Page 59 - The History of Watertown Savings Bank_Neat
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As the year 2000 approached, WSB was expanding their commercial
loan department. This ad from 1999 touts some of the local building
projects financed including: Renzi Bros. warehouse, Hess Express
Mart, Alteri’s Bakery, Watertown Eye Center, Reeson Refuse
Systems, Sorting and Recycling Facility, Watertown Dental Health
Group offices, and The Ultimate Goal, now Fairgrounds YMCA.
banking department. His hiring was part of a
strategic move by WSB to expand upon all the
commercial banking services it could offer to the
local business community.
Prior to that time, the bank had only offered
its commercial customers real estate loans for
buildings and other properties. The bank was
not providing loans to businesses for items such
as equipment or vehicles, and it was not offering
lines of credit.
This had created a challenge for WSB to build
its commercial customer base. Some potential
business customers had chosen to seek financing
at larger commercial banks, which offered all
those services under one roof. Many business
customers did not want to deal with two different
banks.
After establishing its formal commercial lending
After Watertown Savings Bank officials rejected
the idea of converting to a stock-holder bank, department in 1993, WSB significantly expanded
they decided to move forward with ambitious its banking services for business clients to better Community Contribution Rankings by Banking New York Magazine
plans to construct a larger headquarters in the compete with larger commercial banks on Today, the Watertown Savings Bank has
new millennium, truly demonstrating everything from real estate loans to lines of credit. more than $660 million in assets and employs
“a commitment to our community, and a Formal policies, procedures and marketing efforts approximately 120 people in nine locations
commitment to our customers,” Mr. Clark said. were put into place, and the commercial lending throughout Jefferson County, including four in
department grew to 14 fulltime employees.
When Mr. Clark retired in 2010, Mark R. Watertown.
“Watertown Savings Bank has been successful
Lavarnway was elected WSB president and chief because of our business model of making local Watertown Savings Bank continues to retain
executive officer. the largest deposit market share in Jefferson
decisions,” Mr. Lavarnway said. “All of our
Mr. Lavarnway had started his career at trustees live and work in Jefferson County, so County. For eight consecutive years, the bank
Watertown Savings Bank in 1993, when he they are knowledgeable about the financial needs has also earned the designation of being the top
was hired to build-up a full-fledged commercial of the community.” mortgage lender in the county.
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