The 20th Century: A Period of Growth
In 1918, Kennebec Savings Bank moved to 292 Water Street, the southwest corner of Market Square at Granite Block, and remained at this location until 1945. At that time, there were two employees. Bank assets in 1945 were $2,493,377.
Historic events during the ensuing 30 years included the revival of shipbuilding in Maine for World War I, the restoration of Fort Western in 1921 by Guy Gannett and his father William H. Gannett, and construction of a new 10,000-gallon reservoir in 1930. The City voted to spend $50,000 to complete Cony High School - it was dedicated that November. Motorbuses replaced electric cars in 1932, and in 1934 construction began on the Augusta Airport. The Augusta Players were organized in 1937. The population in 1940 was 19,339, and the years 1942-45 brought a boom in shipbuilding during World War II.
In 1945, Kennebec Savings Bank changed its address to 288 Water Street when a new entrance was added to the Capitol Theater. There were still only three employees until 1954 when a new employee, Cecile Bouffard, was hired. In 1958, a fifth employee was hired. The bank remained at the 288 Water Street location until 1959 when, at this point in Augusta's history, the center of business activity was expanding in all directions from Water Street.
The Bank purchased property at 150 State Street in 1958, formerly the site of the residence of George W. Macomber, banker, insurance agent, and Augusta’s Mayor from 1886 to 1888 (In 1929, the Macombers presented a memorial to Augusta dedicated to World War I soldiers and sailors, located at Monument Park in the rotary circle across the street from 150 State Street). Kennebec Savings Bank turned the site into a "modern" banking facility which included a relatively new phenomenon: a drive-up window. We believe that Kennebec Savings Bank was the first in the area to have one. Bank assets at the end of 1959 were $6,587,584. The only type of deposit accounts being offered remained savings accounts until certificates of deposits (CDs) began being offered in November 1969. In November 1975, the Bank began offering checking accounts.