Watertown Savings Bank - Watertown, NY

What Watertown Savings Bank - Watertown, NY does

Watertown Savings Bank is a state-chartered mutual savings bank headquartered at 111 Clinton Street, Watertown, New York, founded in 1893 and operating continuously for over 130 years. The bank serves individual consumers, small and medium businesses, and municipal/government entities across Jefferson County and Northern New York through six branch locations (Watertown Main Office, Commerce Park, State Street, Chaumont, Alexandria Bay, Adams) and the my.wsbny.com digital banking platform. It is FDIC-insured, holds a 'Satisfactory' CRA rating, and is BankOn Certified.

The product set spans three lines: (1) personal banking — checking, savings, club accounts, CDs/IRAs, debit cards; (2) consumer and mortgage lending — fixed and adjustable rate mortgages, construction loans, HELOC, HELOAN, personal loans, auto loans, recreational loans, and property improvement loans; and (3) commercial banking — commercial loans, deposit accounts, ACH origination, commercial cards, and the WSB Municipal Bank line. The technology layer is a traditional digital banking platform enabling account management, mobile deposit, bill pay, and bank-to-bank transfers, supplemented by the $pare Change round-up savings feature. No proprietary AI/ML systems, APIs, or developer tools are disclosed.

The bank earns revenue primarily through net interest income on its lending portfolio (mortgages, home equity, consumer, and commercial loans) and through transactional fee income from deposit account services (NSF/overdraft, wire transfers, ACH origination, debit card replacement, safe deposit box rentals, and digital banking usage-based charges). Pricing is transaction- and subscription-based per the published fee schedule. The go-to-market is relationship-driven community banking, leveraging branch presence, local decision-making, and community reinvestment (the WSB Giving Tree program has delivered approximately $3 million in North Country donations since 2018) to acquire and retain customers. The bank is privately held under mutual ownership and does not disclose financials publicly.

Name

Watertown Savings Bank - Watertown, NY

Legal name

Watertown Savings Bank

Website

https://watertownsavingsbank.com

Company type

Private

Founded year

1893

Operating status

Operating

Headcount range

51–100 employees

Short description

Watertown Savings Bank is a state-chartered mutual savings bank, founded 1893 and headquartered in Watertown, NY, serving consumers, small businesses, and municipalities across Northern New York through six branches and a digital banking platform offering deposit accounts, mortgages, consumer and commercial lending, and cash management services.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (522180), Depository Credit Intermediation (5221), Commercial Banking (52211)

SIC

Savings Institutions, Not Federally Chartered (6036), State Commercial Banks (6022)

akta.pro primary industry

Mutual Savings Banks & Mutual Thrifts (FSABAEAD)

akta.pro secondary industries

Municipal/Local Government Development Banks (FSABAKAI), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

Keywords

• Community banking services
• Retail deposit accounts
• Mortgage lending
• Commercial banking services
• Consumer loan products

Headquarters

HQ city

Watertown

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel

Revenue model

1. Interest Income from Lending: The bank generates revenue primarily through interest income on residential mortgages, commercial loans, home equity loans (HELOC and HELOAN), construction loans, auto loans, personal loans, and recreational loans. These are originated and held or sold.
2. Deposit Account Fees & Service Charges: Non-interest income from NSF fees, overdraft fees, wire transfer fees, ACH origination fees, account research fees, stop payment fees, and other service charges as detailed in the fee schedule.
3. Digital Banking & Card Fees: Fees associated with digital banking services including bill payment inactivity fees, outgoing bank-to-bank transfer fees, debit card replacement fees, VISA gift cards, and ATM fees at non-proprietary ATMs.
4. Safe Deposit Box Rental: Annual rental fees for safe deposit boxes at various sizes, available at Chaumont, Alexandria Bay, Commerce Park, Adams, State St., and Main office locations.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Watertown Savings Bank is a state-chartered mutual savings bank providing personal and commercial banking products to Northern New York customers since 1893. Its core offerings include deposit accounts (checking, savings, club accounts, CDs, IRAs), consumer lending (mortgages, HELOC, HELOAN, auto, personal, recreational, construction loans), commercial lending and cash management, municipal banking, and digital banking with mobile deposit capabilities.

Product overview

Watertown Savings Bank offers a comprehensive suite of traditional banking products and services centered around deposit accounts, lending, and digital banking capabilities. The bank operates a platform-plus-service model with personal and commercial banking divisions. Personal banking includes checking, savings, club accounts, CDs, and IRAs, while lending products encompass mortgages, home equity products (HELOC and HELOAN), auto loans, personal loans, recreational loans, and construction loans. Commercial services include business loans, commercial deposit accounts, cash management, and municipal banking. Digital banking is provided as a core service, with an add-on $pare Change feature that enables automatic round-up savings. The bank does not appear to offer API-based integrations, developer tools, or AI-powered features.

