Bank recognized as One of Top 50 Charitable Contributors in Massachusetts
For the fifth consecutive year the Institution for Savings has been named one of the region's top 50 corporate charitable contributors by the Boston Business Journal (BBJ) in its annual 2020 Corporate Citizenship Awards.
The BBJ annually publishes the list to showcase companies that promote and prioritize giving back to their communities — a feat that is even more important during times of turmoil and challenge.
“Charitable giving is one of the cornerstones of our vision of having a positive effect of every person, business and organization within the communities we serve which makes this recognition so gratifying,” said Institution for Savings President and Chief Executive Officer Michael J. Jones. “Supporting those in our communities who are struggling, particularly during these last six months, has never been more critical. We will continue to do everything we can to make a difference where it is needed the most.”
"During a year filled with unprecedented events and change, it’s incredible to think that this year’s list is the largest we have ever compiled," said BBJ Market President and Publisher Carolyn Jones. "Philanthropic companies like the Institution for Savings prioritize the welfare of our communities, and we are excited to be able to honor them.”
This year 107 companies — a record number — have qualified for recognition on the complete list by reporting at least $100,000 in cash contributions to Massachusetts-based charities and social-service nonprofits last year. The honorees this year include companies from health care, technology, financial and professional services, retail, professional sports and more.
The companies were honored at a virtual awards ceremony on September 10th.
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Bank Turns 200: Raises Anniversary Flag to Commemorate its Bicentennial
In early 1820, 34 prominent citizens of the City of Newburyport sent a request to the Massachusetts General Court requesting 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. Opening deposits totaling $465.10 were collected on the first day.
Now, 200 years later, the Institution for Savings is a $3.7 billion bank, but on the same path on which its was founded in 1820: making life better for its customers and its community. Earlier this week Institution for Savings President and CEO Michael J. Jones raised the 200th anniversary flag outside the Bank’s 93 State Street Main Office campus, officially kicking off a yearlong bicentennial celebration. The event was attended by the Bank’s employees, Board of Trustees, employees and customers.
“For 200 years we have provided our depositors with a safe and stable place to see their savings grow,” said Jones. “Our depositors have trusted us to lend their savings to their families, friends and neighbors to buy homes, businesses, automobiles, and finance education. Our financial success has allowed us to support local nonprofit organizations and causes to help those less fortunate and ensure that our community continues to be a good place to live and work. We are thrilled to be able to celebrate so many accomplishments and milestones throughout this year, and especially to say thank you to our loyal customers who have made this 200th anniversary milestone possible.”
In addition to flying the anniversary flag at all of the Bank’s offices, other things planned for the Bank’s bicentennial year include a dedicated website with information and historic photos (ifs200.com); a commemorative coin; a series of activities and events throughout the year marking 200 years; a historic wall calendar (now available at all offices); a video; and a hardcover history of the Bank to be published later this year.