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Neighbor Investing In Neighbor -Pure And Simple -The First National Bank of Orwell

photo by Cookie Steponaitis

photo by Cookie Steponaitis

Tuesday September 15, 2015

By Cookie Steponaitis

The Farmers Bank of Orwell was founded in 1832 and parallels the history of the development of banks in America. The National Bank Act was created and signed in 1863 by 16th president Abraham Lincoln. Before that date there were no “national” banks, so between 1832 and 1863, the Farmers Bank of Orwell operated with the blessings of the Vermont State Legislature. When national banks became a reality, the Farmers Bank of Orwell applied for and once chartered became the First National Bank of Orwell. With only six or so banks ahead of them in getting their charter, today the First National Bank of Orwell is the oldest National bank left in New England and the oldest nationwide still operating on its original site, charter and with no name changes or mergers. Located at the heart of Orwell, FNBO holds not only a historic place in the community, but continues to be a place where the business of banking is focused on the local people they serve.
   The First National Bank of Orwell has served as an anchor point in the community throughout times of prosperity and economic hardship providing generations of service with a clear vision of its role in the lives of Vermonters.  “We have always been deeply rooted in our community and by investing in and supporting our neighbors in good times and bad, we play a part in nurturing a stable, vibrant and opportunity-filled local economy,” shared FNBO Vice President Bryan Young. “That’s a responsibility that we take very seriously and something we consider in everything we do. Our priorities are customers, community, employees and stockholders, in that order. While the world may in many ways be bigger, faster and more complicated than it was a century ago we don’t think our role in it has changed: know your neighbors, have faith in them, give them the support they need to succeed in their endeavor, and we’ll succeed in ours.”
   The small size of First National Bank of Orwell makes it one of the most flexible institutions available in a world where big is often considered better. FNBO is not bound by the same practices of the larger institutions and practices that common sense and good judgment of what is good for the customer and the bank guides generations of actions of the bank.  “Our approach has been challenged a bit by new regulations that attempt to define what a ‘qualified mortgage’ is and put restrictions on everything that falls outside that finite box,” remarked Vice President Young. “In rural areas like ours, there are so many variations in properties, forms of employment and credit needs that ‘plain vanilla’ is hard to come by, and many well-qualified borrowers find themselves excluded from the majority of credit programs.  We recognize a credit-worthy borrower when we see one and so in unusual situations, we sit down as a group and figure out how to make it work.”
   The FNBO supports a wide variety of programs and activities focusing on those that add to the sense of community in the towns they serve. The bank staff includes eighteen people with seventeen of them growing up within a town or two of the bank. With Bryan Young, an eighth generation Orwellian and fifth generation of his family to serve in the management of the bank, it is easy to understand how local is more than a word to the FNBO. ‘Local’ is the calling card for a lot of banks, but we live it here,” concluded Bryan Young. “We’re the only bank we know that doesn’t have a portfolio of market investments; we only invest in one thing: local loans.  Every single dollar of deposits in The First National Bank of Orwell is put to work in the local community.  Its neighbor investing in neighbor, pure and simple. “
   And for those seeking additional information, www.fnborwell.com has all the pertinent details and Young and the staff encourage you to call them in Orwell at (802) 948-2811 or Shoreham at (802) 897-2265 or stop by for more information The First National Bank of Orwell’s philosophy is, keeping it simple and straightforward as possible and is proud of its history, longevity in the community and for being a place where neighbors invest in neighbors.      

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