Freehold Savings Bank Information

Freehold Savings Bank is New Jersey's oldest savings institution. The Bank was founded on September 12, 1853 as the Freehold Mutual Loan Association, a name that was retained until 1955. At the time of our founding, Franklin Pierce was in the White House, Queen Victoria was on the throne of England, and California was in the midst of the Gold Rush. We have provided continuous service to our community since our founding, even through the Great Depression of the 1930's. Many of the early records of the Bank are believed to have been destroyed in a fire in the 1920's, but the Association's oldest known document is the Fourth Annual Statement, issued in 1857. Four names appear on this historic document: the Auditors were Richard Davis, Tunis A. Forman, and Gilbert Combs; Charles A. Bennett served as Secretary. Mr. Bennett's descendant, John O. Bennett III, now serves on the Board of Directors. Assets were listed as "19 thousand, 315 dollars and 14 cents (this was the last year the United States mint issued half-cent coins). The annual budget of $6,610.35 covered operating expenses such as $2.50 for printing, $6.00 for heating and lighting, and salaries of $100 for the Secretary and $25 for the Treasurer. Investments in land mortgages during the first four years of operation ran from $3,400 in 1854 through $5,600 in 1857. The Annual Report published in 1869 still carries the names of Charles Bennett as Secretary and Gilbert Combs as an Auditor. The office address was 27 E. Main Street, which is believed to be the site of the aforementioned fire. The Association relocated to 18 Court Street in 1926, 16 W. Main Street in 1951, and finally to the present location of 68 W. Main Street in 1962. The Bank's branch office was opened in 1984 in Freehold Township at 3649 Route 9 North (next to the Wendy's Restaurant). Other notable officers in our history included Presidents Everett A. Woolfenden, Andrew J. Conover, and Peter F. Runyon. Vice President Andrew Conover and Assistant Secretary Elmeda A. Gray. Board of Directors ...