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History

1916 to Now — 100 Years of Banking Excellence

1916 

The Alden State Bank opened for business on October 5, 1916, in rented quarters in the building at 13205 Broadway, at the corner of Exchange Street and now the home of Alden Pharmacy. The establishment of the bank was the result of several local people who felt the need for a financial institution that would meet the needs of a growing Alden community. At this time, commerce was surging forward, largely due to business generated by the Black Water Baths, where people from all over Western New York would arrive by rail or by car to immerse themselves in the black-colored mineral water for relief of various ailments. Charles H. Dold was the bank’s first President.

1924

As the Alden community continued to grow, the bank grew as well, and soon the need for a new building became apparent. In 1924, construction began on a new brick structure across the street from the bank’s original location. The project was completed the following year. That building, now the office of the Alden Advertiser at 13200 Broadway, provided customers with every modern convenience and device to facilitate prompt and efficient service. There were three teller stations, offices, a posting room and a convenient coupon room.

1925 – 1960

Sound management practices enabled Alden State Bank to weather the Great Depression and continue to serve the community. The bank continued to grow during the 1940s and ‘50s, with total assets reaching over $10 million as the Bank celebrated its 50th anniversary. Bernis L. Bensley served as Bank President from 1925 to 1950 and upon his retirement, Albert L. Simme was named President.

1960 – 1990

Eventually, along with continued community growth, came the need for still more space. In 1960, plans were made for a new building. In November 1963, all of the bank’s operations were moved to the completed building at 13216 Broadway. A drive-thru teller and more teller stations were added. By the mid 1970’s, even this building had become so crowded that the basement was finished to house the bookkeeping and computer operations departments. Charles A. Marks was named President at the end of 1961 upon Mr. Simme’s retirement. He served as President until his retirement in 1979, when Christian G. Koelbl Jr. was named President. Mr. Koelbl served as President until his retirement from day-to-day operations in 1990.

1992 

By the late 1980s, the bank once again felt the need for additional space in order to continue to give the quality of personal service desired. Ground was broken in May 1992 on a 6,500 square foot addition and remodeling. A grand opening was held in March 1993. The lobby was remodeled and an additional drive-thru window was added. The remodeled bank established an additional drive-thru window and nine offices for customer service, instead of the two which were previously available. The lobby was again remodeled and additional office space was added in 2013. Richard D. Koelbl, who began at the Bank in 1973, was named President at the end of 1990 and continues to serve as President and CEO today. Altogether, there have only been six presidents in the one hundred year history of the bank.

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1994 – 2015

To better serve our customers in a rapidly growing Lancaster community, Alden State Bank built its second location at 5802 Broadway. The 3,000 square foot office opened its doors in March 1995 and held a grand opening in May. In 2015, the lobby was remodeled to bring to our customers a modern and comfortable community banking experience.

Today

The bank was founded to meet the needs of the community. With that philosophy in mind, Alden State Bank has invested in Alden schools, the fire department and purchased issues of local municipalities. Assets have grown from $78 thousand in 1916 to $301 million at the end of 2016. This success can be attributed to sound management and financial practices and to the loyalty of its customers. We hope that Alden is proud of its home-town bank and we thank the community for its support over the past century. To experience the kind of unique service a community bank provides, we invite you to make the switch to Alden State Bank!

Key Dates

September 30, 1916 – Charter issued by State of New York Banking Department

October 5, 1916 – First day of business in rented quarters at 13203 Broadway

December 14, 1925 – Opening of new building at 13200 Broadway

November 12, 1963 – Opening of new building at 13216 Broadway

November 16, 1963 – Public Open House for new building at 13216 Broadway

May 1992 – Ground broken for new addition to building at 13216 Broadway

January 29, 1993 – Work completed on new addition & remodeling of building at 13216 Broadway

March 4, 1993 – Grand Opening of new addition and remodeled building at 13216 Broadway

March 24, 1995 – Opening of new Lancaster Office at 5802 Broadway

May 25, 1995 – Open House & Grand Opening of new Lancaster Office at 5802 Broadway