Institution for Savings Plans Expansion of Main Office
The Institution for Savings is planning a renovation and expansion of its main office headquarters located at 93 State Street in Newburyport, announced President and Chief Executive Officer Michael J. Jones this week.
The plans, submitted recently to the City, would include an 8,800 square foot two- story addition to the rear of the main office over the current employee parking lot. The first floor would remain an employee parking area. The second-floor space will include multiple offices to be used by existing staff as well as two conference rooms, an employee break room, and storage and equipment area s. Renovations will also be done to the existing rear building and include second-floor offices and a small conference room as well as a first-floor archival area displaying the Bank’s many historic documents and artifacts from its 200-year history.
“This elegant historic brownstone building was built in 1871 and has been the headquarters of the Institution for Savings for almost 150 years,” said Jones. “Designed by well-known Boston architect Rufus Sargent it has known only two renovations during that time: the remodeling a
nd addition of the side wing in 1903 designed by local architect Edwin Dodge, and the addition to the rear building in 1983 designed by Woodman & Associates. With our bylaws stating that this Bank will
always be headquartered in Newburyport, we hope to follow in the footsteps of these impressive predecessors by adding much-needed office space and updating our infrastructure for the 21st century.”
In the fall of 2019, the Bank completed exterior restorations to the front of the building. Improvements consisted of three main phases: repair and restoration of the exterior brownstone; replacement of the front entrance stairs; and repainting and staining of the windows and doors. The restoration was overseen by the Bank’s Executive Vice President and Chief Operating Officer Kimberly Rock.
“Our main office has often been referred to as Newburyport's finest example of classical Italianate architecture executed in brownstone and is so important to the history of our Bank as well as that of Newburyport,” continued Jones. “This renovation will allow us to grow and thrive in a beautiful, state-of-the-art building and continue to serve the people of this community and beyond for many years to come.”
Pending approval by the appropriate city committees and departments, construction could commence as early as late summer.
Bank Turns 200: Raises Anniversary Flag to Kick Off Yearlong Celebration
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.
Bank Donates $77,500 to Local Food Pantries & Shelters; Consolidates Three Foundations into One
The Institution for Savings, through its charitable foundations, recently donated $77,500 to 20 North Shore area food pantries and meals programs, announced President and Chief Executive Officer Michael J. Jones.
“Our local food pantries and shelters do a tremendous job of feeding and caring for those in need all year round but there is no greater need than around the holidays,” said Mr. Jones. “Our pledge at the Institution for Savings has always been to provide resources to those who need it most, and I can think of no greater need at this time of year than providing food and shelter.”
Donations were given to the following organizations: Acord Food Pantry, $5,000; Among Friends Meal Program at St. Paul’s Church, $5,000; Beverly Bootstraps, $2,500; Central Congregational Church of Newburyport, $2,500; Community Service of Newburyport, $2,500; Ipswich Caring, $5,000; Ipswich Dinner Bell, $5,000; Middleton Food Pantry, $5,000; Newbury Community Food Pantry, $2,500; The Open Door/Cape Ann Food Pantry, $2,500; Rowley Food Pantry, $5,000; Salem Pantry, $5,000; SeniorCare, $7,500; St. Basil Kitchen at Annunciation Greek Church of Newburyport, $2,500; St. John’s Episcopal/Grace Center, $2,500; St. Vincent de Paul/Gloucester, $2,500; St. Vincent de Paul/Newburyport, $2,500; The Pettengill House, $5,000; The Salvation Army/Newburyport, $2,500; and Topsfield Food Pantry, $5,000.
Jones also announced that the Bank recently consolidated its three charitable foundations into one foundation. The Institution for Savings Charitable Foundation will now serve non-profit organizations throughout the North Shore from Salisbury to Cape Ann, and surrounding communities. More information can be found on the charitable page of the Bank’s website at www.institutionforsavings.
