For the local community since 1895
They say young people are the future. We stand by this idea because the youth played a significant role in establishing Lieto Savings Bank. The idea of establishing a bank initially came from the local youth association.
Lieto Savings Bank was founded in the 1890s. On 13 January 1895, the Lieto Youth Association was holding a meeting at the house of the local shopkeeper L.E. Ockenström. Founding a bank was one of the items on the meeting agenda.
The youth association’s chairman J.H. Virtanen brought up the bold idea. However, the meeting participants were by no means unanimous about starting a bank. The matter was discussed in the meeting from various perspectives, and at times, the debate became heated. In the vote on establishing a bank, the votes for and against were surprisingly equal. In accordance with the youth association’s rules, the chairman’s vote was the deciding vote. Chairman’s J.H. Virtanen’s vote settled the matter. He was in favour of establishing the bank.**) Jukka Koivisto – 125 vuotta kannattavaa kasvua, Liedon Säästöpankin historia v. 2020
Banking in three centuries
The Lieto Youth Association’s Savings Bank opens.
Bank’s Board of Directors decides to change the name to
Lieto Savings Bank (Liedon Säästöpankki).
The bank’s first own office building next to Lieto church is completed.
Years of growth: Branch offices are established in the Lieto railway station and the neighbourhoods of Littoinen and Ilmarinen.
The new office building in the Lieto railway station area is completed.
The new bank’s head office ‘Liedon Kauppapiha’ is completed.
Changes in the industry: Within the same year, the Bank of Finland takes over SKOP (the Central Institution of Savings Banks), leading to the establishment of the Savings Bank of Finland (SSP). However, Lieto Savings Bank decides to continue operations as an independent savings bank.
Growth during the recession: New branch offices are opened in Turku at Humalistonkatu, Hämeenkatu, Maariankatu, Runosmäki and Kaskenkatu, as well as in Loimaa, Oripää, Naantali, Raisio and Paimio.
A new branch office is opened in Kaarina.
The Oripää branch is incorporated into the Loimaa branch and the Lieto railway station branch into the bank’s head office. The Littoinen branch is incorporated into the Kaarina branch and the Runosmäki branch into the Turku Market Square branch office.
The Savings Banks Group becomes a co-operative society. Lieto Savings Bank is among the three largest savings banks.
Lieto Savings Bank’s balance sheet exceeds one billion euros.
Lieto Savings Bank’s Board of Directors unanimously decides to leave the Savings Bank Group, Savings Banks’ Union Coop, Savings Banks Amalgamation, as well as the central institution and other entities related to the Savings Bank Centre. It is also decided that the bank’s entire business will be sold to Oma Savings Bank and Lieto Savings Bank will be changed into a foundation.
Lieto Savings Bank becomes Lieto Savings Bank Foundation and one of Oma Savings Bank’s largest shareholders.
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Liedon Säästöpankin 125-vuotishistoriateosta voi tilata Liedon Säästöpankkisäätiöltä osoitteesta: