| For more than a century, Metuchen
Savings Bank can claim continuous service to the community of Metuchen and
the surrounding areas. It was chartered as The Metuchen Building and Loan
Association in 1897 for the purpose of developing the then new Woodwild
Park area of Metuchen. The association had limited hours and services and
grew steadily with the town. From its founding through 1960, Income Share
Certificates and Installment Shares were the only two accounts offered as
a source of funds to provide mortgage loans to its members.
Through conservative management and expansion of services, Metuchen
Savings Bank has survived two world wars, the Great Depression and
numerous economic recessions to help thousands of people realize their
dreams of home ownership.
 Upon receiving approval for
insurance of accounts in 1960, the Bank moved to Main Street and changed
its name to The Metuchen Savings and Loan Association. With the change,
came Passbook Savings. Interest was paid semi-annually, and rates were
increased over the years. Interest bearing Club Accounts were added as
well as student loans and five year certificates of deposit.
The Bank's first computers
were
installed in the early 70's permitting interest
to be compounded daily and paid quarterly. Tax deferred Keogh and
IRA Accounts allowed people to save for their retirement. Direct Deposit
and short term certificates were available. FHA, VA mortgages were
offered, as well as Home Improvement and Auto Loans. The hours were
expanded with the addition of a Walk-up Window.
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The 80's saw Interest Bearing Checking
Accounts, as well as the popular Six Month  Certificate
and Money Market Checking. Computer equipment and programs were upgraded.
Saturday hours were added. Fixed and Revolving Equity Loans were offered,
as well as Commercial Mortgage Products.
Metuchen Savings' First Time Home Buyer Mortgage and Down Payment Club
was introduced in the 1990's. An
ATM was installed in the walk-up window. The name was changed to Metuchen
Savings Bank in 1993, in response to the business community's request for
additional services. Commercial Checking Accounts were offered and a night
deposit was installed. Construction of the mortgage division and drive-up
window was completed in 1994. With improved technology, Automated and Online
Banking
Products were added.
Throughout the Bank's history active membership in the Metuchen Area
Chamber of Commerce has been an integral part of the business. The long
history with the Metuchen Edison YMCA can be traced back to its
beginnings, as Charles S. Edgar was one of the original founders.
The Bank has grown and prospered over the years and is proud of its
long history of stability and service to the surrounding communities.
Metuchen Savings Bank is well positioned to meet the challenges of the
future and is looking forward to serving your financial needs…well into
the 21st Century.
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