By Jessica McCafferty • Photos Supplied
As we celebrate centennial anniversaries and businesses with remarkable longevity, it might surprise you that the very first federal financial institution in the U.S. lasted only 20 years. The Bank of the United States, commonly known as The First Bank, was granted a 20-year charter. When it expired in December 1811, Congress chose not to renew it. It wasn’t until five years later, after the War of 1812, that the Second Bank of the United States was chartered.
Fast forward to July 26, 1909, when the Lake Champlain National Bank opened its doors in Westport, New York. According to the Troy Times, the new 22x40-foot, single-story building was “modern in all construction,” built of brick and stone, with a fire- and burglar-proof safe that housed deposit boxes for customers. The bank’s first officers—Ben J. Norman, president, Frank E. Smith, vice president, and board members C.A. Pattison, Robertson Marshall, and Daniel F. Payne—were all prominent businessmen of the time. The bank’s initial capital would amount to nearly $900,000 in today’s currency.
A New Bank in the Adirondacks
In the early 1920s, another significant bank opened in the region. Augustus G. Paine Jr. (A.G.), unrelated to Daniel F. Payne of Lake Champlain National Bank, had moved to Willsboro to run his father’s pulp mill. As the mill became central to the town, A.G. recognized the need for a local bank.
In 1921, Paine commissioned renowned architect Charles P.H. Gilbert to design a beautiful neoclassical-style building, and the Essex County National Bank of Willsboro was born.
The Paine family has preserved a rich history of the bank, with two of the founder’s grandchildren, both raised in Willsboro, sharing their early memories. Peter S. Paine Jr. (Peter Jr.), who served as bank chairman for 40 years, followed his father and grandfather in the role. A lawyer by training with a passion for nature, Peter Jr. has long been dedicated to conservation efforts, serving on various Adirondack Park boards.
His cousin, Alice Cole, was the fourth Paine family member to serve as board chair and the first woman in the position. After a 40-year career in banking and finance, Alice, like Peter Jr., is an avid nature lover and serves on the Board of the Adirondack Garden Club, founded by her grandmother, Francisca Machado.
A History of Community Commitment
Since its founding, the bank has been deeply committed to its community. During the Great Depression, founder A.G. Paine took a personal financial risk, contributing a substantial amount of his own money to cover worthless bonds following the Stock Market crash—an act that likely helped the bank and town survive the economic turmoil.
Peter Jr.’s earliest memories of the bank date back to summers spent at the family camp, Flat Rock. He would accompany his mother to the original Willsboro branch on School Street for banking transactions. A decade later, A.G.’s granddaughter, Alice, recalled visiting the branch from Flat Rock, barely able to see over the counter as her mother completed her banking. Alice’s favorite part of the trip was a visit to the Paine Memorial Library next door, commissioned in 1929 in honor of A.G.’s mother, Charlotte M. Bedell.
In the 1950s, Peter Jr. worked at the bank during his summers in Willsboro, recalling the primitive operations—paper ledgers and bulky adding machines with long paper tapes—compared to the electronic banking of today.
Expansion and Growth
By the end of the 1950s, Essex County National Bank was thriving, even after the passing of its founder. Peter Sr. saw an opportunity to expand the bank’s presence to Elizabethtown. However, this plan met resistance from Lake Champlain National Bank due to its proximity.
Peter Jr. recalls, “At the time, opening new branches required much stricter regulatory approval. The regulatory staff, unwilling to make the final decision, summoned my father, who was Chairman of the Bank and a director at Irving Trust in New York City. They suggested a merger, which eventually took place. The boards and staff of both banks merged, and the newly formed bank was named Essex County Champlain National Bank.”
In 1961, the Elizabethtown branch opened, and the merged bank’s assets were just under $6 million.
By 1972, the bank had outgrown its original Willsboro location. A new, larger building was constructed, and the addition of a drive-thru window proved popular with customers.
The bank continued to grow throughout the 1970s and ‘80s, with branches opening in Crown Point (1973) and Keene (1987). By the 1990s, the bank had established branches in Plattsburgh and Champlain, prompting the name change to Champlain National Bank.
The bank continued expanding through the 2000s, opening branches in Lake Placid (2006) and Saranac Lake (2017), filling important gaps in the region.
Looking Toward the Future
When asked about future expansions, Alice Cole noted, “We typically open branches to meet local needs, and for now, our focus is on the Plattsburgh area.”
Despite its expansion, the bank has always maintained its commitment to its local communities. As of 2023, Champlain National Bank’s assets have grown to $473 million, and its dedication to A.G. Paine’s vision of community support remains unwavering.
Looking ahead, Alice Cole believes the bank’s focus on local service will continue to set it apart. “We are local, staffed by locals, which allows us to serve the banking needs of our communities on a more personal level.” This commitment to its community and people is a key reason why Willsboro’s First Bank has far surpassed the 20-year longevity of the nation’s first federal bank.
Champlain National Bank
3900 NY Route 9
Willsboro, NY 12996
518 963-4201