Institution for Savings

In 1820, 34 prominent citizens of the City of Newburyport sent a request to the Massachusetts General Court seeking to incorporate an institution “for the purpose of receiving money on deposit and investing the same to the best advantage of the owners thereof.” On January 31, 1820, that charter was granted, creating the third savings bank in the Commonwealth. The Institution for Savings was born. Opening deposits totaling $465.10 were collected on the first day.

Today, the Institution for Savings is widely recognized as one of the oldest and most stable mutual banks in the country, with assets totaling approximately $5 billion. It is the largest mutual bank on the North Shore of Massachusetts.

Our Bank’s strong and steady reputation goes far beyond our elegant Victorian main office, built in 1871 and long considered a historic landmark in Newburyport. The Bank has known only 16 presidents in its 200-year history, all of whom have been hired from within. I want to thank and acknowledge all the leaders who preceded me, building the foundation and stability that the Institution for Savings enjoys today. Further, I am forever grateful to those
thirty-four Newburyport residents who were responsible for obtaining our savings bank charter, which we will forever cherish and maintain.

Over the last two decades we have made significant strides to expand our market. In 2006, we opened our first ever
full-service banking office outside of Newburyport, in the heart of Salisbury Square. In July of 2007, the Bank merged with the Ipswich Co-operative Bank, another vital community bank. In 2014, we merged with Rockport National Bank, adding three offices to our growing footprint. We are now one of the region’s strongest and largest community banks, with 15 full-service offices in Amesbury, Newburyport, Salisbury, Rowley, Ipswich, Hamilton, Topsfield, Boxford, Middleton, Salem, Beverly, Gloucester and Rockport.  We also have a Residential Lending Center in downtown Newburyport and a Commercial Lending Center located in our Rowley office.

The Bank’s well-deserved reputation as community-minded is due in large part to our trustees, officers and employees who are active in their respective communities. As a mutual savings bank, the Institution for Savings has always believed in dedicating part of its assets toward making our communities better places in which to live and work. The Institution for Savings Charitable Foundation was established as a vehicle to guarantee current and future generations the charitable giving that has been the Bank’s hallmark since 1820. In the last five years, the Foundation collectively donated and pledged more than $13 million to community organizations and causes, including $1.5 million to the Ipswich Family YMCA for an aquatic center; $1 million to the Sawyer Free Library in Gloucester for its renovation and expansion plan; $400,000 to Citizens Inn for its Haven for Hunger project; $200,000 to Harborlight Homes for a new Community and Wellness Center, and more.

Financial wellness is another key component of the Bank’s mission. The Institution for Savings was the first Bank in our market area to offer comprehensive community-wide financial education programs that teach various segments of the population about the importance of solid money management skills. These programs include Teach Children to Save in the elementary schools, Get Smart About Credit and the Credit for Life Fair in the high schools, and identity theft prevention seminars to senior citizens.

Our employees are our best asset. For 16 consecutive years, the Bank has been named a Top Place to Work by The Boston Globe, including the #1 Top Place to Work in the Medium Employer category in 2013 and 2014, and #1 Small Employer in 2011. We’ve also been named a Best Places to Work by the Boston Business Journal for nine straight years.

Our future is promising, and we strive every day to build on our vision of positively affecting the lives of every person, business, and organization in our little corner of the world. Our trustees and employees are committed to offering the very best products and services in the market today, delivered with the excellent customer service we have been providing for more than 204 years.  I welcome you to contact our team(Opens in a new Window) if you have any questions.