Liberty Bank
| Company type | Mutual savings bank |
|---|---|
| Industry | Banking, Financial services |
| Founded | 1825 |
| Headquarters | Middletown , United States |
Area served | Connecticut, western Massachusetts |
| Products | Consumer banking, Commercial banking, Home mortgages, Insurance, Investments |
| Website | liberty-bank |
Liberty Bank holds the distinction of being the longest-standing mutual savings bank in the United States and ranks as the third largest bank within Connecticut. Its main office is situated in Middletown, Connecticut, overseeing 62 branches across the state along with an additional location in western Massachusetts. The institution offers a range of services including consumer and commercial banking, home mortgages, insurance solutions, and investment products.
History
Established in 1825 under the name Middletown Savings Bank, an account initiated in 1844 with just $26 remained untouched until 1994. Due to accumulated interest, its balance grew to over $32,000, making it recognized as the oldest continuously held savings account in the country.
The Liberty Bank Foundation was formed in 1997 with the mission to provide financial support to nonprofit organizations dedicated to improving the quality of life for individuals and families with low to moderate incomes.
In 2001, Liberty Bank expanded through a merger with Hometown Bank, which brought three additional branches and led to the opening of a new location. By 2003, the bank had launched its inaugural affordable housing initiative, Uncas Condominiums, located in Norwich, Connecticut, and had grown its branch network to 34. In 2005, it introduced Connecticut’s first checking account that offered rebates on ATM fees charged by other banks. Subsequent branch additions included sites in Wethersfield (2008), Niantic (2009), Cromwell (2010), and integration with First Liberty Bank.
The merger with The Bank of Southern Connecticut in 2013 contributed four branches—two based in New Haven and one each in Branford and North Haven (the latter merged with an existing branch). Additionally, new offices were established in Bristol and Southington, bringing the total number of branches to 50.
By the year 2021, Liberty Bank reported assets totaling $7.4 billion alongside an annual net income of $81.2 million. In 2019, the bank resolved a lawsuit concerning alleged violations of the Fair Housing Act related to discriminatory lending practices based on race.