MountainOne History

On April 26, 1848, the North Adams Savings Bank is incorporated by Issac Hodges, Thomas Robinson, William E. Brayton, and associates. It is located at 86 Main Street, North Adams.

President Lincoln signs the National Currency Act of 1863 into law, creating the national banking system and Office of the Comptroller of the Currency.

Rockland Savings Bank is incorporated under the name "East Abington Savings Bank."

East Abington Savings Bank was renamed Rockland Savings Bank following the incorporation of the Town of Rockland.

Williamstown Savings Bank is chartered in Williamstown, MA, thus meeting the growing need for banking services in the Berkshires.

Crippen & Coakley Insurance Agency, Inc. is formed, later to be known as Coakley, Pierpan, Dolan & Collins Insurance Agency.

The Great Depression begins; thousands of US banks fail during this time, as the money supply and bank lending in the US declined by more than 30%.[1]

Subsequently, the Reconstruction Finance Corporation (RFC) Act of 1932 is signed into law by President Hoover, offering relief to banks and economy. [2]

The Banking Act of 1933 is signed into law by President Roosevelt, creating the Federal Deposit Insurance Corporation (FDIC) fund. This Act authorized the FDIC to pay up to $2,500 to depositors in insured banks that failed.[3]

In the state of Massachusetts, private, industry-sponsored insurance known as the Deposit Insurance Fund (DIF) is introduced, providing additional protection to depositors at DIF Member banks.[4]

Savings bonds, aka baby bonds, are first introduced by President Roosevelt.

Ration books are introduced following WWII. Pictured is an actual "Fuel Oil Ration" booklet from our Rockland branch.

The North Adams Savings Bank and Hoosac Savings Bank merge to become the North Adams Hoosac Savings Bank, later known as Hoosac Bank.

True North Financial Services is spun off from the financial services department of Coakley, Pierpan, Dolan & Collins Insurance Agency. Pictured are Linda Levesque (formerly Shepard) and Sue O’Neil, both of whom are current MountainOne employees!

North Adams Hoosac Savings Bank changes its name to Hoosac Bank.

Under acting Governor Paul Cellucci, Banks are now allowed to own insurance agencies in the Commonwealth. At the end of 1998 and beginning of 1999, Coakley, Pierpan, Dolan & Collins and True North Financial Services are acquired by Hoosac Bank, becoming the first agencies purchased by a Bank in the Commonwealth.

Rockland Savings Bank changes its name to South Coastal Bank.

MountainOne Financial Partners forms as a bank holding company of Hoosac Bank and Williamstown Savings Bank; thus creating an affiliation between the two entities.

South Coastal Holdings, the holding company of South Coastal Bank, merges with MountainOne Financial Partners, the holding company of Hoosac Bank and Williamstown Savings Bank. MountainOne Financial Partners is the surviving entity.

The Great Recession ends in June 2009, making it the longest recession since WWII. During this time, the US enacted the Economic Stimulus Act of 2008 and the American Recovery and Reinvestment Act of 2009.

January - Hoosac Bank and Williamstown Savings Bank merge, each retaining their brand names.

February - Stevenson & Company, an insurance agency established in 1867, is acquired by Coakley, Pierpan, Dolan & Collins. The two companies continue to operate separately.

June - MountainOne Financial Center opens at the William Stanley Business Park, the former site of General Electric, and both Coakley, Pierpan, Dolan & Collins’ and Stevenson & Company move to this location.

December - South Coastal Bank merges into Hoosac Bank, retaining the South Coastal brand name.

All three previously merged entities, Hoosac Bank, Williamstown Savings Bank and South Coastal Bank, officially become and change name to MountainOne Bank, headquartered in North Adams, MA.

Non-banking units owned by Hoosac Bank become divisions of MountainOne.

A rebranding process is underway at each bank to fully integrate each bank to the MountainOne brand name.

On January 1, 2017, Coakley, Pierpan, Dolan & Collins and True North Insurance Agency merge and simultaneously rebrand under the name MountainOne Insurance Agency, Inc.

The MountainOne Brand further evolves with the launch of a new Brand Campaign across all markets; Mo the MountainOne Spokesgoat is created, and introduced to the world.

In January, MountainOne Insurance acquires CIA Insurance Agency dba Cross-Pittsfield, thereby becoming the largest agency in the Berkshires. Cross- Pittsfield was comprised of the former agencies, Colt Insurance and Bardwell, Bowlby & Karam Insurance.

MountainOne reports its most successful year in its history, with record earnings of $12.0 million, a strong balance sheet, and capital of $104.7 million.

In September, MountainOne kicks off its 175th anniversary celebrations with an All-Mountaineer Event hosted at the Publick House in Sturbridge, MA. The Company closes its offices early to ensure all Mountaineers across every location and division can attend this milestone event.

In January, MountainOne Insurance expands to Stockbridge, MA with a new location at 31 Main Street; MountainOne Insurance expands to the Pioneer Valley as it acquires G.W. Morisi Insurance, a third-generation, family-owned agency in Longmeadow, MA.

MountainOne’s 175th Annual Business Meeting takes place on April 10th, which closes out our 175th Anniversary celebrations.