News

August 2015

Main Street Rockport Foundation Donates $344,000

The Institution for Savings, through its Main Street Rockport Charitable Foundation, donated and pledged $344,085 in the first half of 2015 to not-for-profit organizations in the greater Beverly and Cape Ann communities.

The Main Street Rockport Charitable Foundation was funded in the amount of $2 million in 2014 as part of the Bank’s merger with Rockport National Bank to assist local charitable groups in meeting their missions. The Foundation’s goal is to donate five percent per year, according to Institution for Savings President and CEO Michael J. Jones. Since its inception the Foundation has given more than $600,000.

“Our vision at the Institution for Savings is to positively affect the lives of every person, business and organization within the communities we serve,” said Mr. Jones in announcing the donations. “It is important for us to realize this vision by supporting organizations who also seek to improve our communities. We received grant requests totaling over $750 thousand; which is extraordinary for a $2 million foundation. We wish we could have given to all of the organizations who applied.”

The largest grant was $200,000 pledged over 10 years to Essex County Greenbelt Association. The donation was part of an overall $1 Million pledge made by the Bank’s three Charitable Foundations. Other grants included $6,400 to the Cape Ann Chamber of Commerce; $5,000 to Action Inc., Rockport Art Association, the Cape Ann Chapter of National Alliance on Mental Illness, the Gloucester Stage Company, Pathways for Children, Grace Center, the Greater Beverly Chamber of Commerce, and United Veterans Council of Gloucester through the Gloucester Fund; $4,500 to the Edward Peterson Post #98 American Legion; $3,000 to Beverly Homecoming and Rockport High School DECA; and $2,500 to Rockport Illuminated, Backyard Growers/Cape Ann Business, the Christmas Tree Committee, Gloucester Fireworks and Boulevard Concert, Cape Ann Art Haven, Essex Merchants Group, the Gloucester Schooner Festival, VNA Care Network and Hospice, and Wellspring House.

Other recipients included Cape Ann Animal Aid, Gloucester World War II Memorial Committee, Ocean Alliance, Rockport Exchange, Rockport Navy Committee, Beverly Council on Aging, Beverly Rotary Club, Rotary Foundation District 7930, Rockport Diamond Sports, Rockport Elementary and High Schools, St. Peter’s Fiesta, Gloucester CDFS, Rockport Diamond Sports, Essex County Chiefs of Police Association, Friends of Rockport Athletics, and Beverly High School PTSO Up All Night.

The Foundation also awarded three $15,000 scholarships to graduating seniors at Beverly, Gloucester and Rockport High Schools. Lily Jean Sanfilippo, Gloucester High School; Jamey Ouellette, Rockport High School; and Nicholas Zelano, Beverly High School were the first year recipients of these annual scholarships.

The Main Street Rockport Charitable Foundation Grant Committee meets in June and December of each year. Completed applications are due November 15th and May 15th . For more information on guidelines as well as the application, visit the Bank’s website at institutonforsavings.com and click on the Charitable Foundations link.

July 2015

Institution for Savings to Open a New Full-Service Office in Boxford

The Institution for Savings will bring community banking back to Boxford by opening a new full service  office inside the Boxford Community Store in the heart of the Village, announced President and CEO Michael J. Jones today. Pending approvals by the Federal Deposit Insurance Corporation and the Massachusetts Division of Banks, the new facility tentatively is scheduled to open later this fall and will be the only bank located in Boxford.

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June 2015

Institution for Savings to Open a New Full-Service Office in Hamilton

Continuing its growth along the North Shore, the Institution for Savings announced plans to open a full-service retail office in Hamilton, pending approvals by the Town of Hamilton, the Federal Deposit Insurance Corporation and the Massachusetts Division of Banks, announced president and CEO Michael J. Jones today. The new facility is tentatively scheduled to open in the fall of 2016.

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March 2015

Institution for Savings Pledges $1.5 Million to the Ipswich Family YMCA for Outdoor Aquatic Center

The Institution for Savings, through its 2 Depot Square Charitable Foundation, has pledged $1.5 million to Phase 2 of the Ipswich Family YMCA’s Capital Campaign, announced President and CEO Michael J. Jones. This gift, the largest grant in the Foundation’s 10 years of existence, will be used to construct an Outdoor Aquatic Center.

“The Family Y is an integral part of Ipswich, improving the lives of so many as it serves the health, fitness, education and caregiver needs of thousands of families and individuals each year,” said Mr. Jones in announcing the gift. “Much like the Y, the Institution for Savings is committed to having a positive impact on those in our communities.  I believe this gift will accomplish just that, providing a modern facility that is welcoming, vibrant and accessible for those of all ages and socio-economic backgrounds.”

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March 2015

Institution for Savings Posts Fifth Consecutive Year of Record Earnings:  Completes Successful Acquisition of Rockport National Bank, Named Top Employer by the Boston Globe, Reaches Historic Highs in Total Assets, Total Loans, Total Deposits and Net Operating Income

2014 was another momentous year for the Institution for Savings as the Bank reported its fifth consecutive year of record earnings,  successfully completed the acquisition of Rockport National Bank  and was named the Top Medium Sized Employer by The Boston Globe for the second straight year and third time in four years.  These accomplishments were announced by President and CEO Michael J. Jones at the Bank’s 195th Annual Meeting held March 9th at the Black Swan County Club in Georgetown attended by more than 300 Bank corporators and employees.

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