NEWS

January 17, 2008
Institution for Savings Charitable Foundations Donate Nearly a Half Million Dollars to Local Organizations in 2007

The Institution for Savings, through its two philanthropic foundations, donated a combined total of $479,073 to 60 local not-for-profit groups and organizations in 2007, announced Institution for Savings President/CEO Mark Welch today. This brings the total amount for the combined foundations to more than $1.6 million since 2005.

The Institution for Savings Charitable Foundation, established in 1997, gave $315,223 last year to organizations representing education, arts and humanities, health and human services, youth programming, and community support. Among the Foundation's largest bequeaths were donations to the Triton Educational Foundation, the digital mammography center at Anna Jaques Hospital; the renovation of Salisbury Town Hall; the Pettengill House; the Jeanne Geiger Crisis Center; Our Neighbor's Table; and restoration of World War Memorial Stadium in Newburyport. In December alone, the Foundation gave $36,000 to 9 food pantries to assist them in preparation for the winter months.

The 2 Depot Square Foundation, founded in 2005 to serve the needs of Ipswich and the surrounding area, made donations of $163,850 in 2007. Those organizations receiving support included the Ipswich Family YWCA, the Friends of Ipswich Athletics, Caldwell Nursing Home, Chorus North Shore, Ipswich Public Schools, and the Ipswich Historical Society.

"As a community bank, our goal is unwavering: to positively affect each and every person, business and organization within the communities we serve," said Mr. Welch in acknowledging the gifts. "One of the key ways that we are accomplishing this vision is by putting these funds back into the hands of those who need it most - in the last 3 years, more than $1.6 million. These organizations have an amazing impact on our communities, and we're please and proud to offer our assistance in this way."

Michael J. Jones, Institution for Savings Executive Vice President/COO, agreed: "Supporting the communities we serve is more than just bricks and mortar. As a mutual savings bank, we're free to demonstrate our true commitment to our communities that goes beyond profits…a commitment to constantly do what we can to improve the lives of those around us. That's what true community banking really is all about."