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W o r c e s t e r 3 0 0 : C i t y o f I n n o v a t o r s 55 1922-2021 A genealogy of Worcester-based banks Eight main banks have been founded and headquartered in Worcester over the course of its three centuries. As the banking industry has been fueled by an acquire-or-be- acquired attitude, particularly in the last 100 years, these eight Worcester banks have morphed into different institutions over the years, including two that became part of Bank of America and another two now part of First National Bank of Boston. The lone exception is Bay State Savings Bank, operating under its original name since 1895. SOURCE: https://www.usbanklocations.com 1800-1820 1820-1840 1840-1860 1860-1880 1880-1900 1900-1920 1920-1940 1940-1960 1960-1980 1980-2000 Worcester Safe Deposit Co. is founded in 1804. Worcester County Institution for Savings is founded in 1826. The Mechanics National Bank of Worcester is founded in 1848. People's Savings Bank is founded in 1851. Worcester Five Cents Savings Bank is founded in 1854. Worcester Safe Deposit Co. became Worcester Safe Deposit and Trust Co. in 1869. Bay State Savings Bank is founded in 1895. Worcester Safe Deposit and Trust Co. merged with Worcester Bank & Trust Co. in 1917. Worcester Bank & Trust Co. became Worcester County Trust Co. in 1934. Worcester County Trust Co. became Worcester County National Bank in 1959. Commerce Bank is founded in 1955. Worcester Five Cents Savings Bank changed its name to Consumers Savings Bank in 1971. Mechanics National Bank changed its name to Mechanics Bank in 1977. Worcester County National Bank became Shawmut Worcester County National Bank in 1982; Acquired by Fleet National Bank NA in 1995. Worcester County Institution for Savings changed organization type to stock ownership in 1986. Acquired First National Bank of Marlboro in 1987. Acquired Home Federal Savings Bank of Worcester in 1990. Acquired Merchants National Bank in 1991. Merged into and subsequently operated as part of First National Bank of Boston in 1994. Mechanics Bank merged into First National Bank of Boston in 1994. Peoples Savings Bank acquired by Fleet National Bank of Massachusetts in 1994. Commerce Bank acquired by David "Duddie" Massad in 1993. 2000-2022 Fleet Financial Group acquired Bank Boston in 1999. Commerce Bank acquired by Berkshire Bank in 2017. Flagship Bank & Trust Co. founded in 1987. Flagship acquired by Chittenden Corp. in 1997. Merged into the Bank of New England Worcester in 1988. Bank failed. Acquired with government assistance and operated as part of New Bank of New England, National Association in 1991. Assets sold to various banks. People's United Bank acquired by M&T Bank in 2022. Chittenden Corp. acquired by People's United Bank in 2008. Fleet was bought by Bank of America in 2004.