Question 1

What is Adirondack Trust Company?

Accepted Answer

Adirondack Trust Company is an independent community bank based in Saratoga Springs, New York. As the largest independent community bank in Saratoga County, it serves individuals and businesses throughout the Capital Region and Southern Adirondacks. With approximately $1.7 billion in assets and $1.5 billion in deposits, the bank operates 13 branch locations across Saratoga, Warren, and Washington counties.

The bank is employee-owned, with approximately 167 full-time employees holding ownership through The Adirondack Trust Company Employee Stock Ownership Trust. This unique structure reinforces its commitment to community-focused banking and local decision-making.

Question 2

When was Adirondack Trust Company founded?

Accepted Answer

Adirondack Trust Company was founded in 1901 by New York State Senator Edgar T. Brackett with initial capital of $100,000 and surplus of $50,000. The bank officially opened its doors on January 2, 1902, at the Westcott Building, a three-story brick building on Broadway in Saratoga Springs.

Senator Brackett established the bank under the philosophy of community development, with the vision of creating a strong, locally owned institution to finance ventures in Upstate New York. From its earliest days, the bank played a transformative role in the region, helping to convert Saratoga Springs from a small "boom and bust" town into a thriving city.

In its first month of operation in January 1902, the bank concluded a $100,000 mortgage (approximately $3.6 million in 2020 dollars) with machinery manufacturer Baker and Shevlin of Ballston Spa, which was considered a "big mortgage" at the time. By 1908, despite experiencing a bank run in 1906, it was dubbed "the largest and richest banking institution in the State north of Albany."

Question 3

Where is Adirondack Trust Company headquartered?

Accepted Answer

Adirondack Trust Company is headquartered at 473 Broadway in Saratoga Springs, New York. Remarkably, this location has served as the bank's home since its founding in 1902, though the current building dates to 1916.

The headquarters building is a historic landmark and architectural gem. Built in 1916 after the bank surpassed $3 million in deposits, the white marble Beaux-Arts structure was designed by architect Alfred Hopkins. The building features stunning Tiffany bronze doors and chandeliers, with all decorations carrying Adirondack themes.

The headquarters is listed in the National Register of Historic Places as part of the Broadway Historic District. In celebration of the bank's centennial in 2001, a 22-by-9-foot mural titled "The Flume" by artist Anne Diggory was commissioned and installed, continuing the Adirondack design theme throughout the building.

Question 4

Where does Adirondack Trust Company operate?

Accepted Answer

Adirondack Trust Company operates exclusively in New York's Capital Region and Southern Adirondacks, with 13 full-service branch locations across Saratoga, Warren, and Washington counties. The bank's branches are located in Saratoga Springs (5 locations), Ballston Spa (2 locations), Queensbury (2 locations), Malta, Wilton, Ballston Lake, and Lake George.

In addition to its brick-and-mortar branches, the bank maintains over a dozen standalone ATM locations throughout its service area. The bank deliberately focuses on serving its local market area and has maintained this geographic concentration throughout its history.

Notably, after being named one of the 100 safest banks in the country and the safest bank in New York by Money magazine, the bank received numerous requests to open accounts from outside its service area. However, Adirondack Trust declined these requests, choosing to maintain its commitment to accepting accounts only within its local community.

Question 5

What services does Adirondack Trust Company offer?

Accepted Answer

Adirondack Trust Company provides comprehensive financial services across three main divisions: banking, insurance, and wealth management.

Banking Services include personal checking and savings accounts, business banking solutions, residential mortgages, commercial real estate loans, and business lending. The bank is a leading Small Business Administration (SBA) lender in the Capital Region, recognized as the top Large Community Bank Lender for fiscal year 2024 with 19 SBA 7(a) loans totaling nearly $2.5 million.

Digital Services include WebWise Online Banking (launched in 2000) and mobile banking apps, providing 24-hour account access, mobile deposits, bill pay, and account management tools. The bank has consistently embraced technology, implementing computers in 1962, automated teller machines in 1980, and continuously updating its digital offerings.

