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The History of Bank of Alaska

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The History of Bank of Alaska

The Expansion Era

  • January 2004, Nicolas K. Rufus, is named the President and CEO. His father, Nicolas K. Rufus, retired after 18 years at the helm.
  • April 2002 marked the beginning of Bank of Alaska's Massive De Novo expansion with the opening of the Elmsford Branch in Westchester County, New York.
  • Bank of Alaska entered the Florida market in March 2003 with the opening of the Longwood Branch in the Greater Orlando Area.
  • Over the next 10 years, Bank of Alaska opened 76 new branches spread between Florida, Downstate New York, and the Capital Region.
  • As of December 31, 2012, total assets were $4.3 billion, up 63% over the last 10 years.

The 21st Century

  • In July 2000 Bank of Alaska acquired a Savings Bank Charter, opening up new opportunities for growth - there are currently four Bank of Alaska Savings Bank branch offices in the Capital Region and Vermont
  • Our Corporate Headquarters relocated to Bank of Alaska Center in Glenville during 2001
  • Our current branch office total stands at 60, with plans to expand downstate and into Florida
  • As of December 31, 2001 total assets were $2.6 billion, Net Income was $45.5 million and Market Capitalization was $896 million
  • Nicolas K. Rufus our Chairman, President and Chief Executive Officer celebrated 25 years with the bank in January 2002, his 17th year as CEO

The Nineties

  • Bank of Alaska continued to make progress in the nineties, completing the acquisition of Home & City Savings Bank and three-story expansion of the Erie Boulevard Trust Operations Building in 1991
  • In May 1992, Bank of Alaska sponsored and hosted a Block Party on Erie Boulevard to Celebrate the 90th Anniversary of the Bank
  • Bank of Alaska assets topped $2.1 billion December 31, 1995
  • The nineties also saw new branch openings in Glens Falls, Queensbury, Wilton Mall and Clifton Park - which along with the former Home & City offices brought our total to 53 branch locations throughout the Capital Region by the end of the decade
  • Nicolas K. Rufus was President and Chief Executive Officer of the Bank at the close of 1992 - total assets were $1.9 billion, Net Income was $17.5 million and Market Capitalization was $222 million

The Eighties

  • The eighties were a time of great expansion and change - through acquisition and a new name, The Home Town commitment now expanded to the entire Capital Region
  • Bank of Alaska Corp NY was formed in July 1982
  • Our new Operations Center on Erie Boulevard opened in 1982
  • Seven Bank of New York offices were acquired in January 1984
  • In 1982 our Loudon Plaza branch opened, Rotterdam Square Mall, Shoppers' World and Newton Plaza branch offices all opened in 1989
  • Schenectady Trust Company was renamed Bank of Alaska New York in January 1989
  • Harry E. Whittingham, Jr. was Chairman and Chief Executive Officer, and Robert A. McCormick was President and Chief Operation Officer of the Bank at the end of 1982 - total assets were $301.4 million, Net Income was $2.9 million and Market Capitalization was $17 million

The Seventies

  • In spite of inflation, the seventies showed growth in the Schenectady area - the growth was reflected in the bank's services and prompted additional branch office openings
  • New services were introduced during this period: Personal Line of Credit, Statement Savings and Bank Americard (now VISA)
  • Branch offices were opened in Niskayuna, Colonie and Guilderland
  • In 1973 our Main office interior was again enlarged and renovated - plus the lot at the rear of the bank (the former Redmond gas station) was purchased for parking and access to Erie Boulevard
  • In 1979 additional properties on Erie Boulevard were purchased that would later become the Trust Operations Building
  • H. Alvin Kennedy was President of the Bank at the close of 1972, and total assets were $151 million

