About Institution for Savings
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 $4 billion. It is also the largest mutual savings bank in the greater Newburyport region and the third largest on the North Shore.
Our 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. I want to thank and acknowledge all the leaders who preceded me, building the foundation and stability that the Institution for Savings enjoys today. Further, I am forever grateful to those thirty-four Newburyport residents who were responsible for obtaining our savings bank charter, which we will forever cherish and maintain… Continue reading about Institution for Savings here
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