Page 60 - The History of Watertown Savings Bank_Neat

The Acquisition of Redwood National Bank employment for Redwood National Bank

employees, so nobody would lose their jobs.
When Watertown Savings Bank acquired the former Redwood National Bank in 2008, it When the Watertown Savings Bank acquired
represented a significant acquisition. Nationwide, there were very few mutual savings banks the former Redwood National Bank, it gained
owned by depositors that had acquired commercial banks owned by shareholders. approximately $18 million in municipal
deposits. Today, WSB has built up that figure
Prior to that time, the Watertown Savings Bank could not accept deposits from municipalities closer to $100 million.
and school districts, because it was not a commercial bank, a requirement by law.
It also gave the WSB an opportunity
At the time of the acquisition, Watertown Savings Bank kept the charter of Redwood to expand its operations into other areas
National Bank, but changed the name. It formed a subsidiary called the Watertown Savings throughout Jefferson County, specifically
Bank Municipal Bank to specifically accept municipal deposits. WSB also offered continued those that had been served by Redwood
The acquisition of Redwood National Bank added two branch offices to the Watertown Savings Bank coverage area and National Bank branches. WSB took over the
resulted in a major renovation of a third. Alexandria Bay and Clayton branch offices.
The bank recently tore down and rebuilt its
Clayton office on the same site, and is currently
renovating the Alexandria Bay office.
Just prior to the Redwood National Bank
acquisition, WSB had already started another
expansion in Jefferson County by building a
new branch office in Chaumont in 2007.
The Redwood National Bank acquisition also
resulted in WSB relocating its Adams branch
from the corner of East Church and Wardwell
Streets to a more visible location on Route 11.
WSB had remodeled that former branch of the
Redwood National Bank and moved staff into
that site just five months after the acquisition.
The acquisition of the Redwood Bank also
fit with the WSB mission of community
support. Today, the bank buys municipal bonds
to finance projects such as roads and bridges
in local municipalities throughout Jefferson
County.

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