Institution For Savings93 State St, Newburyport, MA 01950
In 1820, 34 prominent citizens of the city of Newburyport sent a request to the Massachusetts General Court requesting 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 $1.3 billion as of March 31, 2012. It is also the largest mutual savings bank in the Greater Newburyport region and the third largest on the North Shore. The Institution for Savings' well-known reputation as strong and steady goes far beyond its elegant architecturally-significant Victorian main office building, built in 1870 and long considered a historic landmark in Newburyport. The bank has known only 16 presidents in its 190-year history, all of whom have been hired from within. This includes current President and CEO Michael J. Jones, who succeeded Mark F. Welch as President on July 1, 2010. In recent years, the Institution for Savings has made significant strides to expand its market. In 2006, it opened its first ever full-service banking office outside of Newburyport, in the heart of Salisbury Square. In 2007, it opened its Rowley office, which also houses the bank's Commercial Lending Center, and in 2011 the bank opened its second Ipswich location at 112 County Road within the Powder House Village complex. A new full-service office is planned for Topsfield, tentatively scheduled to open in early 2013. In July of 2007, the bank merged with the Ipswich Co-operative Bank, another vital community bank, after more than a year of discussions and planning. The combined Institution for Savings is now one of the region's strongest and largest community banks, with five full service offices in Newburyport, Ipswich, Salisbury and Rowley. The bank also has educational high school branches in Newburyport, Ipswich and triton Regional High Schools. The bank's strong and well-deserved reputation as a community-minded bank is due in large part to its Employees, Officers and Trustees who are active in their respective communities. In 2011 it was named #1 Small Employer in Massachusetts in the BOSTON GLOBE's annual Top Places to Work Survey. This was the third consecutive year that the bank was named the top 100 list of employers in this survey. Additionally, the Institution for Savings and the 2 Depot Square Ipswich Charitable Foundations are vehicles to guarantee for future generations the charitable giving that had been the bank's hallmark since 1820. In the last five years, the Foundations donated more than $2 million to community organizations and causes, including a landmark $500,000 donation to the Newburyport Education Foundation in 2005 to restore the science laboratories at the Rupert Nock Middle School in Newburyport. This donation was the largest ever for the Foundation and believed to be the largest private donation to any public school in the region. The Institution for Savings offers a full menu of personal and commercial financial products and services for individuals, businesses and organizations, including deposit accounts, lending services, Internet/Mobile Banking and Bill Pay, and retirement accounts.