Twice recently I saw mention in the Sun Journal that Peoples Savings Bank originated in Auburn. That prompted this letter to set the record straight.

People’s Savings Bank, with the apostrophe, was established together with the Manufacturers National Bank in Lewiston on Feb. 12, 1875, and opened for business on April 17. Since national banks were forbidden from offering savings accounts, national banks and savings banks often opened in tandem. People’s and Manufacturers shared the same office space in the Pilsbury Block at the corner of Lisbon and Pine streets. They also shared the same tellers.

Peoples Savings Bank merged with Portland Savings Bank in March 1983. While Peoples gave up its charter (because Portland was established in 1852), the name Peoples was retained since the Portland bank had branches stretching from Kittery to Fort Kent, and the name Peoples had a better ring to it.

Peoples Savings of Portland merged with the Heritage Savings Bank from Waterville in 1985. At the time, Heritage was a combination of the Waterville Savings Bank, the Heritage Savings Bank and the Penobscot Savings Bank in Bangor. The name Peoples Heritage Savings Bank was chosen, however, for marketing purposes the name “Peoples” was used.

As the article pointed out, Peoples is no more. However, I am very happy that there will be no changes in the structure of Peoples, under the TD Banknorth banner, and Lewiston will continue to be the “operations base” of the bank employing approximately 1,000 persons in this area.

Gene St. Pierre, Auburn, former chairman and CEO of Peoples of Portland