By Emma Stanton, Staff Writer
This Friday, Norm Frates Jr. — a longtime and well-known member of the Woodstock community — is retiring from Mascoma Bank. For decades, Frates has been an advocate for the families and organizations that make up Woodstock. He told the Standard he plans to continue his other pursuits, including spearheading the Woodstock Rotary Club, growing the community and legacy of Zack’s Place, serving as vice chairperson of the Woodstock Selectboard, and enjoying the occasional bike ride through the mountains.
Frates joined Mascoma Bank in 2013, after a 36-year career with East Mountain Mortgage Company. “When I first started out in the banking industry, people thought that you only got mortgages from banks, whereas I was actually a broker for all of the larger lenders,” he said.
Frates said the 2008 financial crisis caused him to switch course, joining Guaranteed Rate, a national mortgage company. Then five years later, he made the switch from “the broker side of things to the banking side of things.”
Norm Frates
Frates explained, “Mascoma Bank has been absolutely awesome to work for and to be part of. They are a mutual bank, which is pretty rare. Most banks are stock-held, meaning you have to impress your stockholders, whereas a mutual bank is more community-driven. Our customer base in our communities is of the utmost importance to us.”
“The mortgage lending business, in all capacities, has been really fulfilling. The work you do really changes people’s lives, because for many, [buying a house] is the largest purchase they’ll ever make in their lives, and to be able to help folks afford their dream home, their second home, their investment home, whatever it may be — that has been the most rewarding piece of this. I love the interactions I have with individuals. It’s a win-win for everybody. My customers win; I win,” Frates told the Standard.
The switch to a more community-centric workplace was a natural fit for Frates.
“I’ve been a Woodstock Rotary member for 36 years, served on several boards, worked with the ski runners, the Rec Center, and Zack’s Place — which is now 20 years old,” he said.
Frates first moved here from Massachusetts at the age of six. His father, Norm Frates Sr., served as principal of Woodstock Elementary School and had an extensive career in the Rotary Club, of which he is still a member today.
“My father joined Rotary in 1968,” Frates told the Standard. “As a young boy, I remember volunteering down at Vail Field to help with the penny sale. Tagging along with him, seeing his interactions with the community in which he lived — it gave a taste of what service meant, what involvement meant, and helped pave the way for me here.”
Frates said joining Rotary was a way of following in his father’s footsteps. Similarly, returning to Woodstock gave Frates the opportunity to provide his children with an upbringing similar to the one his father had given him.
“I went away to college and then lived in Boston for a short time, but when I had kids, I knew I wanted them to grow up having what I had – I wanted them to experience the awesome community that we have here,” he said.
All three of Frates’ children graduated from Woodstock Union High School. “My son, Zack, had cerebral palsy, so he couldn’t walk; he couldn’t talk. In the school system, kids like Zack could stay under the umbrella of education until the age of 22. When he was 15 or 16, I started thinking ahead — knowing that he and his friends would need a place to go and be supported once they were in their 20s.
“There was really nothing like Zack’s place anywhere, so I figured I had to try and start something. I bought 6 Mechanic Street in the Village and brought Zack and all of his friends from the community classroom. There were eight of them to start. First, they came right after school, and then every day once they started aging out. Now we have 110 registered participants. My motivation was to help my child. My occupation allowed me to fund the entire venture for the first two or three years.”
Now, with the help of so many community members, Zack’s Place is a well-established organization, helping not only individuals but also entire families feel supported and connected, Frates added.
This Friday, June 19, with his retirement from Mascoma Bank, Frates says he is excited for the future — for the uncertainty which comes from closing one chapter and beginning another. “I plan to spend lots of time on my farm, or out biking, or with my family and friends and community. I don’t know what’s next, but I’m excited for what I don’t know is coming,” Frates concluded.
