Banking On Savings: The Story of Massena savings and loan

Massena savings and loan Association was a small-town bank in upstate New York that had been providing financial services for the people of Massena for more than fifty years. The bank was the hub of the town’s economy, offering traditional banking services such as savings and loans, mortgages, and investment accounts. But what made this local bank stand out from its competitors was its commitment to the community—Massena Savings was dedicated to helping its customers reach their financial goals without compromising their values or dreams.

What is Massena savings and loan?

Massena savings and loan was founded in 1854 by a group of Massena, New York businessmen. The original purpose of the bank was to provide financing for the construction of the Erie Canal. The canal was a major economic engine for the region and the bank’s founders believed that it would be a good investment.

The bank did well during its early years but struggled during the Panic of 1893. It was saved by a group of local residents who pooled their resources to keep it afloat. The bank resumed operation and grew steadily over the next few decades.

In 1934, Loan savings became a federally chartered institution. This allowed it to offer deposit insurance and expand its services. The bank continued to grow during the post-World War II boom years. It made several acquisitions and opened branches in neighboring communities.

Loan savings is currently part of M&T Bank, which acquired it in 2011. M&T Bank is one of the largest banks in the United States with more than 700 branches across eight states. Read more…

The History of Loan savings

Loan savings was founded in 1966 by a group of local businessmen. The original founders were Joseph A. D’Alessandro, Sr., Angelo J. Bruni, Mario F. Bruni, and John F. Rizzo. The Savings and loans were created in response to the need for a locally-owned and operated financial institution that could serve the Massena community.

The Loan savings Association was chartered by the State of New York on October 17, 1966. The first office was located at 229 Main Street in Massena, NY. In 1967, a second office was opened at 988 State Route 37 in Waddington, NY. In 1968, the Loan savings Association merged with the First Federal Savings and Loan Association of Ogdensburg, NY. The merged institution kept the name of Loan Savings Association.

How Loan savings Works

Loan savings is a mutual savings bank that has been serving the Massena, New York area since 1866. The bank offers a variety of personal and business banking products and services, including savings accounts, checking accounts, auto loans, home mortgages, and more. Customers can also take advantage of the bank’s online banking and bill pay services.

At Loan savings, we pride ourselves on being a full-service community bank that offers a wide range of personal and business banking products and services. We have been serving the Massena, New York area for over 150 years, and we are committed to providing our customers with the highest level of service possible.

Whether you’re looking for a place to save for your child’s education or you’re in need of a loan to purchase a new vehicle, we can help. We offer competitive rates on all of our products and services, and our experienced staff is always ready to assist you in any way possible

The Pros and Cons of Loan savings

When it comes to Loan savings, there are a few pros and cons to consider. On the upside, the financial institution is FDIC insured, meaning your deposits are backed by the government. Additionally, Massena offers a variety of banking products and services, including savings accounts, checking accounts, and money market accounts, certificates of deposit, and more.

On the downside, however, Massena has been criticized for its high fees. In particular, the bank has been known to charge customers hefty early withdrawal penalties on CDs and other products.

Additionally, some customers have complained about the quality of customer service at Massena branches.

Alternatives to Loan savings

When it comes to finding a savings and loan institution, customers have a wide range of options available to them. Some of the most popular alternatives to Loan savings include online banks, credit unions, and traditional banks.

Each type of financial institution offers its own unique set of benefits and drawbacks, so it’s important for customers to carefully consider their options before making a decision. Online banks, for example, often offer higher interest rates on savings accounts than brick-and-mortar institutions. However, they may also require higher minimum balance requirements and could charge fees for certain services.

Credit unions are another option worth exploring. These not-for-profit organizations typically offer lower interest rates on loans and higher interest rates on savings accounts. They also tend to have fewer fees than traditional banks. However, credit unions typically only serve members of specific groups or communities.

Finally, traditional banks are always an option for those looking for a savings and loan institution. These institutions offer a wide range of products and services, including checking and savings accounts, loans, and investment products. They also typically have branches located in convenient locations across the country. However, they may not offer the same high-interest rates that online banks or credit unions do.


Massena savings and loan is a great example of how investing in your community can have positive effects both in the short term and long term. Not only has it helped to revive the economy of Massena, but its success has also provided an excellent opportunity for local people to gain access to quality banking services. As such, this case study serves as a reminder that investments made today can pay off tomorrow—sometimes even more than you could ever imagine!

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