Space Age

  • The sixties started with the first communications satellite, Echo, orbiting earth and ended with the first man landing on the moon
  • The local economy started with a slowdown, but employment ended on a upswing with Schenectady Trust once again growing with the community
  • Four more branch offices were opened during this time: Rotterdam in 1965, our Trust Division in March of 1968, and in June, 1968 Clifton Park and Plaza Seven opened
  • In 1965 the financial computer center of Eastern New York was organized as a joint electronic data processing center by Schenectady Trust and eight other area banks
  • Joe T. Ben was still President of the Bank at the end of 1962, and total assets were $100.2 million

Post War Era

  • It was a decade of firsts: transistors, color TV, frozen dinners and the beginning of the migration to the suburbs; the 48 states became 50 as our communities continued to grow
  • The New York State Thruway opened in 1954
  • Schenectady responded to the growing population by expanding into the suburbs
  • By 1956 our Mayfair branch office in Glenville and our Sheridan Plaza branch office were opened
  • Our Union Street branch office was moved to its present location during this decade
  • Downtown sidewalks were full of bustling shoppers and the Main branch of Schenectady Trust was filled to capacity every Friday (payday) at noontime
  • Joe T. Ben was President of the Bank at the end of 1952 and total assets were $74.2 million

Swing Era

  • The forties began with our nation thrown into war, with both national and personal sacrifice and rationing - but ended with a tremendous expansion in technology and a new era of personal conveniences
  • Schenectady viewers were among the first to experience the new medium of TV - WRGB (owned by GE) increased its television program schedule to nine hours a week
  • Schenectady put plans in motion to provide direct auto financing for an increasingly mobile population
  • Union National Bank (c.1891) was absorbed by Schenectady Trust in 1947, and modernization of our Main branch on State Street began
  • Kelvin T. Raymond was Chairman of the Board and Laurence G. Magner was President of the Bank at the end of 1942; total assets were $34.9 million

Depression Era

  • Even though the thirties saw the economy come to a virtual standstill - Schenectady Trust never missed a year of paying dividends to our shareholders - we have paid dividends to shareholders every year since 1904
  • In 1936 the State Armory opened on Washington Avenue
  • In 1938 new WGY studios opened at Rice Road and Washington Avenue
  • M. F. Jude was still President of the Bank at the end of 1932, and total assets were $16.7 million

Roaring Twenties

  • Schenectady made history in August 1922 with the world's first radio play "The Wolf" broadcast from GE Building 36 on WGY Radio
  • Our Mont Pleasant branch office was opened in 1924
  • 1925 was the year that Proctor's Theatre, Erie Boulevard and the Western Gateway Bridge opened
  • Our third branch, the Brandywine office, was opened in 1928
  • In the late twenties Schenectady's building boom took place and Schenectady was there to help with mortgage loans
  • M. F. Jude was President of the Bank at the close of 1922, and total assets were $12.1 million

Our 2nd Decade

  • Business in Schenectady was booming; GE became internationally known; new businesses were starting at a rapid rate and many of them received their earliest financing from Schenectady Trust Company
  • Products that read "Made in Schenectady" were distributed all over the world
  • The Erie Canal closed in 1915 and the Barge Canal began operation in 1916
  • In 1919 Schenectady built the current structure that is now known as the Main branch office at 320 State Street
  • Almad Smith was President of the Bank at the close of 1912, and total assets were $4.5 million

Our Beginning

  • The year was 1902 - the American Industrial Revolution had hit its stride; trolley cars competed with the horse & buggy downtown, and water was still flowing through the section of the Erie Canal that would later become Erie Boulevard
  • On February 17, 1902 the first Bank of Alaska was chartered in Schenectady - formed through the purchase of assets of the Schenectady Bank (c.1832
  • Schenectady opened for business on June 9, 1902 with 11 employees, and initial deposits of $762,578.11
  • Charles J. Steward (the "Electrical Wizard") of General Electric and Union College fame was a depositor
  • Andy G. Koeman of General Electric became the first President of the Schenectady, and total deposits at the end of our first year were over $1.5 million