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Company Milestones

Company Milestones

Paul Scully, president of Country Bank

Paul Scully, president of Country Bank

It was March 1850. Millard Fillmore was still working through his first 100 days in office as the thirteenth President of the United States — although no one was probably counting the days back then. In six months, California joined the Union as its 31st state, taking the country from coast to coast and Ware Savings Bank was incorporated under the laws of the Commonwealth of Massachusetts. Thus, the first chapter in the 170-year history of Country Bank was written.

There have been a number of important chapters written since — including the incorporation of Palmer Savings Bank in 1870 and the merger of those two institutions in 1981 to form Country Bank for Savings (later shortened to simply Country Bank). Paul Scully, the bank’s current president, noted that many things have changed at this institution over those 170 years, everything from its footprint — it now stretches from Ludlow to Worcester, with 14 branches and 23 ATM/ITM locations — to how people do their banking.

Company:
Country Bank
www.countrybank.com
800-322-8233
Home Base:
Ware, Mass.
Founded:
1850
President:
Paul Scully
Company Snapshot:
A community bank with 14 locations

What’s more significant to him — and all members of the Country Bank team — is what hasn’t changed in that time. Specifically, it’s a commitment to the customers, communities, and staff that sets this institution apart. In short, what hasn’t changed is that this is still a community bank in every sense of that phrase. “What we are celebrating is the bank’s support for those who have been right there with us along the way,” stated Scully. “And we’re celebrating our independence in being a mutual savings bank, and one of the most highly capitalized banks in the Commonwealth.”

This rich history of support prompted the bank to assume a leadership role during times of crisis — and there have been many over the past 170 years, perhaps none more significant than the COVID-19 pandemic.

Over the past several months, the bank has stepped up to assist its commercial and consumer customers impacted by the virus and resulting economic downturn. “Every customer matters, regardless of their deposit balance, and we’re here to help them achieve their dreams or navigate through rough waters.” None have been rougher than those generated by the pandemic, he noted, adding that the bank has written 475 Payment Protection Plan (PPP) loans in amounts ranging from $1,500 to $2 million and helped many commercial and mortgage borrowers. “It’s the premise of why community banking and Country Bank exist,” he went on. “Since the start of the pandemic, the bank has donated over $450,000 to COVID-related relief efforts along with an additional $400,000 to other local non-profits. For the past one hundred and seventy years, the bank’s operated with the belief that healthy communities thrive; recognizing that it has not only an opportunity but a responsibility to support its communities at varying levels.”

A RICH HISTORY

There have been many milestones for Country Bank since 1850, and dates to remember:

July 1869: The Committee of Investment voted that the bank loan to the town of Ware in the amount of $70,000 was to be used in the building of the Ware River Railroad;

• 1920: The service of school savings accounts was inaugurated to help establish a habit of thrift among young savers;

• 1945: The first home loan to a veteran of World War II was made under the G.I. Bill of Rights;

• 1982: The first ATM was installed;

• 2017: The Boston Business Journal first recognized the bank for its charitable donations; and

• 2019: Country Bank became a founding member of the Worcester WooSox.

These milestones collectively speak to the notion of what a community bank is — or should be — and that legacy is being celebrated as this institution turns 170. “Behind the individual milestones is a consistent pattern of service to the community,” Scully said.

A LEGACY OF CARING

When asked how the bank would mark its 170th birthday, Scully said there would be “subtle” celebrations. “We’re not big on tooting our own horn on things,” he noted, adding that there would be themed events in the fall celebrating its 170th birthday and the staff and customers who have been a part of the bank’s legacy. Rather than celebrate with lots of hoopla, the bank is far more focused on continuing — and building upon — its strong track record. “It’s a significant milestone that you can’t take lightly,” he said. “For all of us who are associated with the organization, we are given the challenge — and opportunity — to maintain a legacy: a legacy of supporting those in need and helping customers achieve their financial goals and dreams, whatever they may be. And that’s what is being celebrated as this institution turns 170.”

MGM Springfield

The Moment Is Here

groundbreaking ceremonies

Few in attendance at the groundbreaking ceremonies three and half years ago could have imagined how Springfield’s South End would be transformed by MGM Springfield.

