The current headquarters is 36 North Main Street, Barre. Banknorth Group Inc. planned to maintain the name until it was purchased by Peoples Bank (Maine). In 2000, Granite Savings Bank & Trust merged with its sister bank The Howard Bank, a change some customers never noticed until their statement arrived. The Howard Bank N.A. The Howard National Bank & Trust Company of Burlington, Vermont, was founded in 1870. The Bank bought out a few banks and took them under the Howard Bank name. The Bank changed and shortened its name when it became a more statewide banking company. The Bank also created a banking holding company as "Howard Bancorp" in 1995, and in 1996, the Howard Bancorp merged with Banknorth Group Inc. In the deal, Howard Bancorp decided to take on the Banknorth Group name. First Vermont Bank & Trust Company The First Vermont Bank & Trust was founded in 1906. The Company bought Franklin Lamoille Bank and was one of the first banks to offer on-line banking for the tellers. However, when Howard Bancorp purchased Banknorth Group, management found it too expensive to upgrade the systems of the new division. In 1999, the bank acquired Woodstock National Bank and in 2002, all three Vermont banks were merged into Banknorth N.A. Vermont, a division of Banknorth N.A. The oldest component that Banknorth currently has recorded for the Vermont banking company is Woodstock National Bank. All the Vermont banking companies date to the 1800s with the exception of First Vermont Bank from 1906. Merger of Portland/Peoples/Heritage "The late 1970s and early 1980s were difficult years for the thrift industry. As inflation and interest rates soared into double digits, savings banks in Maine and elsewhere found themselves forced to pay higher interest rates to attract depositors while maintaining a large portfolio of long-term low-interest mortgages." In 1981, Portland Savings declared a loss and recognized a pressing need for consolidation in the local banking market. The following year Portland and People's arranged a merger, and the new bank adopted the People's name. In 1984, Peoples and Heritage merged as Peoples Heritage, a billion dollar institution with Wes Bonney as the first President. The new bank, with a total of 35 branches, moved quickly to expand its ATM network, introduce innovations such as Cashline phone banking, and develop an emphasis on commercial loan, a new development for a traditional savings bank. In 1986, in