Institution for Savings Gifts $100,000 to Boys & Girls Club of the LMV
The Institution for Savings, through its charitable foundation, made a generous $100,000 donation to the Boys & Girls Club of Lower Merrimack Valley’s capital campaign. The gift was announced by Vice President Chris Sullivan at the Greater Newburyport Chamber of Commerce & Industry’s monthly breakfast held November 14th at the Boys & Girls Club in Salisbury. The Bank’s donation will be used to make much-needed renovations and improvements to the gymnasium/auditorium, including replacing the floor, painting walls, upgrading sound quality and acoustics and replacing worn basketball backboards and athletic equipment.
“The Boys & Girls Club is an incredible organization that provides so many important resources for our youth,” said Institution for Savings President and Chief Executive Officer Michael J. Jones. “Under the leadership of longtime executive director Jim Keenan, his hard-working staff and a committed board of directors, the Boys & Girls Club has become a critical resource for local families, providing a safe, affordable and nourishing ‘home away from home’ for children and teens. We are happy to be able to support their vision.”
Bank Donates More than $430,000 in Third Quarter of 2019
The Institution for Savings, through its three charitable foundations, awarded and pledged $431,956 in charitable grants to non-profit organizations throughout the North Shore during the third quarter of 2019, announced President and Chief Executive Officer Michael J. Jones.
The largest donation was $25,000 to the Amesbury Carriage Museum to assist in building out its first-ever exclusive space. The Bank also made a $23,750 grant to the Pettengill House in Salisbury for programs and services; $18,800 to the Salisbury Elementary School PTA to purchase Chromebooks and iPads for the students; and $12,000 the Greater Newburyport YWCA to support the sliding scale childcare program. The Bank also made recurring payments on several large grants approved earlier, including $100,000 to Anna Jaques Hospital, the final of five payments for 3-D mammography machines; $100,000 to Essex County Greenbelt, the fifth of a 10-year $1 million commitment for conservation land purchase; and $30,000 to the Triton Education Foundation, the fourth of 20 payments for capital improvements.
“Our communities are blessed with so many generous non-profit organizations that work tirelessly to improve the lives of those they serve,” said Michael J. Jones, President and CEO in announcing the grants. “As a mutual savings bank for nearly 200 years, the Institution for Savings shares a very similar vision which is why we are committed to dedicating a portion of our assets each and every quarter towards making our communities better places in which to live and work.”Other donations granted and approved included the following:
Through the Institution for Savings Charitable Foundation: Amesbury Cultural Council - Art Tour Trolley Sponsor; Amesbury Youth Hockey League - MVP sponsor; Annunciation Greek Orthodox Church Food Festival; Greater Newburyport Chamber of Commerce - Spring Fest; Greater Newburyport Ovarian Cancer Awareness; Link House Inc. - Links of Hope main sponsor; New England Exchange Club Foundation - Field of Honor; Northern Essex Community College - Golf Tournament Luncheon sponsor; Sean Perkins Foundation - 1st Memorial Golf Tournament; Town of Salisbury - Salisbury Days; Alliance of Climate and Environmental Stewards Inc. - storm surge outreach; Amesbury Middle School - 5th grade support; Anchor of Hope Diaper Bank Inc.; Elder Services of the Merrimack Valley Inc. - Rocktober Vibe; General Charitable Society of Newburyport - housing assistance; Horizon Club, Inc of Newburyport; Joppa Flats Running Club; Lucy's Love Bus Charitable Trust Inc. - therapy programs; Newbury Elementary School - 6th grade environmental camp tuition; Newburyport Art Association - ArtLink and Art Auction; Old South First Presbyterian Church; Salisbury Elementary School PTA - Chromebooks and iPads; St Vincent De Paul - Walk for the Poor; The Actors Studio of Newburyport; The Pettengill House - programs and events; Triton Regional High School - Robotics Team; and YWCA Greater Newburyport - sliding scale childcare program.
Through the 2 Depot Square Ipswich Foundation: Agawam Youth Hockey - Shooter Tutor goalies; Assumption of the Virgin Mary Greek Orthodox Church - Golf tournament sponsor; Boxford Police Department - Dare to Remember 5K; Citizens Inn, Inc. - Gala sponsor; Habitat for Humanity - Gala sponsor; Hamilton Wenham High School Ice Hockey Boosters; Ipswich High School Football Boosters 2019 Sponsor; Ipswich Rotary Charitable Trust - Casino Royale sponsor; Lifebridge North Shore - A Night to Remember sponsor; LiveSTRONG program; My Brother's Table - Community Level sponsor; Pine Grove School PTA - Strengthening Our Community/Music is Good for the Soul; and The Trustee of the Reservations -The Crane Estate Art Show.