Differentiator

Problem solved

Functional benefit

Brands

• WSB Giving Tree: Community giving initiative representing the bank's commitment to supporting and strengthening the North Country community since 1893.
• WSB Municipal Bank
• $pare Change

Products and services

• Personal Checking Accounts Personal checking account services with various features and benefits for individual consumers.
• Savings Accounts Personal savings products including regular savings and money market deposit accounts for individuals.
• Club Accounts Specialized savings accounts designed for specific savings goals such as holidays or vacations.
• CD and IRA Accounts Certificate of Deposit and Individual Retirement Account products for individual retirement and term savings needs.
• Card Services (Debit Cards) ATM and debit card services for personal and commercial customers with various daily transaction limits.
• Digital Banking Secure online and mobile banking services enabling customers to manage accounts, pay bills, transfer funds, and deposit checks remotely.
• Fixed Rate Mortgages Traditional residential mortgage loans with fixed interest rates and predictable monthly payments for home purchase or refinance.
• Adjustable Rate Mortgages Residential mortgage products with interest rates that adjust according to market conditions.
• Construction Loans Short-term financing products for individuals building new homes or undertaking construction projects.
• Home Equity Line of Credit (HELOC) Revolving credit line secured by residential home equity, allowing borrowers to access funds as needed up to a preset limit.
• Home Equity Loan (HELOAN) Fixed-term loan secured by residential home equity that provides a lump sum amount repaid with fixed monthly payments.
• Personal Loans Unsecured installment loans for personal expenses and individual financial needs.
• Auto Loans Consumer financing products for new and used vehicle purchases.
• Recreational Loans Financing for recreational vehicles, boats, and related equipment for individual consumers.
• Property Improvement Loans Financing for residential home renovation, repair, and improvement projects.
• Commercial Loans and Services Flexible business lending and financial services for local businesses operating in Northern New York.
• Commercial Deposit Accounts and Cash Management Business deposit accounts, ACH origination, and cash management services for small and medium businesses.
• Commercial Card Services Business debit and credit card solutions with higher transaction limits tailored for commercial customers.
• WSB Municipal Bank Specialized banking services and deposit accounts tailored for municipal and government entities.
• Safe Deposit Boxes Annual rental of safe deposit boxes in multiple sizes available at Chaumont, Alexandria Bay, Commerce Park, Adams, State Street, and Main Office branches.
• $pare Change Automatic savings program that rounds debit card purchases to the nearest dollar and transfers the difference from checking into savings.

Quantifiable outcome

• Nearly $3,000,000 donated to the North County community since 2018
• +1 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators1 record

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• KeyBank: National bank with a strong upstate New York retail and commercial presence — competes with WSB for retail deposits, mortgages, and small business lending across Northern NY markets.
• M&T Bank: Large regional bank with significant upstate New York branch network — competes with WSB on mortgages, deposits, and small business lending across the same geographic corridor but at vastly greater scale.
• Berkshire Bank: Mid-sized regional bank with community banking presence across NY/New England — broader portfolio but overlapping personal and commercial banking products targeting similar community-bank customers.

Direct peers

• Chemung Canal Trust Company: New York state-chartered community bank with full personal and business banking services — directly comparable in product suite, scale, and regional/community bank operating model.
• Community Bank System: Upstate New York-based community bank holding company with a comparable mix of retail deposits, residential mortgages, and commercial lending across small and mid-sized markets in the same state as WSB.
• NBT Bancorp: Community bank headquartered in upstate New York offering consumer deposits, mortgage, and commercial banking products across Northern and Central NY, directly overlapping WSB's geographic and product footprint.
• Trustco Bank: NY-based community bank emphasizing retail deposits, residential mortgages, and home equity lending — closely aligned with WSB's product mix and lending-heavy revenue model.
• Tompkins Financial (Tompkins Community Bank): Community-focused bank with significant upstate New York presence offering consumer and commercial banking products — comparable in product breadth and community-bank operating model.
• Pathfinder Bank: New York state-chartered community bank serving the Oswego/Central NY region with similar deposit, mortgage, and small business lending products — a close scale and structural comparable to WSB.

Emerging players

• Discover Bank: Direct-to-consumer digital bank competing for deposit balances via online savings products — represents the deposit-competition threat from non-branch digital players that WSB faces despite its community banking focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/wsbny
• Facebookfacebook.com/watertownsavingsbankny
• Instagraminstagram.com/watertownsavingsbank

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Watertown Savings Bank - Watertown, NY