Back about 1,300 days or so ago, several hundred business and civic leaders and other dignitaries gathered in bright sunshine in Springfield’s South End to witness the official ground-breaking ceremonies for MGM Springfield.

Analysis

Those in attendance that day would probably struggle now to remember what that area looked like back then. Maybe not. The former Zanetti School and the old correctional facility (known as the ‘alcohol jail’ to many) on Howard Street were considerable landmarks, and it’s not difficult to conjure up remembrances of them and other structures now gone.

More to the point, it was virtually impossible for anyone there that day to stretch their imagination and conceive of the complex that occupies that site now. We had all seen the renderings, but back on that warm spring day, those architect’s drawings were a long, long way from reality.

Indeed, even though the journey began well before that day, those groundbreaking ceremonies marked the official moment, for most of us, anyway, when the $960 million MGM Springfield project became real. And even then, it didn’t actually seem real.

This was (and is) Springfield after all, and in the minds of many, something this big, something this grand, something this potentially life-altering, just wasn’t going to happen here. MGM was going to change its mind. The Legislature was going to screw things up. Something bad was going to happen.

The city hasn’t really seen anything like this probably since George Washington picked that acreage on the hill above downtown as the site of the young nation’s first arsenal — what became the Springfield Armory.

But here we are, 1,300 or so days later. It is real, and is happening, even if for some it seems surreal.

That phrase ‘history-making’ is overused these days, to the point where it doesn’t mean much anymore. The talking heads at ESPN use it almost every night to refer to some relief pitcher, hockey goalie, or field goal kicker achieving some obscure statistical milestone.

But with MGM Springfield, it fits. The city hasn’t really seen anything like this probably since George Washington picked that acreage on the hill above downtown as the site of the young nation’s first arsenal — what became the Springfield Armory. The armory, as most know, changed the course of this city and this region in all kinds of ways.

The innovation and craftsmanship that marked the Armory’s early days — and all its days, for that matter — sparked waves of related businesses and an entire business sector — precision manufacturing. Meanwhile, the solid jobs available at the Armory spurred wealth and the construction of the large, beautiful homes that gave the city its nickname.

What kind of chapter in the city’s history will MGM author?

We really don’t know. No one does.

Back 30 years or so ago, the good people of Atlantic City hailed the gambling palaces being built there then as a renaissance, a rebirth for a city that had fallen on some very hard times. We all know how that turned out.

MGM Springfield is opening at a time when competition for the gambling dollar has never been stiffer, and the pace of competition will only accelerate as states and regions look to cash in on what appears to be a sure thing.

Only … there is no such thing, as anyone who gambles can surely tell you.

And while MGM Springfield is many things to many people, it is, overall, a gamble, and people shouldn’t ever forget that. And when you gamble, you can win, you can lose, and you can break even.

A lot can happen over the next few years or the next few decades, but we choose to believe that the city and this region will see this gamble pay off.

And while MGM Springfield is many things to many people, it is, overall, a gamble, and people shouldn’t ever forget that. And when you gamble, you can win, you can lose, and you can break even.

It will pay off in jobs, in vibrancy, in a trickle-down effect to other businesses in many sectors, and above all, in making this city relevant again, something it really hasn’t been for a long time. Remember, before that ground-breaking ceremony, there hadn’t been a significant private-sector development in downtown Springfield in almost 30 years.

Not every development will be positive; some businesses will definitely be hurt by the arrival of MGM, and there will be more traffic and hassles getting in and out of the city. And there is the very real possibility that many of those coming to visit MGM will get back in their cars, buses, and limos at the end of the stay and get right back on I-91 north or south and leave Springfield behind.

But for city leaders, the state, the Gaming Commission, this region as a whole, and especially MGM, this was a gamble well worth taking. In the end, we don’t believe anyone will regret putting their chips on Springfield and letting it ride.

Those are the kinds of words that can certainly come back to haunt someone, but we don’t believe they will. This is, as they say in this business, a solid bet — for MGM and this region.

BusinessWest invited area business and civic leaders to offer their thoughts on what the arrival of MGM Springfield means for this region. Maybe Peter Rosskothen, owner of the Log Cabin and a host of other businesses, all of them to compete with MGM in one way or another, said it best: “I am excited about the excitement.”

So are we.

George O’Brien is the editor of BusinessWest.

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