Ulster Savings Bank
| Company type | Mutual savings bank |
|---|---|
| Industry | Banking |
| Founded | April 12, 1851 in Kingston, New York, United States |
| Headquarters | Kingston , United States |
Area served | Ulster County, Orange County, Dutchess County, New York |
Key people | William C. Calderara (CEO) |
Ulster Savings Bank is a mutual savings bank with its main office located in Kingston, New York. The institution maintains a network of 15 branches serving customers throughout Ulster County, Orange County, and Dutchess County.
History
Established on April 12, 1851, under the name Ulster County Savings Institution, it holds the distinction of being the first savings bank chartered in Ulster County by the New York State legislature. The bank's initial depositor was Severyn Bruyn, who placed $120 into the institution. Archibald Russell was appointed as the inaugural president and led the bank until 1870.
From 1858 to 1868, deposits expanded significantly from $21,982 to $646,922, paralleling population growth in Kingston. A fraud case involving the treasurer and assistant treasurer caused a temporary shutdown in 1891; both individuals were subsequently convicted and imprisoned. By 1892, total deposits had climbed to $1.835 million and continued to increase to $5.135 million by 1916.
Alton B. Parker served as president between 1896 and 1904. More recent leadership transitions include Lisa Marie Cathie in 2011, Glenn B. Sutherland in 2015, and William C. Calderara assuming the CEO role in 2016.
The year 2016 marked the opening of a new branch in Newburgh, New York and the creation of the Ulster Savings Bank Charitable Foundation, formalizing its long-standing philanthropic efforts across its service regions.
Since the early 2000s, environmental stewardship has been a focus through sustainable building upgrades and green initiatives, culminating in certification as a Green Business by the Ulster County Green Business Network in 2021.
In 2023 alone, employees volunteered over 5,000 hours locally, while the Charitable Foundation contributed $619,000 to nonprofit organizations within its communities.
Ulster Savings Bank has consistently been recognized for its financial stability and community engagement. Bauer Financial awarded it a five-star rating for eight consecutive years (2017–2025), indicating exceptional safety and operational performance. The Institute for Extraordinary Banking honored the bank annually with Banky Awards from 2019 through 2024 for excellence in philanthropy, customer service, organizational culture, innovation, and financial education initiatives.
Between 2021 and 2024, it achieved first place in Finance & Services at the Chronogrammies Readers' Choice Awards. In 2025, Newsweek included Ulster Savings among America's Best Regional Banks and Credit Unions. Additionally that year, Great Place To Work® certified the bank for its positive workplace culture and employee satisfaction.
The bank is well-regarded locally for its support of nonprofits within its lending footprint; several senior executives actively participate on boards focused on community and economic development.
Currently, Ulster Savings Bank remains financially robust with strong capital reserves and asset quality. It is one of only 449 mutual savings banks operating nationwide and among just 26 within New York State. It holds the honor of being the oldest bank in the Hudson Valley region, the eighth oldest across New York State, and ranks as the 52nd oldest bank in the United States.