Through the Main Street Rockport Foundation: Action Inc. - Safe Harbor Celebration; Beverly High School - Panther Pride fundraiser; Essex Merchants Group; First R Foundation - Literacy programs; Greater Beverly Chamber of Commerce – Women’s Night Out and Casino Night sponsor; Rockport Art Association - National art exhibit; Rockport Exchange - Harvest event sponsor; Rockport High School - DECA program; Rockport Youth Basketball - team sponsor; Senior Care Inc. - Gala Premier sponsor; Senior Care Inc. - Volunteer luncheon; Symphony by the Sea - Concert sponsor; and The Gloucester Fund - Schooner Festival fireworks and the Santa parade.
The renovated office features hardwood flooring, a comfortable lobby with complimentary coffee station, two drive-thru lanes and a 24-hour drive-thru ATM. Office walls are also adorned with framed photographs of Salem landmarks. The office is staffed by manager and Salem resident Heidi DeFranco, assistant manager Julia Zawacki and three full-time tellers, along with vice president and commercial lender Philip Noto, Jr. and residential mortgage officer Sahag Kavlakian.
“We are thrilled to open this spectacular office in the heart of Salem’s busy Vinnin Square,” said Mr. Jones. “This office borders Swampscott and is close to Marblehead, Lynn and other North Shore communities, and will be a convenient and accessible location for personal and business customers alike. Our number one priority always is to provide the very best products and customer service in our market. We are excited to strengthen this pledge in the greater Salem area, not just by continuing to offer competitive rates and the lowest fees but also by being an integral part of the community through our charitable giving, community support and financial literacy initiatives.”
To celebrate its opening the Bank will make a $50 donation to one of four local organizations for each of the first 100 customers to open a checking account. Beneficiary organizations are Salem Educational Foundation, Salem Council on Aging, Salem Food Pantry and Greater Salem Boys & Girls Club.
The Institution for Savings, through its three charitable foundations, awarded and pledged $819,759 in charitable grants to non-profit organizations in the North Shore during the second quarter of 2019, announced President and Chief Executive Officer Michael J. Jones.
The largest grant was $30,000 to Amesbury-based Our Neighbors Table to support its Wednesday meals program, provide healthy food for children attending the summer school program at the Bresnahan School in Newburyport; and for general program support. Other significant grants included $15,000 to the Children’s Center for Communication/Beverly School for the Deaf for program and event support; $10,000 to Wellspring House in Gloucester for its ‘Pathways for Personal Success’ career program; and $10,000 to the Beverly Educational Foundation to enhance and enrich its STEAM (Science Technology Engineering and Math) programs.
“As a mutual savings bank, we have always believed in dedicating a portion of our assets towards making our communities better places in which to live and work,” said Michael J. Jones, President and CEO. “These non-profits can use these funds to improve the lives of so many others in our communities, and we are happy to play a role in helping them.”
Other donations granted and approved included the following: Through the Institution for Savings Charitable Foundation: Amesbury Chamber of Commerce; Amesbury Days; Amesbury High School; Amesbury Lions Club; Amesbury Public Schools; Appalachian Mountain Club; Apple Harvest Run; Belleville Music Series; Boys & Girls Club of Lower Merrimack Valley; Central Congregational Church; City of Newburyport; Coastal Connections Inc.; Community Service of Newburyport, Inc.; Custom House Maritime Museum; Essex County Greenbelt; First Parish Church Newbury Food Pantry; FRAXA Research Foundation; Friends of Newburyport Track; Friends of Salisbury Council on Aging; Friends of the Amesbury Public Library; Friends of the Merrimac Council on Aging; Friends of the Newburyport Council on Aging; Greater Lawrence Community Action, Inc.; Greater Newburyport Chamber of Commerce; Merrimack River Watershed Council; Music for Music; Newburyport Adult & Community Education; Newburyport Lions Club; North Shore Chamber of Commerce; North Shore YMCA; Nourishing the North Shore; Pennies for Poverty; Pentucket Arts Foundation;; Pan Mass Challenge Massachusetts; Runway for Recovery; Salisbury Chamber of Commerce; Self Esteem Boston Educational Institute; Sgt. Jordan M Shay Memorial Foundation; Society for the Preservation of New England; The Essex County Chiefs of Police Association; The James Place Child Care Program; The Newburyport Pioneer League; The Rotary Club of Newburyport; The Spirit of Adventure Council; Triton Education Foundation; West Newbury Police; Winners Circle Running Club - Cassidy 5k Race/Walk; and YWCA Greater Newburyport.
