Martha's Vineyard Savings Bank

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Martha's Vineyard Savings Bank

11 State Road
PO Box 668
Vineyard Haven, MA 02568
Tel: (508) 693-0161
Fax: (508) 693-8488

On November 1, 2007, the banking operations of Dukes County Savings Bank and The Martha’s Vineyard Co-operative Bank combined to become the Martha’s Vineyard Savings Bank, an independent mutual savings bank headquartered in Edgartown, Massachusetts.

Established in 1955, Martha’s Vineyard Savings Bank is the last mutual savings bank created in Massachusetts. However, the Bank traces its financial roots back to 1909 when a group of people dedicated to the Island introduced co-operative banking to Martha’s Vineyard.

The Bank expanded cautiously during the great depression and the war years, thus escaping the impact of the recessions that followed. Blossoming during the expansive 1950s, the Bank’s footprint grew to include branch offices and ATMs located throughout island towns. In 1956 the Bank introduced children to banking by offering school based savings programs and a branch lobby window dedicated to children’s transactions to help teach the value of savings money. On September 13, 1957, the first school banking day, nearly 500 students made deposits and opened accounts. Several thousand children have been introduced to banking through this successful program since it began.

The Bank was an early innovator, as bank by mail programs were introduced with free postage paid envelopes, and the Burroughs Sensimatic accounting machines were quickly adopted to improve transactional accuracy and efficiencies. In the 1970s and 1980s, banking de-regulation sparked further advances such as ATMs, telephone banking and a whole host of new deposit and lending products. The Bank’s Vineyard Haven branch office was substantially renovated in the late 1980s to include a large teller area, drive up lanes, and a number of new offices. Early in the 1990s the Bank established its trust department after another local bank was sold, thereby restoring local trust services to Martha’s Vineyard. Today, the Bank offers 7 branches with expanded hours, on-line banking, ATMs, telephone banking, and ability to bank at any time day or night.

The year 2009 marked one hundred years of banking for Martha’s Vineyard Savings Bank. Since its beginnings the Bank has had a deep rooted belief that it takes a local commitment to help a community stay strong. Everyone involved with creating Martha’s Vineyard Savings Bank saw firsthand what community banking meant to building and maintaining a vibrant and sustainable economy. The Founders knew then that successful banking depended on offering convenient locations, competitively priced products, and neighborly customer service – taking nothing for granted. This same philosophy continues today!