Insurance Services are provided through Amsure Associates Inc., a subsidiary acquired in 2008. Services include auto, home, life, and long-term care insurance for individuals, plus business insurance, employee health plans, and disability coverage for commercial clients.

Wealth Management Services were established with the launch of the bank's trust department in 1987. These services include investment management, estate planning, trust services, and retirement planning through individual retirement accounts (IRAs) and rollover IRAs.

Question 6

What makes Adirondack Trust Company unique?

Accepted Answer

Adirondack Trust Company stands out for its employee ownership structure, historic preservation, safety ratings, and deep community commitment.

The bank is owned by its approximately 167 full-time employees through an Employee Stock Ownership Trust (ESOT), creating aligned incentives between staff and customers. Leadership has remained remarkably stable, with the Wait family guiding the institution for four generations. Charles V. Wait Sr. served as a Federal Reserve Bank of New York director for nine years, while Charles V. Wait Jr. currently serves as President and CEO.

Adirondack Trust has earned exceptional safety ratings, including Bauer Financial's 5-Star Superior rating for 71 consecutive quarters as of 2024. Money magazine named it one of the 100 safest banks in the country and the safest bank in New York. The bank maintains excellent Community Reinvestment Act (CRA) ratings and safety and soundness ratings in Saratoga County.

The bank's commitment to community development is demonstrated through The Adirondack Trust Community Fund, established in 2009 as an independent 501(c)(3) organization. Since 2013, the fund has awarded over 305 Lend-A-Hand Grants to local nonprofits supporting veteran outreach, STEM education, summer lunch programs, wildlife education, homelessness prevention, youth services, and the arts.

The bank focuses exclusively on its local market and maintains a policy of only accepting accounts from customers within its service area, even turning away potential customers after receiving national recognition for safety and soundness.

Question 7

What type of financial institution is Adirondack Trust Company?

Accepted Answer

Adirondack Trust Company is a State Chartered Commercial Bank that is a member of the Federal Reserve System. According to the Federal Deposit Insurance Corporation (FDIC), it is classified as a commercial bank with state charter and Fed membership, supervised by the Federal Reserve Board (FRB). The bank holds FDIC Certificate Number 660.

As a community bank, Adirondack Trust focuses on relationship banking and local decision-making rather than standardized national products. This structure allows the bank to tailor financial solutions to individual customer needs and maintain deep connections within the communities it serves.

The bank operates as a subsidiary of The Adirondack Trust Company Employee Stock Ownership Trust, making it one of the few employee-owned banks in the region. This ownership structure reinforces its independence and local focus, distinguishing it from both large national banks and traditional publicly-traded community banks.

Its Fed membership routing number is 021302884, used for ACH transfers, wire transactions, direct deposits, and bill payments. With over $1.7 billion in assets, the bank ranks as the 41st largest bank in New York state.

Question 8

How has Adirondack Trust Company impacted Saratoga Springs?

Accepted Answer

Adirondack Trust Company has been instrumental in financing the major civic and economic development projects that transformed Saratoga Springs throughout the 20th and 21st centuries. The bank's role extends far beyond traditional banking, serving as a catalyst for community growth and revitalization.

The bank financed landmark projects including Skidmore College expansions, the Saratoga City Center, and the Saratoga Performing Arts Center (SPAC). In the 1960s, it funded the city's first modern-era hotel, helping establish Saratoga Springs as a destination city.

Charles V. Wait Sr., the bank's longtime leader, chaired the 1970s Plan of Action initiative coordinated by the Saratoga County Chamber of Commerce, which helped revitalize Downtown Saratoga Springs. The bank continued this leadership role at the turn of the 21st century, financing new commercial buildings downtown, adaptive reuse of a large mill, expansion of the city's senior living complex, and elegant hotel restorations.

During the COVID-19 pandemic in 2020, Adirondack Trust partnered with Saratoga Hospital to launch the COVID-19 Business Safety Consultation Program, helping area businesses reopen safely. The bank's commitment to community development remains central to its mission, with leadership and employees actively volunteering in civic organizations and supporting local causes.

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