News

December 2014

Institution for Savings Donates and Pledges $250,000 to Local Non-Profits in First Round of Main Street Rockport Charitable Foundation Grants

The Institution for Savings, through its newly formed Main Street Rockport Charitable Foundation, recently approved $250,000 in grants and pledges in its first round of bequests, announced Bank President and CEO Michael J. Jones today.

The largest of the awards were two $100,000 three-year pledges:  one, to Beverly Bootstraps to purchase and renovate a new building for its growing organization; and a second  to The Open Door  of Gloucester towards  its $1.25 million capital campaign  and to support its ongoing mission to alleviate the impact of hunger in Gloucester, Rockport, Manchester, Essex and Ipswich.

Other Cape Ann non-profits receiving first-round grants include: Care Dimension of Rockport, Gloucester Education Foundation, Beverly Citywide PTO, Kestrel Educational Adventures, Northeast Massachusetts Youth Orchestras, the Beverly Education Foundation, Rockport Music, Rockport Female Charitable Society, Gloucester High School Stage Band, New Year’s Rockport Eve, St. John’s Episcopal Grace Center and the VFW of Gloucester.

Also, Pathways for Children, North Shore YMCA, Gloucester High School Boys Soccer Boosters, North Shore Community Mediation Center, First R Foundation, The Gloucester Fund, Senior Care, North Shore Health Project, Rockport Youth Soccer, and the Society of St. Vincent de Paul.

“We launched the Main Street Rockport Foundation earlier this year as a vehicle for sharing the Bank's success with our Cape Ann and Beverly communities,” said Mr. Jones in announcing the awards. “Our vision is to have a positive effect on every person, business and organization in the communities we serve, and I believe this first round of grants will help us achieve that. We look forward to continuing to assist when possible and to put our charitable funds into the hands of those who need it most.”

About the Main Street Rockport Charitable Foundation
Through its Grants Committee, the Main Street Rockport Charitable Foundation awards funds to organizations in Cape Ann, Beverly, and the surrounding communities designated as charities under IRS section 501 (c) (3).  The Foundation focuses its giving in four main areas:  economic and community empowerment, youth development, public education, arts and culture, and health and human services.  The Grants Committee meets in June and December of each year. More information and a grant application can be found here.

November 2014

Institution for Savings Chosen as #1 Medium Employer in Massachusetts for 2nd consecutive year.

For the second consecutive year, the Institution for Savings has been named as the #1 Medium Employer in Massachusetts in The Boston Globe’s annual Top Places to Work Survey, announced the Globe’s CEO Mike Sheehan.  The announcement was made on November 12th  at a reception hosted by the Globe at Cruiseport Boston and featured in the Top Places to Work 2014 magazine published in the paper on Sunday, November 16th .  Online, the report can be found here.

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September 2014

"A True Institution" How this Newburyport-Based Bank Defied the Odds and Grew 60 Percent in the Last Four Years

Read More North of Boston Business Article

August 2014

Merger Complete Between Institution for Savings and Rockport National Bank

At the close of business today Institution for Savings and Rockport National Bank completed their merger.  The former offices of Rockport National Bank will open tomorrow as the Institution for Savings. “Simply put we want to offer the residents and businesses of Cape Ann and Beverly the best products and services in the marketplace”, said Michael Jones, President and CEO of the Institution for Savings.  “We are here to provide another option for people to choose which bank will best fit their needs and we believe this is beneficial to everyone who lives or works in the communities of Cape Ann and Beverly”.  

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July 2014

Merger Between Institution for Savings and Rockport National Bank Approved

Anticipated Closing August 29th

Shareholders of Rockport National Bancorp Inc. today approved the merger of Rockport National Bank and Institution for Savings in Newburyport and Its Vicinity.  The FDIC, the primary federal regulator of the Institution for Savings, had previously approved the proposed combination.  Pending receipt of a few additional regulatory approvals, the anticipated closing date of the merger is Friday, August 29.

As part of the merger agreement, the Institution for Savings will fund a Charitable Foundation in the amount of $2 million for the benefit of not-for-profit organizations in the markets that Rockport National Bank currently serves.

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May 2014

Bank Transfers Newburyport High School Field Naming Rights to Legendary Coach Stehlin

By Newburyport Daily News

Upon its completion next year, the new turf field at Newburyport High School's World War Memorial Stadium will be named in honor of one of Newburyport's most celebrated coaches, former football coach Jim Stehlin.

The Institution for Savings' Board of Trustees voted unanimously this week to transfer its field naming rights to honor the legendary football coach so that the new facility will be known as James T. Stehlin Field at World War Memorial Stadium.

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March 2014

Trustee Saira Naseer-Ghiasuddin Chosen For Medical Society Award

By Newburyport Daily News

Newburyport physician Saira Naseer-Ghiasuddin, M.D., has been honored by her physician peers of the Essex North District Medical Society as the district’s 2014 Community Clinician of the Year.
The award will be presented April 9 at the organization’s annual meeting at DiBurro’s Function Facility in Haverhill.

