Haverhill Bank came to life on Aug. 12, 1877 as Haverhill Cooperative Savings Fund and Loan Association. Seven days later, the commissioner of banks gave his approval and the second oldest cooperative bank in Massachusetts was official. Open for business on Sept. 3, 1877, the bank was established to provide money to its shareholders to buy homes. The first loan ' $400 ' was made to F.S. McKenney. The bank has prospered and grown steadily over the years, merging with Citizen Cooperative in 1963 and Whittier Cooperative in 1982. It became the oldest cooperative bank in Massachusetts in 1994 when the first cooperative bank chartered was bought out by another bank. In October 1994, Haverhill Cooperative Bank opened its first branch office in the Bradford section of Haverhill. The bank's second branch office opened July 2003 in the northern section of the city on Main Street at Rosemont Street. Having no stockholders, the bank is owned by its depositors. The next significant change came in March 2005 when the bank changed its name to Haverhill Bank. The change was made to simplify and modernize the bank's image and to underscore the bank's ties to the community it serves. In every other way, the bank remains the same ' a mutual institution owned by its depositors. Haverhill Bank retains the same board of directors, officers and staff. All deposits continue to be insured by the Federal Deposit Insurance Corp ( FDIC ) and the Share Insurance Fund of the Cooperative Central Bank ( SIF ). Haverhill Bank offers a full range of financial products and services. Loan products include both residential and commercial mortgages and lines of credit, as well as personal, consumer and collateral loans. The bank's business and personal retail products include a variety of savings and checking accounts as well as term deposit accounts and individual retirement accounts ( IRAs ). Other services offered are safe deposit boxes, bank-by-mail, direct deposit of payroll and social security, automatic teller machine ( ATM ) access through the CIRRUS , SUMSM and NYCE networks, drive-up ATMs and overdraft protection. To make withdrawing money from your checking account easy, convenient and check-free, the bank offers the Network to the World Visa Debit card. In addition the bank has established three services so you can bank anytime you want no matter where you are. Home ConnectionSM is the bank's computer-based banking service that gives you 24-hour access to your accounts. Phone ConnectionSM gives you 24-hour toll-free access to your accounts through the telephone. Loan ConnectionSM lets you initiate the mortgage process when it's most convenient for you.