HISTORY

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 $923 million. It is also the largest mutual savings bank in the Greater Newburyport region and the third largest on the North Shore.

The Institution for Saving's 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 15 presidents in its 186-year history, all of whom have been hired from within. This includes current President and CEO Mark Welch, who was appointed in March of 2004 after 30 years at the bank.

In recent years, the Institution for Saving 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. This office is flourishing, and in 2007 was named Business of the Year by the Salisbury Chamber of Commerce.

Additionally, 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 regions strongest and largest community banks, with five full service offices in Newburyport, Ipswich, Salisbury and Rowley.

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. Additionally, the Institution for Savings Charitable Foundation was launched in 1997 as a way to guarantee for future generations the charitable giving that had been the bank's hallmark since 1820. In the last three years, the Charitable Foundation donated more than $2.1 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 Banking and Bill Pay, retirement accounts, and investment services through 1820 Investment Services, launched in 2004.