From its beginning in 1907 as People’s Building and Loan Association, the Bank has had several names and various types of charters. In 1949 the charter was converted to a cooperative bank and the name was changed to People’s Co-operative Bank of Rochester. In 1955 it became advisable to convert to a federal charter in order to obtain the benefits available to federal savings and loans and, at that time, we were required to again change our name. Rochester First Federal Savings and Loan Association was the name selected. During 1975, while planning to open a branch office in Sanbornville, New Hampshire, it was decided that the word “Rochester” should be removed from our name and, effective January 1, 1976, we became Profile Federal Savings and Loan Association. The name “Profile” was selected for its natural association with the Old Man of the Mountain, a widely known landmark located in Franconia, New Hampshire, and for its identification with the state magazine, “New Hampshire Profiles”, and with all of the state highway signs which depict the profile of the “Old Man”. Regulatory changes during 1982 made it possible for us to adopt an amended charter and permitted the Bank to shorten its name to Profile Bank, FSB, as of March 1, 1983.
On September 7, 1907, Edward N. Pearson, Secretary of the State of New Hampshire, recorded “People’s Building and Loan Association” as a Voluntary Corporation formed under the laws of the State of New Hampshire. The first meeting of the Association was held at 8:00 PM on September 18, 1907 at the office of Frederic E. Small, Rooms 10 and 11 Dodge Building, Rochester, New Hampshire, pursuant to a written notice to the incorporators and others who were to become shareholders of the Association. Those present were: R.M. Edgerly, G.E. Greenfield, O.B. Warren, G.F. Babb, D.J. Lucy, G.W. Shaw, J.F. Quinlan, W.H. Riley, W.E. Blaisdell, I.P. Marcotte, E.B. Fish, L.V. McGill, W.M. March, F.E. Small, J.A. Emery, C.D. Colman, F.B. Preston, N.B. Foss, L.B. Tuttle, and W.E. Turner, all of whom were well known local business and professional leaders. Wm. E. Turner was elected Chairman and Justin A. Emery was elected Secretary of the meeting. Shares were authorized in the amount of $200,000 consisting of one thousand shares at $200 each. By-laws, as suggested by the Secretary of State, were adopted and the following were elected directors of the Association: Charles D. Coleman, Charles D. Fox, Albert D. Jones, L.V. McGill, I.P. Marcotte, J.L. Meader, Frank B. Preston, George W. Shaw, Frederic E. Small, Joseph Warren, O.B. Warren and W.M. March. Following the election of directors, the meeting was adjourned. The first regular meeting of the Board of Directors was held on September 18, 1907 at 8:45 PM. Frank B. Preston was elected President, C.D. Coleman was elected Vice President, Frederic E. Small was elected Secretary-Treasurer and L.V. McGill was elected Solicitor.
Since its founding in 1907, the Association has been served by four managing officers. Frederic E. Small was elected Secretary-Treasurer on September 18, 1907 and served in this position for forty years. On October 22, 1947, Burton R. Tebbetts was elected Secretary-Treasurer to succeed Frederic E. Small. Tebbetts continued to serve as managing officer until his death on July 31, 1964, having, at various times, the title of Secretary-Treasurer (1947-1955), Executive Vice President (1955-1960) and President (1960-1964). On November 2, 1964, Donald H. Bailey, Sr. was elected President of the Bank, having previously served as Assistant Treasurer of Cumberland Savings and Loan, Portland, Maine (1949-1961) and as Treasurer of Home Federal Savings and Loan, Portland, Maine (1961-1964). Bailey continued to serve as President until his retirement at the Annual Meeting of members held Wednesday evening, January 16, 1991. At the Annual Director’s Meeting held immediately after the Annual Members Meeting on January 16, 1991, Ronald G. Pierog was elected President and served as the fourth managing officer in the history of the Bank, until his death on September 11th, 2002. On October 1, 2002 Kenneth A. Wilman Jr. became the fifth President of Profile Bank.
