Institution for Savings Celebrates 200th Anniversary!
For 200 years the Institution for Savings has provided depositors a safe and stable place to see their savings grow. Our depositors have trusted us to lend their savings to their families, friends and neighbors to buy homes, businesses, automobiles, and finance education. Our financial success has allowed us to support local nonprofit organizations and causes to help those less fortunate and ensure that our community continues to be a great place to live and work. We look forward to celebrating this bicentennial anniversary year with our customers, our communities and our employees.
In 1820, 34 prominent citizens of the Town of Newburyport sent a request to the Massachusetts General Court 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 $3.89 Billion as of June 30, 2020. 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 Italianate-style main office building 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. This includes current President and CEO Michael J. Jones, who succeeded Mark F. Welch as President on July 1, 2010.
In the last decade, 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 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. In 2014, the Institution for Savings acquired Rockport National Bank, adding three Cape Ann offices to its growing footprint. The Institution for Savings is 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, as well as a Residential Lending Center in Newburyport and a Commercial Lending Center
The Bank's strong and well-deserved reputation as community-minded is due in large part to its Trustees, Officers and Employees who are active in their respective communities. For 12 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.
1820 - 2020
The Bank has known only 16 presidents in its 200-year history, all of whom have been hired from within. This includes current President and CEO Michael J. Jones, who took office on July 1, 2010.
Calendar of Events
• 1/21: Raising of Anniversary flag (all offices)
• Launch of 200th Anniversary website (ifs200.com)
All offices celebrate 'Random Acts of Kindness Month.' Employees will join together to complete 200 'random acts of kindness' throughout the Bank's communities.
March 9th: Bank's 200th Annual Meeting
Release of anniversary video
In recognition of National Nutrition Month the Bank will donate 200 healthy breakfast bags to local food shelters.
A plaque was unveiled at the Bank's Main Office in Newburyport commemorating the Bank's 200th anniversary.
In honor of Earth Day, the Bank donated 200 trees to 13 communities where it has offices.
In recognition of Older Americans Month, we donated 200 'COVID-19 Survival Bags' to local Councils on Agings to distribute to seniors.
JUNE - JULY
In recognition of Great Outdoors Month, the Bank donated 200 pairs of outdoor work gloves to local rail-trail organizations.
AUGUST - SEPTEMBER
The Bank will donate back to school equipment, supplies and books to local area school districts.
To recognize Breast Cancer Awareness Month the Bank will collaborate with local community hospitals to donate 200 comfort baskets to local cancer patients and their families
The Bank will donate 200 pies to local community Thanksgiving dinners.
The Bank will donate 200 Christmas tree gift cards to local individuals and families in need.