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 $2 Billion as of September 1, 2014. It is the third largest mutual savings bank on the North Shore.
In recent years, the Institution for Savings has made significant strides to expand its market. In 2011 the Institution for Savings opened its second Ipswich location at 112 County Road within the Powder House Village complex, followed by the opening of its seventh full-service office in Topsfield in 2013.
On August 29, 2014, the Institution for Savings merged with Rockport National Bank. This most recent acquisition extends the Bank’s market to Cape Ann, adding full-service offices in Rockport, Gloucester and Beverly and a fifth school bank at Beverly High School.
The combined Institution for Savings is now one of the region’s strongest and largest community banks, with 11 full service offices in Newburyport, Ipswich, Salisbury, Rowley, Topsfield, Rockport, Gloucester and Beverly. The Bank also has a Residential Lending Center in Newburyport and a Commercial Lending Center in Rowley.
As a mutual savings bank, the Institution for Savings has always believed in dedicating part of its assets toward making its communities better places in which to live and work. The Institution for Savings, 2 Depot Square Ipswich and recently launched Main Street Rockport Charitable Foundations are vehicles to guarantee for future generations the charitable giving that has been the Bank’s hallmark since 1820.
In the last five years, the Foundations collectively donated nearly $4 million to community organizations and causes, including a landmark $1.5 million to construct a new single-patient unit at Anna Jaques Hospital; more than a million dollars to support field and stadium renovation projects at Newburyport and Triton Regional High Schools, and the outdoor track at Ipswich High School; funds to renovate the science labs at Pentucket Middle School and the library at Newburyport High School, and much more.
Another key component of the Bank’s vision of improving the quality of life for all those within its communities is financial education. The Institution for Savings was the first Bank in its market area to offer comprehensive community-wide financial literacy 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, Think, Save, Succeed! at the middle school level, Get Smart About Credit and the Credit for Life Fair in the high schools and identity theft prevention seminars to senior citizens. Additionally the Bank underwrites and operates educational school banks within Ipswich, Newburyport, Beverly, Triton and Masconomet Regional High Schools.
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.