125 Years of Service to the Community
1886 - 2011

By the mid Nineteenth Century, Hyde Park, Massachusetts (incorporated April 28, 1868) was enjoying a boom in real estate and manufacturing due, in large measure, to two great engines of economic growth. The young town, comprising some 1300 acres annexed from the parent communities of Dorchester, Dedham and Milton, was sited along the Neponset River, which provided plentiful power for industry. Hyde Park also was served by a network of railroad lines, which transported raw materials to and finished products away from its manufacturing facilities.

Unfortunately, the young town was not to enjoy the fruits of its rapid-fire residential growth and booming mills for very long. A financial crisis, begun in Europe in the early 1870's, spread to America and lead to the stock market crash of 1873. Railroad companies went broke, large banks failed and, like the rest of the country, Hyde Park felt the affect. Local property values dropped by nearly 50 percent and a number of once productive industries collapsed.

As a result of the economic shake-down, came a demand for fiscal responsibility. In Hyde Park that call was answered by a group of concerned businessmen. The founders of the Hyde Park Cooperative Bank applied for and were granted a state charter on March 26, 1886, and the new bank's immediate goals were to encourage "systematic savings" and "prudent spending habits", while providing the mortgages and loans necessary to make home ownership and business growth viable again. Col. Andrew Washburn, a prominent Hyde Parker and school committee member, was named first bank president, and the institution opened for business on May 5, 1886 at the old Everett Square Bank Block (1191-1197 River Street).

When a second financial depression, fueled by major railroad failures and the hoarding of gold, swept the nation in 1893, Hyde Park, with its broad manufacturing base and stalwart new bank, weathered the storm better than neighboring communities. In 1901 a group of local entrepreneurs organized the first professional business society, the Hyde Park Business Men's Association, which continues today as the Board of Trade.

Over the years, Hyde Park and its Cooperative Bank continued to flourish and change. In 1916 the Bank moved from the Everett Square Block to One Fairmount Avenue, but soon outgrew that location. In 1925 its Board of Directors purchased land at 1172 River Street to construct a sturdy, new bank building, which opened in August 1926.

Along with the establishment of a permanent home, the Cooperative Bank soon adopted many of the "modern day" practices which have been instrumental to the growth of Hyde Park. In 1936 the Bank began awarding the "direct reduction mortgage," whereby with each payment the borrower makes the net value of his interest in the property increases. This practice is generally credited with making the United States a nation of homeowners.

Through the years, the Bank continued to add products for personal banking customers, including N.O.W. checking accounts, tax sheltered pension programs, student loan programs and term certificates. Likewise, the needs of commercial customers were equally important to the Bank and lead to the introduction of business checking accounts, business money market accounts, term loans, lines of credit and commercial real estate and construction loans.

While the opening of 1172 River Street marked the Bank's greatest signature move, the Cooperative continued to mark milestones across its 125 year history, constructing a new walk-up window and drive-up facility in 1978, which subsequently were replaced in May 2002, by a new drive-up and teller-staffed annex facility on Fairmount Avenue, which also provides ATM service.

In 1993, the Bank established the Hyde Park Cooperative Charitable Foundation, becoming the first bank in Massachusetts to set up an IRS recognized 501(c) (3) charity. Outside of Foundation donations, the bank has continued to support many local organizations including Hyde Park Main Streets as a charter member and Corporate Buddy; the Hyde Park Family YMCA, the Boston Center for Youth & Families at the Municipal Building, the Hyde Park Food Pantry, local youth sports programs and many cultural programs.

In August 2000, the Bank physically expanded with a second branch, which opened on Centre Street, Jamaica Plain, and then grew again by merging with Commonwealth Cooperative Bank in January 2009. This move gained a new branch at Center Plaza in downtown Boston and, most significantly, led to a name change and significant financial growth.

Currently, the Bank offers a full array of consumer and commercial products. Commonwealth Cooperative Bank prides itself of being a community bank that is committed to providing the residents of Hyde Park with exceptional customer service.

We don't know what history holds in store for our next 125 years, but we do know we want you to join us for this year's celebration. Please watch for special 125th Anniversary offers and programs throughout the year!

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