The Bank will award a total of six $20,000 scholarships this year. Graduating seniors from Newburyport, Amesbury, Triton Regional, Pentucket Regional, Beverly, Gloucester, Hamilton-Wenham, Ipswich, Rockport, Salem and Beverly High Schools are eligible for this scholarship. To qualify, students must be ranked in the top 50 of their class, be accepted for admission at an accredited college or university, and demonstrate traits consistent with the Bank’s vision of having a positive effect on the lives of others through leadership, volunteerism, innovation, service and academic achievement.
“Offering these scholarships to students in our communities is one of the cornerstones of what we do,” said President and CEO Michael J. Jones. “Every year it’s an honor for me to read the hundreds of applications we receive from intelligent and promising graduates. Our past recipients have gone on to become doctors, engineers, teachers, writers and more, all having a positive impact on our world.”
Applications are available online at the Bank’s website by clicking on the Community link. Applications are also available in each school’s respective guidance offices. Completed applications are due by March 31st and can be sent to Institution for Savings, PO Box 510, Newburyport, MA 01950.
To honor the life of one of its longest serving employees, Institution for Savings has established the Patricia D. (“Pat”) Connelly Memorial Scholarship, announced president and CEO Michael J. Jones today. The scholarship will be awarded annually to a graduating Newburyport High School senior who embodies Pat’s love of the City of Newburyport and her spirit of kindness and giving back to her community.
“Pat was one of the Bank’s most tenured employees but that wasn’t what made her so special,” said Mr. Jones. “She cared deeply about those who were less fortunate than herself, and always strived to find ways to ease their burdens, whether it was a kind gesture, giving of her time or making a personal donation. Pat was also immensely proud of her Clipper roots as a 1964 graduate of Newburyport High School, following the activities of the many sports teams, attending plays in the auditorium and more. As a member of the Bank’s scholarship committee Pat loved that the Bank’s support helped make college attainable for many worthy students. I know she would be proud and pleased to know that future generations of passionate Clippers will be helped in her name.”
More information about the scholarship criteria as well as an application can be found on our Scholarship page.
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.
Gift of 200 Trees Rooted in Hope
10th Annual Credit for Life Fair Goes Virtual
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.