NEWS
March 14, 2007
Institution for Savings Post Strong Growth; Approves Merger with Ipswich Co-Operative Bank
Newburyport, MA -- The Institution for Savings posted solid growth in 2006, announced President and CEO Mark Welch at the bank's Annual Meeting last evening. held at Nicholson Hall and attended by more than 150 trustees, corporators and employees.
Total assets as of December 31, 2006 were $554,009,917, an increase of 6 percent over 2005. Despite the suffering housing market, loans grew by approximately 8.6 percent, to $246,641,091, while total deposits were $394,327,729, a nearly 7 percent increase over 2005.
The year was one of the busiest in the Institution for Savings' 187-year history, said Mr. Welch in reviewing the year's accomplishments. The bank introduced a new Commercial Lending division, underwent a bank-wide conversion to its core computer processing systems, and opened a new full-service banking office in the heart of Salisbury Square. The new office, located at 7 Bridge Road and the institution's first outside of Newburyport, continues to grow with the goal of becoming "Salisbury's bank" for residents and businesses alike.
The meeting also was a milestone for the state's oldest mutual bank as its Corporators unanimously approved a merger between the Institution for Savings and the Ipswich Co-operative Bank. Earlier in the day, Ipswich shareholders also unanimously ratified the merger, paving the way for a July 1st consolidation, pending final approvals by the Massachusetts Division of Banks and the FDIC. The combined Institution for Savings will remain headquartered in Newburyport and led by Mr. Welch, and will result in a nearly $800 million bank with 90 employees and offices in Salisbury, Newburyport, Rowley and Ipswich.
"I'm pleased that our Corporators agreed with the decision of our Board of Trustees and saw the enormous benefits of the consolidation with the Ipswich Co-operative Bank," said Mr. Welch of the affirmative vote of the Corporation. "The vote was overwhelmingly supportive of what we are doing to position the bank for even greater success in the future."
A number of new Trustees, Corporators and Officers were also elected during the meeting. Cindy Johnson, owner of Publishing Services, John Leary, financial consultant, and Freeman Condon, owner of Beach Plum Farms were voted as Trustees. New Corporators include John Elwell, Dr. Kevin Gasiorowski, Henry Richenburg and Fred Abdulla. Assistant Treasurer Caroline Meagher was promoted to Vice President, while Lisa Bayko, Rebecca Collins, Rebecca Conary, Melissa LeBel and Holly Reardon 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. Personal Banker Wesley Barry was the 2006 recipient and will receive a $2500 cash award, an extra week's vacation and a reserved parking space for the year.
