Question 1

What is Marquette Savings Bank?

Accepted Answer

Marquette Savings Bank is a mutual community bank headquartered in Erie, Pennsylvania, with approximately $1.35 billion in assets. Marketed as "Erie's only hometown bank," Marquette has maintained its local appeal and community focus while operating 11 branch locations throughout Erie and Crawford counties.

The bank specializes in mortgage lending and relationship banking, serving consumers and small businesses throughout northwestern Pennsylvania. Marquette maintains its mutual ownership structure, meaning it is owned by its depositors rather than outside shareholders, allowing it to focus primarily on customer and community needs.

Question 2

When was Marquette Savings Bank founded?

Accepted Answer

Marquette Savings Bank was founded in April 1908 by a consortium of 38 local businessmen who were members of the Knights of Columbus. The institution was originally chartered on May 27, 1908, by Pennsylvania Governor Edwin S. Stuart under the name "Marquette Building and Loan Association" with initial assets of $2 million.

The bank is named after Jacques Marquette, a French Jesuit missionary who arrived in the Americas in 1666. The founding members, who served as a social auxiliary to the Erie Knights of Columbus council called The Marquette Club, created the institution to help local residents with home ownership, savings programs, and home improvements.

Originally chartered only for Knights of Columbus members, the bylaws were later amended to permit any local resident to join. In 1971, the institution changed its name to Marquette Savings Association, and in 1993, it received a new charter and became Marquette Savings Bank.

Question 3

Where is Marquette Savings Bank headquartered?

Accepted Answer

Marquette Savings Bank is headquartered at 920 Peach Street in Erie, Pennsylvania. The bank has been located at this address since 1945, when the association purchased the building.

The headquarters is situated in the heart of downtown Erie, and the bank has recently expanded its presence in the area with the opening of an Innovation Learning Center at 930 Peach Street, adjacent to the main office.

Question 4

Where does Marquette Savings Bank operate?

Accepted Answer

Marquette Savings Bank operates throughout northwestern Pennsylvania, with 11 full-service banking locations across Erie and Crawford counties. The bank's first regional branch opened in Meadville in 1963, followed by expansion throughout the region.

In August 2009, Marquette acquired three former National City Bank offices in Crawford County, significantly expanding its presence. The bank serves communities including Erie, Meadville, and surrounding areas, maintaining its commitment to being the region's only locally headquartered bank.

Question 5

What services does Marquette Savings Bank offer?

Accepted Answer

Marquette Savings Bank offers a comprehensive range of banking services for both personal and business customers. Personal banking services include checking accounts (first introduced in 1988), savings accounts, money market accounts, certificates of deposit, and individual retirement accounts.

The bank is renowned for its mortgage expertise and is a preferred resource for home buyers in the region, offering various residential mortgage products including FHA and VA loans. Commercial services include business checking and savings accounts, commercial lending, and a full suite of cash management services designed to streamline business operations.

Marquette has made continual investments in technology, providing online banking, mobile banking apps, and innovative digital services through its Innovation Learning Center. The center features state-of-the-art spaces where customers can learn about banking technology in a safe and secure manner, along with conference areas available for community nonprofit organizations and small businesses.

Question 6

What makes Marquette Savings Bank unique?

Accepted Answer

Marquette Savings Bank distinguished itself during the 2008 financial crisis by growing rather than shrinking, earning praise from The Economist in its November 30, 2013 issue. The bank is the only remaining locally headquartered bank in the Erie region, ensuring that every dollar stays in the community to support local businesses, create jobs, and strengthen neighborhoods.

As a mutual savings bank, Marquette operates without outside shareholders, allowing leadership to maintain focus on employees, customers, and the community rather than external investors. This structure has enabled the bank to maintain its "Hometown Touch" philosophy for over 115 years, where people who know customers still answer the phone and customer service remains the priority.

Marquette's commitment to financial literacy is demonstrated through programs like the Empowered You program, which educates ages 13 to 22 by setting up accounts and providing rewards to help young people understand the importance of savings and financial education. The bank actively supports the community through volunteer work, sponsoring local events like Celebrate Erie and the Discover Presque Isle Sand Castle competition, and providing meeting and event spaces to nonprofits at no charge.

Question 7

What type of financial institution is Marquette Savings Bank?

Accepted Answer

Marquette Savings Bank is a Mutual Savings Bank chartered under Pennsylvania state banking laws. The bank maintains its mutual status, which means it is owned by its depositors rather than shareholders.

This ownership structure has remained intact since the institution's founding in 1908, though the organizational form has evolved from a building and loan association to a savings association and finally to a savings bank. Marquette is regulated by the FDIC and maintains federal deposit insurance, which has been in place since the bank was admitted as a member in the Federal Home Loan Bank system and the Federal Savings and Loan Insurance Corporation in 1951.

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About Marquette Savings Bank in the United States