Through the 2 Depot Square Ipswich Foundation: Boxford Trails Association/Boxford Open Land Trust; Bread & Roses, Inc.; Bright Happy Power; Community Giving Tree; CureCMT4J; ECCF/Step up for Colleen; Essex County Trail Association; Friends of the Ipswich Elderly, Inc.; Friends of the Topsfield Town Library; Hamilton Wenham Regional School DECA (HWRSD); Hamilton-Wenham Friends of the Arts; Hamilton-Wenham Garden Club; Hamilton-Wenham Little League; HAWC; Ipswich Dinner Bell, Inc.; Ipswich High School - Sustainability Class; Ipswich Junior Sailing; Ipswich Little League; Ipswich Men's Softball League, Inc.; Ipswich River Watershed Association; Ipswich Rotary Club; Ipswich Youth Lacrosse; Manchester Summer Chamber Music LTD; Masconomet Regional High School District; Mass Audubon ; Miss Pink Pageant; Music at Eden's Edge; Northeast Massachusetts Youth Orchestra Inc.; The Community House; The Friends of Miles River/HWRHS; The Ipswich Museum; Three Sisters Garden Project; Topsfield Athletic Association-Topsfield Little League; Topsfield Historical Society; Tri-Town Council on Youth and Family Services; VNA Care Network; Wenham Museum; and YMCA North Shore – Ipswich.
Through the Main Street Rockport Foundation: Addison Gilbert Hospital Citizens Fund, Inc.; Beverly Children's Learning Center; Beverly Council on Aging; Beverly Education Foundation; Beverly High School/ DECA Program; Beverly Public Schools; Beverly Rotary Club Foundation; Building a Better Beverly; Cape Ann Chamber of Commerce; Cape Ann Community Band; Change is Simple Inc.; Family Promise; Generous Gardeners; Gloucester High School DECA; Gloucester Police Department; Gloucester Stage Company; Greater Beverly Chamber of Commerce; LEAP for Education, Inc.; Montserrat College of Art; National Alliance on Mental Illness, Cape Ann; North Shore Cancer Walk; North Shore Community Action Programs; North Shore Community Development Coalition; North Shore Community Mediation Center; North Shore United Way; Northeast Massachusetts Youth Orchestras Inc.; Peabody Essex Museum; Rockport Elementary School; Rockport Exchange; Rockport Garden Club; Rockport Illumination Fund Incorporated; Rockport Little League; Rockport Millbrook Meadow Conservancy; and Root NS, Inc..
For more information about the Bank’s charitable giving and a complete list of grants made by all three foundations, visit www.institutionforsavings.com/charitable.htm.
The Institution for Savings through its Institution for Savings Charitable Foundation donated and pledged $212,770 to local non-profit organizations in the first quarter of 2019, announced President and CEO Michael J. Jones.The largest donation was $22,000 to the Jeanne Geiger Crisis Center to sponsor the annual White Ribbon Breakfast and Walk Against Violence. It also donated $20,000 to the Triton Education Foundation to fund two scoreboards and a new sound system for Triton’s gymnasium. Opportunity Works received $12,500 to support its annual Lend-A-Hand Auction and golf tournament, and the Newburyport Public Library will receive $10,395 to fund its Newspaper Digitization Project. Amesbury Education Foundation will also receive $10,000 to underwrite various Amesbury Public Schools initiatives and Essex County Greenbelt will receive $10,000 as its third payment towards the annual Tour de Greenbelt and other projects.
