NEWS
March 11, 2008
Strong growth, successful merger, new branch office top Institution for Savings 2007 accomplishments!
In addition to completing a successful merger and opening a fifth new full-service banking office, the Institution for Savings posted impressive double-digit growth in all key areas in 2007, President/CEO Mark Welch and Executive Vice President/COO/CFO Michael J. Jones announced last night at the bank's Annual Meeting at Ipswich Country Club. More than 200 Trustees, Corporators and bank employees were in attendance.
According to a financial overview of 2007 presented by Mr. Jones, total assets as of December 31, 2007 were $870.4 million, an increase of 10 percent from 2006. Despite the suffering housing market, loans grew by approximately 20.8% percent, to $511.1 million. Total deposits were $643.7, an increase of 12.5% from 2006. All comparative data for 2006 reflects the combined totals of the Institution for Savings and the Ipswich Co-operative Bank, which merged in July 2007.
The year was perhaps the most significant in the Institution for Savings' 188-year history, said Mr. Welch in reviewing the year's accomplishments. In addition to the merger and the Institution's impressive growth, the bank opened a new full-service banking office in Rowley in October. The new office, located at 312 Haverhill Street near the intersection of Routes 1 and 133, exceeded first year growth projections in its first three months of operation, said Mr. Welch.
"Last year was a remarkable year for us in so many ways," said Mr. Welch. "When we approved this merger last spring, we asked our Corporators to trust management to affect a merger that would be good for our customers, good for our communities and good for our employees…and by all measurements, that certainly has held true. At a time when many other banks struggled to grow, our assets, loans and deposits increased substantially, and our two newest banking offices experienced phenomenal success. I really believe that it is a testament not simply to our competitive rates and personal style of doing business, but to our strong commitment to our communities. It is becoming increasingly clear that more and more people just want to do business with a strong local bank."
In addition to financial successes, Mr. Welch outlined instances where the bank demonstrated its commitment to the community in 2007. He cited as examples several substantial donations from the bank's two charitable foundations, including three new $15,000 scholarships to Newburyport, Ipswich and Triton graduates, thousands of dollars to local food pantries, and nearly $350,000 to renovate playing fields in Ipswich, the performing arts center at Ipswich High School, and World War Memorial Stadium in Newburyport.
Corporators elected one new Trustee during the meeting as well as several new bank officers to its management team. Jeremiah T. Lewis, president of the Bernard M. Sullivan Insurance Agency of Ipswich and a Newburyport resident, was elected to replace retiring Trustee Thomas Flynn, who was honored by Mr. Welch for his 25-year service. Additionally, Mary Anne Clancy was promoted to Vice President of Communications, and Wesley Barry, April Shonkwiler and Joshua Tuff were promoted to Assistant Vice Presidents.
The President's Award, an annual commendation given to an employee who has displayed outstanding performance in the previous year, was also announced. For the first time in the award's history, Wesley Barry was the recipient for the second year in a row, and will receive a $2500 cash award, an extra week's vacation and a reserved parking space for the year.
