served as the Secretary of the Association. Mr. Snow’s store was on the corner of Main Street and West Avenue, and its merchandise included clothing, shoes, carpets, and furniture. The President from 1899 – 1941 was William A. Beeton, although it was the Secretary’s responsibility to handle the day-to-day operations. The position of President was comparable to that of the current Chairman of the Board. In 1927, a letter from the State Banking Department commended the Association “for efficient management, [and] a 20% increase in business” along with a comment that they were “meeting the needs of the public for which the Assn. was organized.” The Board indicated that it was their desire “to make the atmosphere pleasant, to the end that we shall enjoy not only the commendation of the Department, but of the people of Fairport.

1927 – 1941

Mr. Snow resigned in February 1927. On March 4, 1927, Stanley Peacock was elected Secretary/Treasurer, and a new location was found on the second floor of 26 South Main Street in Fairport. Mr. Peacock continued to serve as the managing officer of the organization until his death in January 1979. In conjunction with managing the Association, Mr. Peacock also ran the George Slocum Insurance Agency.

In 1938, the Board 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 $7500 and to spend up to $7000 to remodel it. In 1939, the name was changed to Fairport Savings and Loan Association, and the institution moved into its current location at 45 South Main Street. At that time, Fairport Savings & Loan shared the building with the George Slocum Insurance Agency, a law practice, and a beauty parlor. The total assets in 1939 were $376,000, and the product line consisted of: Installment Shares (systematic savings), Income Shares (lump sum savings), and Direct Reduction Mortgage loans. In 1941, the mortgage rates were “5% on all existing DRM loans on which there is no delinquency, and 6% on all new loans and delinquent loans.”

1942 – 1945

John M. Bahler served as President. During this time, an additional savings product was added: Savings Shares (no regular payments necessary). War Bonds and Stamps were 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."

In 1944, a separate outside entrance on the south side of the building was installed to allow the George Slocum Agency to occupy a separate and distinct office.

At the end of 1945, total assets were $934,700.

1946-1956

Irving R. Neiss served as president.

During the 1950’s, dividends were declared on a semi-annual basis, with rates ranging from 1-3/4% to 3-3/4%.

Total assets in 1956 were $2,416,000.

1957-1966

Irving D. Bramer was president.

In 1960, Federal Home Loan Bank money orders were offered.

In 1962, the building was expanded and modernized, with a 24-hour night depository added. Traveler’s checks and Christmas Club accounts were offered.

By the end of 1966, the total assets were $7,355,000.

1967-1978

Stanley H. Peacock was elected President in 1967.

New products offered during this time included:

1970: 1-year and 2-year Certificates of Deposit (with rates of 5 3/4% and 6%)
1973: 2-1/2 year and 4-year CD’s
1974: 6 year CD @ 7 3/4%
1975: IRSA or Keogh Retirement Savings Plans
1977: Checking accounts

In 1978, the total assets were $18,200,000.

1978 – 2002

Lowell T. Twitchell was named Acting President in January 1979 and elected President later that year.

New products and services added:

1984: Money Market accounts
1996: ATM Cards
1997: Home Equity Loans, Checking Reserve Lines of Credit, Personal Loans
1998: Electronic Banking
1999: Debit Cards
2000: Internet Banking, Home Equity Lines of Credit

Major remodeling took place in 1989, when an addition was put on the back of the building, and the entire building was refurbished. Fairport Savings Bank’s staff of 20 persons fully occupied the two floors of the building.

In 2000, 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 2001, the total assets of Fairport Savings Bank were over $93 million.
Mr. Twitchell officially announced his plans to retire.

2002 - Present

Dana C. Gavenda was elected president in January 2002. Mr. Gavenda has a strong background in consumer banking in the Western New York area, and he is enthusiastic about being given the opportunity to lead Fairport Savings Bank forward.

In February 2003 Fairport Savings Bank’s first branch in its 114-year history was opened in Penfield! The “home office” of the bank will continue to be on South Main Street in the Village of Fairport.

Planning for the future of Fairport Savings Bank includes ensuring that the type of bank charter we maintain supports our strategic objectives. Recognizing the business advantages offered by a mutual holding company charter the Board of Directors and the members of the Bank voted to convert the charter of Fairport Savings Bank from that of a mutual savings bank to that of a mutual holding company. In the autumn of 2004 the Bank’s customers were asked to vote for the conversion. With an overwhelmingly affirmative response from the members the Bank’s Board of Directors ratified the vote to convert the charter. In January 2005, Fairport Savings Bank officially became the wholly owned subsidiary of FSB Community Bancshares, MHC. While the Bank became part of a new corporate structure there was no change to the name or the manner in which business is conducted.

In January 2007, the Town of Irondequoit welcomed us to the neighborhood when we opened our third office near the corner of Hudson and Titus.  The Irondequoit branch is another opportunity for us to demonstrate our brand of community banking with an emphasis on personal service and community involvement.