NEWS
February 7, 2007
Two Strong Community Banks to Combine
Committed to serve needs of local communities and customers together
Newburyport, MA - The Institution for Savings and the Ipswich Co-operative Bank, two of the North Shore's most highly regarded and iconic community banks who have served the local financial needs in their respective communities for a combined total of more than 280 years, announced today that they will join together to create one strong mutually owned savings bank.
The union was recently approved by the Institution for Savings Board of Trustees and Ipswich Co-operative Bank's Board of Directors. Pending final approval by the Institution for Savings Corporators, Ipswich depositors, the Massachusetts Division of Banks and the FDIC, the union is expected to be completed on or around July 1st.
Click here to read the 2/12/07 editorial in THE DAILY NEWS
The consolidated bank will remain as the Institution for Saving, operating under the Institution's original charter from 1820 and with its Main office at 93 State Street, Newburyport. Current Institution for Savings President and CEO Mark Welch will continue in that role, and Ipswich President and CEO Michael Jones will assume the position of Executive Vice President and Chief Operating Officer. The union will result in total assets approaching $800 million and five offices in Newburyport, Salisbury, Rowley and Ipswich. All of the 90-plus employees of both banks will be retained as a result of the merger.
"This is as natural a merger between two community banks as I have ever seen," said Mr. Welch in jointly announcing the merger with Mr. Jones. "Our two institutions share a common philosophy of providing our customers with the very best in products and services while remaining deeply committed to our communities and to our employees. Unlike other recent consolidations, this union is very much about two financially strong and profitable mutual banks deciding that we can better serve the financial needs of our customers and our communities together rather than separately. It's that simple."
"The Institution for Savings has always been a bank that we wanted to emulate," said Mr. Jones. "For many years it has been among the top performing banks in the Commonwealth and it has done it with class. This consolidation puts our bank twenty-five years into the future. I look forward to working with Mr. Welch and his team."
"We are not striving to become a big bank -- rather, we want to continue to be a great bank," said Mr. Welch. "Combining with Ipswich allows us to strengthen and expand our long-standing commitment to our customers and communities to include Rowley and Ipswich, two additional locations, and a talented team of professionals who share our dedication to excellence."
