On the 24th day of March of 1924, an organization certificate of the Massena Savings & Loan Association was submitted to the New York State Banking Department. The application was signed by twenty-eight business men with a total subscription value of $47,400. On May 21, 1924 the State of New York Banking Department approved the Certificate of Organization of the Massena Savings & Loan Association. The Massena Savings & Loan opened its office at 14 Water Street, which was also the offices of the Ball Coal Company.
The first president, Edward B. Crosby, held the office for twelve years until March of 1936 and during that time the total assets increased to $178,299. The growth was slow.
However, these were the depression years and the association survived, paid dividends, had no foreclosures and added to net worth.
Leslie C. Sutton was elected president of the Association in 1936 and during his tenure total assets increased by 48 percent to $367,690. Also, in 1942 the office of Ball Coal Company and the bank moved to 9 Main Street.
Another Charter Member, Henry McGillic, was elected the third president of the bank. During his tenure through January 1953, the bank's assets increased to $640,523.
Ross C. Cole wass elected president in 1953 and served until his death in February of 1967. Total assets increased over ten times during his tenure.
In 1955, the bank moved from 9 Main Street to 33 Main Street. The office was next to what was the B.O. Kinney Drug Store and prior to that a soda and ice cream parlor operated by the Booras family.
William Chittenden served as president of the bank from 1967 to 1977 and the assets increased from $7.7 million to $19.2 million. During that period, the Association had again moved to a larger facility at 55 Main Street.
Kevin Quinn was named president in January 1977 and during that year the Association built its first free standing facility at 121 Main Street, across from the Post Office.
In February of 1978, Walter G. Wilmshurst was elected president and the bank continued growing over a 20 year period from $19 million to $54 million at the end of 1998. By 1997, the Association had outgrown its facilities at 121 Main Street and a new building was constructed at 255 Main Street, which is the current home of the Association. In January, 1999, Kirk Wilmshurst was elected president of the Association.
For over 75 years, the Massena Savings & Loan Association has continued to serve the people of Massena and surrounding communities in its initial purpose to promote thrift and home ownership. The officers are as follows: Kirk E. Wilmshurst - President/CEO, William MacCuaig VP, MaryAnn Campbell - Corp. Secretary, Maryellen Chapman - Corp. Treasurer, and Kelly Gordon Compliance officer.