Where We've Been

The Willimantic Savings Institute was incorporated by an act of Connecticut Legislature on May 30, 1842 . At the first meeting of the fifteen original incorporators, held on June 18, 1842 , the first officers and directors were elected.

The bank opened for business on June 28, 1842 , on the second floor of the Windham Cotton Company’s store building located at 1088 Main Street . By 1869 the bank had outgrown their offices and erected the three story brick building on the corner of Main and Bank Street , where it presently stands. The daily newspaper called it "the first really modern block in Willimantic." The bank moved into their new building in 1870.

The Savings Institute was in excellent condition as it reached its hundred-year anniversary. The headline for a Willimantic Chronicle article dated July 17, 1942 read: "Savings Institute Turns 100 Years: Has Outlived Five Panics and Eleven Depressions."

The bank opened its first branch in Hebron in May 1974. This first branch marked the initial step of Savings Institute's expansion plan to become one of Eastern Connecticut 's premier community banks.

Other branches were opened in Lebanon (December 1978) and Stonington (May 1987). In October of 1990 The Savings Institute acquired Brooklyn Savings Bank, which gave the bank a presence in Brooklyn , Canterbury , Danielson, and Moosup. In May 1991, the Mansfield office was opened and in August 1991 Enfield National Bank was acquired.

The next period of retail office development began in 1996 with a $1 million renovation project at the Bank’s Corporate Headquarters/Main Office in Willimantic and it continues today: Dayville, September 1996; Groton, October 1997; Norwich, January 1998; West Main Street, April 1998; North Windham, March 2000; Lisbon, August 2001; Tolland, June 2005; and, South Windsor, October 2005.

On March 18, 1991 , the name of the bank was officially changed from the Willimantic Savings Institute to the Savings Institute to reflect the bank's expanded geographic territory and its dedication to further expansion. In 1999 the Savings Institute Board of Directors voted to establish SI Bancorp, a mutual holding company, which positioned the bank to seize new markets as they emerge and to compete in the financial services marketplace.

In 2000, Savings Institute converted to stock form and became the wholly owned subsidiary of SI Bancorp, Inc., a Connecticut-chartered mutual holding company. On August 6, 2004 , Savings Institute converted to a federal charter and now operates under the name Savings Institute Bank & Trust Co. At that time, SI Bancorp, Inc. converted to a federal charter operating under the name SI Bancorp, MHC and transferred all of the common stock of Savings Institute Bank & Trust Co. to SI Financial Group, Inc.

Through changing economic times, bank deregulation, and new brand development and consolidation, the Savings Institute Bank & Trust has remained true to its original charter and mission statement: “Develop, Market & Deliver a diversity of deposit, credit and other financial services consistent with customer needs and desires; Safeguard the financial assets of our customers; Provide an Impetus for economic prosperity and development; Operate in a Profitable Manner to preserve and build capital; and, Operate in a Manner Consistent with Prudence and Good Citizenship .”