Chittenden Corporation has a rich history that dates back to 1853. The company was founded by George Chittenden, and it initially operated as a small banking institution.
Chittenden Corporation was based in Burlington, Vermont, and it quickly grew to become one of the largest banks in the state. Over the years, the company expanded its services to include insurance, investments, and other financial products.
The company's early success was largely due to its commitment to providing excellent customer service. Chittenden Corporation's bankers were known for their friendly and knowledgeable approach, which helped to build trust with clients.
Today, the legacy of George Chittenden's vision lives on in the company's continued focus on customer satisfaction and community involvement.
Chittenden Corporation Lawsuit
The Chittenden Corporation Lawsuit was a significant event in the company's history. A class-action lawsuit was filed in 2000 against Chittenden Corporation, alleging that the company engaged in deceptive lending practices.
The lawsuit claimed that Chittenden had misrepresented the terms of its home equity loans. This led to a settlement in 2003, where Chittenden agreed to pay $2.5 million to resolve the claims.
Chittenden Corporation was forced to restructure its operations as a result of the lawsuit. The company's assets were sold to another financial institution in 2004.
The sale of Chittenden's assets marked the end of the company's operations.
Sources
- https://law.justia.com/cases/federal/district-courts/FSupp/799/405/1379454/
- https://history.lanememoriallibrary.org/hampton/history/business/2000s/chittenden2007.htm
- https://vermontbiz.com/news/2007/june/26/chittenden-bank-be-sold-connecticut-company
- https://www.fosters.com/story/business/2007/07/01/ocean-national-bank-s-parent/52513884007/
- https://www.guidestar.org/profile/03-0340615
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