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March 2014

10 Business Leaders to Watch in 2014:  Michael Jones Interview

The Institution for Savings has been in business since 1820.  During the past few years, the business has seen significant growth, cementing its place among the most successful banks in Massachusetts.  Last year, the bank's net income was $25.6 million, an increase of 49 percent over 2012 and a record-breaking amount for the fourth year in a row.  Much of the growth has been the result of the bank's expansions.  In 2006, The Institution for Savings opened its first branch outside of Newburyport and it now has seven branches, including those in Salisbury, Ipswich, Rowley and Topsfield.

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March 2014

Trustee Jim Ellard Honored for Making A Difference

New England Biolabs CEO and Institution for Savings Trustee Jim Ellard, right, with Topsfield resident Jerry McCarthy, left and former State Senate Majority Leader Fred Berry, center.

By Dan Mac Alpine Ipswich@wickedlocal.com

March. 14, 2014 @ 5:56 pm

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March 2014

Institution for Savings Posts Fourth Consecutive Year of Record Earnings . . .Reaches All-time High Numbers in Total Assets, Total Loans, Total Deposits and Total Capital in 2013.

Newburyport, Ma - For the fourth consecutive year the Institution for Savings reached all-time highs in total assets, total loans, total deposits and total capital, announced President and Chief Executive Officer Michael J. Jones. The results were reported at the Bank's 194th Annual Meeting held March 10th at the Black Swan County Club in Georgetown and attended by 250 Bank Corporators and Employees.

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February 2014

Nina P. Cutts Joins Institution for Savings as Vice President of Commercial Lending

Nina P. Cutts has joined the Institution for Savings as Vice President of Commercial Lending, announced President and CEO Michael J. Jones recently.  In her new position she will work closely with the Institution for Savings’ commercial lending team to expand the Bank’s growing commercial real estate, construction and commercial and industrial portfolio throughout Massachusetts and southern New Hampshire.

Ms. Cutts has more than 25 years of experience in banking, lending and financial services.   Before coming to the Institution for Savings, she was the Vice President of Commercial Lending at The Provident Bank in Amesbury where she managed an $82 million commercial loan portfolio. Before that Ms. Cutts held a similar position at TD Bank in Portsmouth, NH.

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December 2013

Institution for Savings Topsfield Office Deposits Reach $50 Million in First 6 Months

After opening its doors just a little more than six months ago, the Institution for Savings’ newest banking office located at 5 Main Street in Topsfield has already exceeded $50 million in deposits, announced President and Chief Executive Officer Michael J. Jones recently.  This milestone is particularly impressive given the growing national trend for banks to close offices rather than open new ones.

“While we enthusiastically embrace and encourage alternative banking channels such as internet and mobile banking, I firmly believe that conveniently located offices and our personal style of banking continues to be most important to customers. That certainly has proven true in Topsfield,” said Mr. Jones.

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December 2013

Institution for Savings Rowley Office Deposits Top $200 Million

At a time when the growing national banking movement has seen either stagnation or a decline in deposits, the Rowley Office of the Institution for Savings is defying that trend, recently exceeding the $200 million milestone in total deposits just six years after opening its doors.

“We are very happy to see the phenomenal growth that this location has experienced in the last six years,” said Institution for Savings President and CEO Michael J. Jones. “I believe it proves that our brand of personal, professional attention to our customers, coupled with great products, great rates, low fees and community support is exactly what customers are looking for in a bank.”

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December 2013

Bank Trustee Thankful to be Here

Excerpted from the Daily News, November 28, 2013

Jim Vaiknoras/staff photo.
Dr. Saira Naseer-Ghiasuddin, an internist at the Anna Jaques Hospital, came to the U.S. from Pakistan.

Dr. Saira Naseer-Ghiasuddin, an internist with an office on Green Street and patient privileges at Anna Jaques Hospital, has come a long way from her home in Lahore, Pakistan.

But the energetic physician would have it known that despite the occasional harrowing headline, Pakistan is a nation where girls and women have many opportunities to pursue their dreams.

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November 2013

Institution for Savings Named #1 Medium Employer in Massachusetts

The Institution for Savings has been named as the #1 Medium Employer in Massachusetts in The Boston Globe’s annual Top Places to Work Survey, announced the Globe’s Publisher Christopher Mayer.  The announcement was made on November 14th   at a reception hosted by The Globe at Boston’s Seaport Hotel and will be featured in the Top Places to Work 2013 magazine that will be published in the paper on Sunday, November 17th.  Online, the report can be found by clicking here.

This is the sixth consecutive year that the Bank has made the list and the second time that it has ranked number one.  It was named number one Small Employer in 2011.

