In January 1996, New Britain-based American Savings Bank announced the creation of the American Savings Foundation. This was the first bank foundation in Connecticut, and at the time one of only a handful across the country. The board of directors of American Savings Bank, a pillar in the community since 1862, wanted to create A Lasting Commitment that would continue to serve the community, no matter what may change in the banking landscape.
That commitment took shape immediately. In its first year, the Foundation awarded $40,000 in grants and $23,000 in scholarships, beginning a tradition of focusing its investments to support children, youth, and families. Annual giving continued to grow, surpassing $420,000 by 1999.
A transformative moment came in 1999, when American Savings Bank issued an initial public offering and invested 8% of the newly created stock into the Foundation’s endowment. This gift expanded the Foundation’s ability to meet community needs, with annual grants and scholarships increasing nearly six‑fold to $2.5 million by 2002. In that same year, the Bank acquired Waterbury‑based American Bank of Connecticut, and the Foundation embraced the combined service area of both institutions.
When American Savings Bank became part of Banknorth (now TD Bank) in 2003, the Foundation became an independent philanthropic endowment. The Foundation is committed to remaining headquartered in New Britain, keeping the American Savings Foundation name, and continuing to invest in the people and organizations that make our communities strong.
Thirty years later, the American Savings Foundation carries forward that commitment to strengthening communities through education, human services, and arts and culture, with a continued emphasis on the needs of children, youth, and families. To date, the Foundation has awarded over $80 million in grants and scholarships across its 64‑town service area, creating a legacy of impact – a lasting commitment.