“As a mutual savings bank, the Bank has always believed in dedicating part of its assets toward making our communities better places in which to live and work,” said Mr. Jones. “The work of these non-profit organizations is critical to helping those in our communities grow and prosper.”
Other organizations receiving first-quarter grants include: 1st Lt. Derek Hines Soldiers Fund, A Butterfly's Journey; Alzheimer's Association and Related Disorders; American Red Cross; Amesbury Cemetery Commission; Amesbury High School; Amesbury High School All-Sports Boosters Club; Amesbury Improvement Association (AIA); Anna Jaques Hospital Aid Association; Best Buddies International; Boys & Girls Club of Lower Merrimack Valley; C-10 Research and Education Foundation, Inc.; Central Congregational Church 16th annual Chocolate Tour; Community Service of Newburyport, Inc.; Family Services of the Merrimack Valley; Friends of the Girl Scouts of Eastern Massachusetts; Greater Lawrence Community Action Council Inc.; Historical Society of Old Newbury d/b/a Museum of Old Newbury; and Immaculate Conception Church.
Also, Jordan M. Shay Memorial Foundation; Lowell's Maritime Foundation, Inc.; Merrimac PTO; Merrimack River Feline Rescue Society; Merrimack Valley Concert Band; Merrimack Valley Habitat for Humanity; Merrohawke Nature School; Newburyport Chamber Music Festival; Newburyport High School; Newburyport High School DECA; Newburyport Pioneer League; Newburyport Preservation Trust; Newburyport PTO; North Shore Chamber of Commerce; Northern Essex Community College; Pentucket Education Foundation; Pentucket Regional High School; Rupert A. Nock Middle School; Salisbury Parks and Recreation Commission; Special Stars - Performing Arts for Individuals with Special Needs; The Arc of Greater Haverhill-Newburyport; The Rotary Club of Newburyport; Trav's Trail Run; Triton Regional High School; Up with Music, Inc.; West Newbury Bicentennial Committee; Winner's Circle Running Club; and YWCA Greater Newburyport.
The Institution for Savings achieved the highest operating earnings and net income in its 198-year history last year, reported President and Chief Executive Officer Michael J. Jones at the Bank’s 199th Annual Meeting. The meeting was held March 11th at the Black Swan Country Club in Georgetown with approximately 300 corporators and employees in attendance.
Total assets reached $3.47 billion, increasing by $169 million or 5 percent over last year and fueled by growth in loans. Total loans increased $210 million or 8 percent reaching $2.7 billion. Commercial loans increased $81 million or 16 percent and now exceed $600 million, the majority of which are high quality commercial real estate loans. Residential loans increased 6 percent and reached a milestone of $2 billion as the Bank continues to offer the lowest mortgage rates in the marketplace while maintaining sound underwriting standards.
Total deposits increased $167 million or 6 percent in 2018, reaching $2.8 billion. The increase was primarily due to the highly competitive rates offered on term certificates and money market accounts.
The Bank’s record net income of $39 million represents an increase of 4 percent over the previous year. Net operating income of $21.4 million increased $2.5 million or 13 percent and was also the highest in the Bank’s 198-year history. Total capital increased $5 million and remains strong at $336 million, providing opportunities for additional growth and expansion. Strong earnings resulted in a return on average assets of 1.15 percent which once again places the Institution for Savings at the top of Massachusetts banks.
“This was another banner year for the Bank as we remained focused on our long-term strategic initiatives of profitability, growth and expansion,” said Mr. Jones. “Despite the significant volatility in both the stock and bond markets as well as the uncertainty surrounding interest rates, we properly managed our balance sheet growth, made prudent investment decisions and controlled operating costs. Our strong earnings allowed us to continue to pay our depositors the best interest rates in the marketplace, charge the lowest fees and offer our borrowers the lowest loan rates. Further, our ongoing charitable giving will greatly benefit many individuals who live and work in our local community."
