Our History

By Vermont, For Vermont

Peoples Trust Company, Franklin County’s only locally owned and operated bank.

At Peoples Trust Company, we believe People are more than account numbers and banking is more than financial transactions. We believe that banking is about building relationships, making people's lives easier, and helping folks realize their goals. This is why everyone at the bank believes that little things make a big difference, like a warm hello, a firm handshake, and friendly smile.

Peoples Trust Company was founded by an Act of the General Assembly of the State of Vermont on November 12, 1886. Since our inception, we have enjoyed a commitment to the Vermont tradition of service, quality, and value. We have found strength in the connections we make, generation after generation, and we graciously welcome new opportunities to effectively participate in the economic and cultural vibrancy of our communities.

January 1, 1887

The first stockholders meeting was held and the first officer was President John Gregory Smith. The banking rooms were on Maiden Lane in part of the old Welden House in Saint Albans.


Edward C. Smith was elected president and served in that capacity, or as chairman of the board, until his death in 1935. John Branch Sr., Edward F. Smith, and Charles D. Watson all served as presidents or chairmen of the board. James E. Manahan took office as president on April 1, 1942, and held that position until January 8, 1968, when George Howard Jr., was named president. James E. Manahan remained as chairman of the board and chief executive officer until his death on March 18, 1968. On July 12, 1976 Richard V. Manahan, Sr. took over as president and chairman of the board until his death in 1989.

January 1895

Land on Kingman Street in Saint Albans was purchased for a bank building. The Prouty Building Company of Swanton was contracted to construct a building and have it ready for occupancy by October 1, 1895. It was considered the most modern bank building in New England at the time. An addition was constructed in 1916.

October 1898

A stockholders’ vote deeded the land west of the bank building, free of charge, to the city of Saint Albans, for a fire station. The gift was accepted by the city council.

February 1, 1940

Peoples Trust Company assumed the deposit liability of the Welden National Bank and bought the Welden Building, which it now occupies. The Welden National Bank was designed by W.R.B. Wilcox of Burlington. It was reported to be the first building in the state to have overhead lighting. It boasted a dome thirty-three feet in diameter, supported by eight Doric columns, each twenty inches in diameter and eighteen feet high. The stained glass window still bears the Welden National Bank emblem.

November 1, 1947

Peoples Trust Company bought the Vermont Agricultural Credit Corporation and has since carried on an agricultural loan department.

November 29, 1947

Peoples Trust Company paid off, in full, the Preferred A and B stockholders.

November 14, 1989

Richard V. Manahan, Jr., was elected president and served until his death on August 16, 2010.

August, 2010

Linda M. LeBlanc was named president and held that position until September 19, 2011.

September, 2011

Thomas J. Gallagher was elected president.