Board of Directors
The Board of Directors is comprised of well-known local business professionals that include Chairman George J. Lazarus, Director since 1993, Vice Chairman Dr. William Lowe III, Director since 2005, Scott A. Brock, Director since 2003, Robert B. McCarthy, Director since 1989, Kenneth A. Wilman, Jr., Director since 2002, Albert H. Miltner, Director since 2008, and Robert P. Meader, Director since 2013.
Officers and Staff
The officers and staff of the Bank represent hundreds of years of experience in the thrift industry and include Kenneth A. Wilman, Jr., President; Kevin D. miller, Executive Vice President/CFO/COO; John Hall, Executive Vice President; Catherine M. Chasse, Executive Vice President; Susan J. Dimond, Vice President/Treasurer; Ann M. French, Vice President; Angela Closson, MHA, Vice President; Jeanette Poulin, Vice President; Lisa F. Fetter, Vice President; Gail Daudelin, Vice President; Ute H. Luxem, Vice President; Sherry Druge, Assistant Vice President; Christine C. Sowards, Secretary; Carole Luedtke, Assistant Secretary; Justin Avery, Market Manager; Scott Littlefield, Market Manager; Laraine Hults, Market Manager; Laura Colbath, Branch Supervisor; Tonia Cardinal, Assistant Branch Manager; Adrienne Marcellos, Assistant Branch Manager; Emily Dionne, Assistant Branch Manager and Kay E. Hobbs, Head Teller
Location of Offices
From its founding in 1907, operations of People’s Building and Loan Association were conducted from the office of Frederic E. Small, Rooms 10-11 Dodge Building, until December, 1937 when the Association purchased its first building at 16 Wakefield Street, a move of about 150 feet to first floor quarters.
By 1957, this office had outgrown its space at which time the directors voted to construct a new building directly across Wakefield Street at the corner of Sturtevant Court, next door to City Hall. A new 42 foot by 66 foot building was constructed and the office was moved to 19 Wakefield Street in 1957.
In 1975 a decision was made to seek approval from the Federal Home Loan Bank of Boston for the establishment of a branch office in Sanbornville. Approval was granted, land on Meadow Street was acquired, and a 24 foot by 32 foot building, containing a teller area, drive-in window, manager’s office and employee lounge, was constructed. A public open house, which was attended by over 700 people, was held on February 1, 1976, and the branch office opened for business on Monday, February 2, 1976.
Also, in 1976 it became obvious that the Association had, once again, outgrown its main office and the directors were faced with a decision as to whether it was more practical to attempt to enlarge the premises at 19 Wakefield Street or to construct a new main office. The limited land available for expansion made it apparent that it was necessary to seek a new location. During early 1977, four parcels of land were acquired at the corner of Wakefield and Summer Streets (about 400 feet from the 19 Wakefield Street office). A contract was signed with Royal Longstreet on September 27, 1977 and construction of the present office was started on that date. During August and September of 1977, several buildings which the Association had acquired were demolished to prepare the site for construction. These included Koopman’s Restaurant, 45 Wakefield Street; Teen Haven, Inc., 8 Summer Street; the Edgar Marquis residence, 12 Summer Street; and the Kendall property at 14 Summer Street. In 1980, the Association purchased the former J.A. Morrill property at 18 Summer Street, to insure that adequate land will be available for future expansion. The new main office, which opened for business on April 25, 1978, is a colonial style, one story brick building 66 feet by 74 feet, which includes all of the latest features available for a financial institution, such as built-in systems for protection against fire, forcible entry and burglary, fire and smoke detectors, drive-up windows for customer service, computer teller terminals, and special provisions for parking and entry for the handicapped.
In late 1989, we were able to acquire the former Morand property at 10 Summer Street, thereby completing acquisition of one-half of a city block, making our land probably the most valuable parcel in the downtown area. The construction of our third location in Alton, NH began on June 15, 2004. This state-of-the-art building was created by Budel Construction. The branch opened for business on March 28, 2005. Over 200 people attended a public open house on April 11, 2005.
In August of 2008, Profile Bank opened its fourth branch on Route 108 in Somersworth. This branch was created to look very much like the Alton Branch but with the additional space to house a Commercial Lender.