Mr. Jones cited a number of other milestones for 2018:
- Completed construction of a new full-service office in Amesbury
- Announced plans to open a full-service office in Salem’s Vinnin Square (summer 2019)
- Ranked #2 in ROA out of 46 mutual savings banks in Massachusetts
- through its foundations, granted over $2.1 million to various local not-for-profit organizations
- Remains #1 oldest bank in the country with Best of Bauer status
- Banker & Tradesman Banking Choice Awards/Northeastern Massachusetts: #1 Overall Quality; #2 Customer Service and #3 Technology
- Named Best Bank (10th consecutive year) and Best Customer Service by the Newburyport Daily News
- WickedLocal Readers’ Choice Awards (weeklies): #1 Newburyport, Ipswich, Rowley, West Newbury, Topsfield and Salisbury; Honorable mention in Gloucester, Hamilton, Rockport
- Chosen for the 11th consecutive year as a Boston Globe Top Place to Work (17th)
- Chosen for the third year as a Boston Business Journal Top 100 Charitable Giver (#32) and Best Place to Work (#11)
Before concluding the meeting, Mr. Jones announced the 2018 recipient of the President’s Award, which annually is given to an employee who consistently goes above and beyond his or her duties to serve the Bank and its customers. This year’s award was given to Jennifer Velez, senior accountant in the Bank’s finance department. “Jenn is not only highly regarded and respected by the employees that work in her department but by those who work in other departments of the Bank,” said Mr. Jones in making the presentation.
The Institution for Savings, through two of its charitable foundations, recently approved more than $373,000 in charitable grants to non-profit organizations in the greater Newburyport and Cape Ann area.
“As a mutual savings bank, the Bank has always believed in dedicating part of its assets toward making our communities better places in which to live and work,” said Michael J. Jones, President and CEO. The largest grants were $25,000 to the Firehouse Center for the Arts for its Annual Fund and $25,000 to The Open Door/Cape Ann Food Pantry to support its nutritional initiatives for low and moderate income residents in Rockport and Gloucester as well as for its annual Empty Bowl Dinner that raises funds for its Summer Meals for Kids and Mobile Market programs. A $12,000 grant was given to the YWCA Greater Newburyport to support Childcare Center. The Bank also donated $10,000 to each of the following organizations: Three Hearts Farm for its therapeutic animal program ; Pathways for Children for its school age care program; the Gloucester Housing Authority for first time homebuyer counseling and training; Gloucester Education Foundation for various academic programs and initiatives; and the Beverly Children’s Learning Center to support its nutrition and education programs. Additionally, a $7,500 grant was provided to Beverly Bootstraps to support its Senior Mobile Market, which in collaboration with the Beverly Council on Aging, visits the Senior Center weekly to provide healthy fresh food to seniors.
Other donations granted and approved included the following:
In greater Newburyport: Bay State Reading Institute; Friends of Newburyport Youth Services; Newburyport Public Schools Food and Health Services; Newburyport Literary Festival; Newburyport Parks Conservancy; Coastal Homebuyer Education; Massachusetts Coalition for the Homeless; Newburyport Choral Society; Essex County Community Foundation; Friends of the Newburyport Public Library; Matt Eaton Memorial Golf Tournament; Greater Lawrence Disaster Relief Fund; The Society of St. Vincent de Paul; Amesbury Educational Foundation; Newbury Elementary School; Sean Perkins Foundation; Merrimack Heights Academy; Richard F O'Brien VFW Post 2016; Amesbury Rotary Club; Opportunity Works; Boys & Girls Club of Lower Merrimack Valley; Ipswich Caring; Our Neighbors’ Table; Pettengill House; ; Wellspring House and Pan-Mass Challenge.
In greater Cape Ann: Beverly Hospital; The Children’s Center for Communication/Beverly School for the Deaf;North Shore Philharmonic Orchestra; VNA Care Network,; The Christmas Tree Committee Inc.; Kestrel Education Adventures Boys & Girls Club of Greater Salem; and North Shore Health Project; Beverly Middle School;, Peabody Essex Museum; Essex County Greenbelt; Rockport Youth Soccer;, Beverly Council on Aging Action Inc.; ALS Association; Rockport Public Library; West Parish Elementary PTO; SeniorCare Inc.; First R Foundation, Beverly Rotary Club Foundation; Cape Ann Symphony; The Gloucester Fund; Essex Merchants Group; Rockport New Year's Eve Inc.; North Shore YMCA; Rockport High School; Beverly Female Charitable; Gloucester Youth Basketball; North Shore Chamber of Commerce; Beverly Council on Aging Senior Soiree; St Vincent De Paul Society; St. John's Episcopal Grace Center; and The Legion in Gloucester.
