Question 1

What is Adirondack Bank?

Accepted Answer

Adirondack Bank is a full-service commercial bank headquartered in Utica, New York. With approximately $1 billion in assets and 19 branch locations across Northern New York, the bank serves both retail and commercial customers throughout the Mohawk Valley and Adirondack regions. Established over a century ago, Adirondack Bank has grown from a small savings and loan association into a prominent regional institution.

The bank holds the third-largest deposit market share in the Utica-Rome metropolitan area at 14.1%. It operates as a state-chartered bank, allowing it to maintain flexibility in serving local community needs.

Question 2

When was Adirondack Bank founded?

Accepted Answer

Adirondack Bank was founded on October 31, 1898, as the Saranac Lake Co-Operative Savings and Loan Association. The institution was established to serve the financial needs of Northern New York State residents during a period of regional growth and development.

In 1990, the bank underwent significant transformation when it was recapitalized as a stock corporation under the ownership of Tom Clark. The institution was re-chartered as a Federal Savings Bank and later became Adirondack Bank, N.A. in 1995 after converting to a National Bank charter. In December 2003, the bank converted to a state charter to better position itself for future growth and to more effectively serve its communities.

Question 3

Where is Adirondack Bank headquartered?

Accepted Answer

Adirondack Bank is headquartered in Utica, New York, located in Oneida County. The headquarters serves as the administrative center for the bank's operations across the Mohawk Valley region.

Question 4

Where does Adirondack Bank operate?

Accepted Answer

Adirondack Bank operates 19 branch locations throughout Northern New York. The bank's footprint includes the Utica-Rome metropolitan area and extends across Herkimer, Oneida, Clinton, Essex, Franklin, Fulton, Hamilton, and Montgomery counties.

Key locations include branches in Utica, Rome, Plattsburgh, Old Forge, Whitesboro, Boonville, Mohawk, Herkimer, Little Falls, Ilion, Holland Patent, Sylvan Beach, New Hartford, and downtown Lake Placid. The bank's expansion has been strategic, focusing on communities throughout the Adirondack and Mohawk Valley regions.

Question 5

What services does Adirondack Bank offer?

Accepted Answer

Adirondack Bank provides comprehensive banking services for both personal and commercial customers. Personal banking services include various checking and savings accounts, money market accounts, certificates of deposit, mortgage loans, home equity loans, and personal loans.

For businesses, the bank offers commercial checking and savings accounts, merchant services, cash management solutions, and commercial lending products. The bank emphasizes personalized service and competitive products tailored to business needs.

Digital banking services include online banking with 24-hour account access, mobile banking applications with real-time account information, mobile check deposit, and online bill pay. The bank also provides secure messaging and fraud protection tools.

In 2009, Adirondack Bank launched Adirondack Insurance Services, Inc., a full-service insurance agency offering products from over 40 carriers. This expansion demonstrates the bank's commitment to providing comprehensive financial solutions.

Question 6

What makes Adirondack Bank unique?

Accepted Answer

Adirondack Bank distinguishes itself through its deep community roots and commitment to Northern New York. The bank's motto, "Bank Local," reflects its philosophy of treating customers like neighbors rather than account numbers. This personalized approach emphasizes consistent, local service and building meaningful relationships.

The bank has demonstrated exceptional responsiveness to community development needs, receiving an "Outstanding" rating for community development performance. During the evaluation period, the bank's community development loans and qualified investments totaled $59 million, supporting affordable housing, economic development, community services, and revitalization efforts. The bank made nine PPP loans totaling $15.2 million during the pandemic, demonstrating particularly responsive support for small businesses.

Adirondack Bank employees provided 93 community development services, serving on boards and committees of organizations supporting low- and moderate-income individuals. In 2017, the bank established 10-year naming rights to the Utica Memorial Auditorium, now known as the Adirondack Bank Center. The bank received the New York State Senate 2020 Empire Award, recognizing its contributions to the community and economy.

Question 7

What type of financial institution is Adirondack Bank?

Accepted Answer

Adirondack Bank is a state-chartered commercial bank. State-chartered banks operate under state banking regulations rather than federal charters, which provides greater flexibility in responding to local market needs.

As a commercial bank, Adirondack Bank offers a full range of deposit and lending products to both individual consumers and businesses. The bank is FDIC-insured, providing deposit insurance protection up to applicable limits. This classification allows the institution to serve diverse banking needs while maintaining its community-focused approach and local decision-making authority.

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About Adirondack Bank in the United States