In 1820, 34 prominent citizens of the City of Newburyport sent a request to the Massachusetts General Court seeking 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 $5 billion. It is the largest mutual bank on the North Shore of Massachusetts.
The Bank’s strong and steady reputation goes far beyond our elegant Victorian main office, 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.
Over the last two decades the bank has made significant strides to expand its market. In 2006, it opened the 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. In 2014, we merged with Rockport National Bank, adding three offices to our growing footprint. It 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. They also have a Residential Lending Center in downtown Newburyport and a Commercial Lending Center located in the Rowley office.