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October 2013

  Karl R. Wilson Joins Institution for Savings as Senior Vice President of Commercial Lending

Karl R. Wilson has been hired as Senior Vice President of Commercial Lending, announced Institution for Savings President and Chief Executive Officer Michael J. Jones.

Mr. Wilson has nearly 30 years of commercial lending and business development experience, with a strong emphasis on the North Shore. Before joining the Institution for Savings he held a similar position at North Shore Bank where he managed a $55 million corporate loan portfolio. Previously, Mr. Wilson was also Senior Vice President of Commercial Lending at Century Bank.

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October 2013

  John A. LeBlanc Joins Institution for Savings as Vice President of Loan Operations

The Institution for Savings recently hired John A. LeBlanc as Vice President of Loan Operations, announced President and Chief Executive Officer Michael J. Jones.  In that role, he will manage and direct the servicing of the Bank’s residential and consumer loan portfolio.

Mr. LeBlanc joined the Institution for Savings from St. Mary’s Credit Union where he worked for six years, most recently as Vice President of Loan Operations.  His previous loan experience was at Union Trust Mortgage, Cambridgeport Bank and the Stoneham Cooperative Bank.

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July 2013

Institution for Savings Donates $500,000 for New Library in Salisbury

Further solidifying its long-standing commitment to the Town and residents of Salisbury, the Institution for Savings has pledged $500,000 towards the construction of the new public library, announced President and CEO Michael J. Jones.

“When we opened our Salisbury office in 2006 we pledged to become a true partner with the Town of Salisbury and to positively affect the lives of every person, business and organization in this great community,” said Mr. Jones.  “I can think of few better ways to do that than to help fund this much-needed new library – a place that can be used by virtually every Salisbury resident. We are thrilled to be able to help.”

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July 2013

Boston Business Journal Executive Profile on Michael Jones

Jones Charts Growth for Long Haul . . . The executive offices at Massachusetts banks aren't exactly full of young faces.  So three years ago, when Michael Jones became president at the Institution for Savings in Newburyport at 42, his board and his fellow bank employees were a little skeptical.

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June 2013

Bank Donates Funds for Topsfield’s Korean War Veterans Memorial

Local veterans gathered with representatives from the Institution for Savings at the recently dedicated Korean War Veterans Memorial on Veterans Green in Topsfield.  The Bank donated funds for the monument which recognizes the “Forgotten War" in which 44,000 Americans were killed, as well as honors the only Topsfield casualty, PFC John Anthony Steline.

Pictured from left to right:  Henry Steline, brother of PFC John Anthony Steline; Ryan Burke, West Point Military Academy Class of 2017;  Dave Comeau, Commander, Topsfield American l Legion; Paula Burke, mother of Ryan Burke; Norm Eisler, Topsfield Historical Society;  Michael Jones, Institution for Savings President and CEO; Kimberly Rock,  Executive Vice President and COO; and Suzanne Bradford,  Topsfield office Manager.

March 2013

Institution for Savings Posts Third Consecutive Year of Record Earnings

For the third consecutive year the Institution for Savings posted record earnings for 2012, reporting $17.2 million in net income, announced President and Chief Executive Officer Michael J. Jones at the Bank’s 193rd Annual Meeting.  The event was held on March 11 at Black Swan Country Club with 240 of the Bank’s Corporators and Employees attending.

The $17.2 million in net earnings, an increase of $1.2 million over 2011, was the highest in the Bank’s 192-year history. Total assets increased $102 million, or 8 percent, reaching $1.4 billion. The majority of the growth was in the Bank’s lending portfolio which increased $113 million or 15 percent.

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February 2013

Institution for Savings Educational School Banking Office Opens at Masconomet Regional High School

High school students now have a unique opportunity to learn firsthand what it takes to be bankers at the Educational School Bank of the Institution for Savings which recently opened within Masconomet Regional High School.

The School Bank, located near the school store and cafeteria, has been completely renovated into a working facility, with hardwood floors, granite countertops and a check counter. The Masconomet Educational School Bank is a full service retail banking office approved by the Federal Deposit Insurance Corporation (FDIC) and Massachusetts Division of Banks.  The School Bank is staffed by Supervisor Donna Emerzian who is in the process of training students to work at the Bank. It offers checking, savings, student ATM cards and other personal banking products and services to students and faculty members and from 10:30 a.m. -2:30 p.m. when school is in session.

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January 2013

Bruce Macdonald Promoted to Manager of Institution for Savings' Salisbury Office

Bruce P. Macdonald has been promoted to Manager of the Institution for Savings’ Salisbury Square Office, announced President and Chief Executive Officer Michael J. Jones today. Mr. MacDonald succeeds April Shonkwiler who is relocating with her family out of state.

Mr. Macdonald joined the Institution for Savings in June of 2011 as Assistant Manager of the Salisbury Square Office. Before that, he was Branch Manager at several locations for the former First National Bank of Ipswich. Earlier in his career, he was employed at Brookline Savings Bank.

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