Established in October 1853, Kinderhook Bank is celebrating 160 years of service to the community.
From a world of horse-drawn carriages and kerosene lamps in 1853, to the digital world we live in today, there have been a lot of changes…and Kinderhook Bank has changed with the times.
On Oct. 1, 1853 the Union Bank of Kinderhook opened for business at the corner of Broad and Hudson Streets in the building that was formerly the Lathrop & Reynolds’ hardware store in the Village of Kinderhook, NY. The articles of association provided that the capital of the Bank would be $125,000 divided into 1,250 shares of $100 each, which were owned by the directors of the Bank at the time, and twenty other community members.
On Sept. 15, 1858, the Bank was robbed of nearly $10,000. Two of the robbers were caught, brought to trial, and were subsequently imprisoned for their crime. To provide a safer location for the future, then Bank President, William H. Tobey purchased the Van Vleck property across the street at 1 Hudson St. for $5,250 for a new banking house. After alterations and improvements and the purchase of a “Cady’s Chilled Iron” vault, the new Bank headquarters opened on May 1, 1859 and has been the home of Kinderhook Bank ever since.
In March 1865, the bank was converted to a national bank and adopted the name, The National Union Bank of Kinderhook and in Feb. 1914, the stockholders authorized the officers and directors to take the necessary action for the bank to become a member of the Federal Reserve System. Subsequently, the Bank also joined the Federal Deposit Insurance Corporation (FDIC) and since that time, five additional branch locations have been established: Valatie opened in 1966; Chatham opened in the historic train depot in 1998; Greenport opened in 2001; East Greenbush opened in 2007; and Delmar opened in 2011. Plans are under way for another branch location in Albany County coming in 2014.
Over the last 40 years, the Bank’s assets grew from $10 million to $315 million at the end of 2012 representing significant, positive growth. In 2012, the Bank’s deposits grew $49 million, or 21 percent over 2011 and for the first six months of 2013, Kinderhook Bank is already on track for record growth in loans, assets, and income.
What really puts us ahead of other banks is our continued commitment to building strong relationships in the communities we serve. Kinderhook Bank is a major supporter of community organizations through donations, event sponsorships, and program support. Our dedication to helping family, friends, neighbors, and businesses achieve their financial freedom is our most important asset. In other words … we’re small enough to care, yet big enough to get you there!