Question 1

What is Passumpsic Bank?

Accepted Answer

Passumpsic Bank is a community-focused stock savings bank serving Vermont's Northeast Kingdom, Central Vermont, and New Hampshire's North Country. With over $905 million in total assets and 13 branches, the bank combines traditional community banking values with modern financial services. As a wholly-owned subsidiary of Passumpsic Bancorp, a mutual holding company, Passumpsic Bank provides comprehensive retail and commercial banking services to individuals, families, and businesses throughout its service regions.

The bank specializes in mortgage lending and maintains a strong community presence through personalized customer relationships and local decision-making.

Question 2

When was Passumpsic Bank founded?

Accepted Answer

Passumpsic Bank first opened its doors as Passumpsic Savings Bank on February 24, 1853, making it one of Vermont's oldest financial institutions with over 170 years of continuous service. Interestingly, the bank originally shared office space with another institution called Passumpsic Bank, which was a commercial bank that operated separately during the bank's early years from 1853 to 1859.

In fall 2018, the institution rebranded from Passumpsic Savings Bank to simply Passumpsic Bank, adopting the classic name of its historical neighbor. This rebranding was an organic evolution rather than an acquisition or merger, maintaining the same trusted team and services while reflecting the bank's expanded commercial banking capabilities.

Question 3

Where is Passumpsic Bank headquartered?

Accepted Answer

Passumpsic Bank is headquartered at 497 Railroad Street in Saint Johnsbury, Vermont. The headquarters is located in the heart of downtown Saint Johnsbury, in Caledonia County, where the bank has maintained its presence for over 160 years.

Saint Johnsbury serves as the anchor city for the bank's operations in Vermont's Northeast Kingdom region.

Question 4

Where does Passumpsic Bank operate?

Accepted Answer

Passumpsic Bank operates 13 branches across Vermont and New Hampshire, serving distinct geographic regions:

Vermont locations include Saint Johnsbury (3 locations including headquarters), Lyndonville, Danville, East Burke, Island Pond, Newport, Berlin, and Williston. These branches cover the Northeast Kingdom, Central Vermont, and Chittenden County areas.

New Hampshire locations span the North Country region with branches in Lancaster, Littleton, Groveton, and Whitefield, all located in Coos and Grafton counties.

The bank maintains 12 domestic offices with full-service capabilities including drive-up facilities, 24-hour ATMs, and night drop services at most locations. This strategic footprint allows the bank to serve rural and small-town communities often underserved by larger regional banks.

Question 5

What services does Passumpsic Bank offer?

Accepted Answer

Passumpsic Bank offers comprehensive banking services for both personal and business customers:

Personal Banking: Checking and savings accounts, certificates of deposit (CDs), residential mortgages, home equity loans, consumer installment loans, and individual retirement accounts. The bank specializes in mortgage lending as indicated by its FDIC classification.

Business Banking: Business checking and savings accounts, commercial real estate loans, commercial and industrial loans, business lines of credit, merchant services, ACH services, and business credit cards. The bank is a preferred SBA lender, offering specialized Small Business Administration loan products.

Wealth Management: Through Passumpsic Financial Advisors (PFA), the bank's investment advisory division manages over $400 million in assets under management, providing investment strategies, retirement planning, and portfolio management services.

Digital Services: Robust online banking platform with 24/7 account access, mobile banking app for on-the-go management, secure digital document submission portal, bill pay services, and mobile check deposit capabilities.

Question 6

What makes Passumpsic Bank unique?

Accepted Answer

Several distinctive features set Passumpsic Bank apart from competitors:

Deep Community Commitment: The bank actively partners with local organizations like the Vermont Small Business Development Center, offering programs such as a 4-week Small Business Incubator Program that provides aspiring entrepreneurs with business planning tools, financial guidance, and networking opportunities.

Innovative Crisis Response: The bank offers the Sunrise Loan, a specialized disaster recovery product designed to help businesses affected by natural disasters or unexpected challenges. This program features flexible terms and deferred payment structures, demonstrating responsiveness to community needs.

Local Decision-Making: As an independent community bank with 148 employees, Passumpsic maintains direct relationships between customers and local bankers who understand regional economic conditions. The bank emphasizes that it "wasn't bought out and didn't fall prey to a corporate takeover."

Strong Financial Performance: The bank demonstrates solid financial health with a Return on Assets (ROA) of 0.74%, Return on Equity (ROE) of 5.73%, and robust regulatory capital ratios including a Tier 1 Leverage Ratio of 12.76% and Total Capital Ratio of 20.6%.

Question 7

What type of financial institution is Passumpsic Bank?

Accepted Answer

Passumpsic Bank is a Stock Savings Bank chartered under state banking laws and regulated by the FDIC. This institutional structure combines elements of both traditional savings banks and commercial banks.

As a stock savings bank, it operates as a wholly-owned subsidiary of Passumpsic Bancorp (RSSD ID: 2337081), a mutual holding company structure. The bank holds fiduciary powers and actively exercises those powers, enabling it to provide trust and wealth management services through its Passumpsic Financial Advisors division.

The FDIC classifies Passumpsic Bank with a mortgage lending specialization (Filing Type 051), reflecting its primary business focus on residential and commercial real estate lending. However, the bank operates as a full-service community bank, offering comprehensive retail and commercial banking products beyond its mortgage lending specialization.

The bank is not a member of the Federal Reserve System and does not operate as an S-Corporation for tax purposes.

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