The Institution for Savings has three charitable foundations and awards funds to organizations on the North Shore and Cape Ann designated as charities under IRS section 501 (c) (3). Last month the Bank’s 2 Depot Square Ipswich Foundation, which serves Ipswich, Rowley, Topsfield, Middleton, Boxford, Hamilton and the surrounding communities, announced $110,000 in grants for the second and third quarters of 2018.
Continuing its growth along the North Shore, the Institution for Savings plans to open a full-service retail office at 6 Paradise Road in Salem, announced President and CEO Michael J. Jones today. Pending approvals by the Federal Deposit Insurance Corporation (FDIC), the Massachusetts Division of Banks and the City of Salem the new office is tentatively scheduled to open in the spring of 2019.
“This location is in the heart of the busy retail and restaurant corridor of Vinnin Square which serves the businesses and residents of Salem, Swampscott, Marblehead and Lynn,” said Mr. Jones. “Our attractive loan and deposit rates will be very beneficial to the residents and business in the area.”
The 3,000 square foot stand-alone brick building was previously occupied by Beverly National Bank, followed by Danversbank. The branch subsequently closed in 2011 when Danversbank was acquired by People’s United Bank. The new Institution for Savings office will be renovated to include a new lobby and teller line, private retail and lending offices, two full-service drive-up lanes, a 24-hour drive-up ATM and considerable onsite parking.
“As a mutual savings bank, our true commitment to our communities extends far beyond profits,” Mr. Jones continued. “Our number one priority is to provide the very best products and customer service in our market. We are excited to bring this same pledge to Salem, Swampscott and the surrounding area, not just by offering competitive rates and the lowest fees for businesses and individuals but by also becoming an integral part of the community through our charitable giving and community support.”
INSTITUTION FOR SAVINGS RECOGNIZED AS TOP PROVIDER OF OVERALL QUALITY, CUSTOMER SERVICE AND TECHNOLOGY IN BANKING CHOICE AWARDS
The Institution for Savings was honored recently as the number 1 provider of quality banking in northeastern Massachusetts at the 1st Annual Banking Choice Awards sponsored by Banker & Tradesmen and The Warren Group. The Bank also placed second in Customer Service and third in Technology.
The Banking Choice Awards – developed in conjunction with The Warren Group and Customer Experience Solutions – celebrates Massachusetts banks that provide outstanding service to their customers based exclusively on customer feedback. The awards recognizes those financial institutions that surpass the competition in four categories: customer service, technology, contribution to the community, and overall quality. The top three institutions in each category were honored recently at the awards gala held at the Omni Parker House in Boston.
“We are extremely pleased to receive this recognition from The Warren Group,” said Institution for Savings President and CEO Michael J. Jones. “What makes these awards so gratifying is that they are based entirely on the feedback from our own customers within our market. Our number one goal always is to give our customers the very best banking experience while providing the most competitive rates and services in our market. I am pleased that it seems to be working.”
Institution for Savings Event Provides 900 Juniors With Valuable Hands-On Budgeting Lessons
While Massachusetts legislators consider legislation this spring to mandate financial literacy in public schools, the Institution for Savings, a local community bank, has taken matters into its own hands: by teaching it anyway.
On May 22nd the Institution for Savings hosted the 8th Annual Credit for Life Fair at Masconomet Regional High School in Boxford. Held annually and fully organized and underwritten by this 198 year old North Shore institution, more than 900 juniors from 11 area high schools (Newburyport, Amesbury, Beverly, Rockport, Gloucester, Ipswich, Hamilton-Wenham, Manchester-Essex, Pentucket, Triton and Masconomet High Schools) the Fair’s purpose is to help local high school students develop personal budgeting skills that they will use throughout their lives.
Students spent the morning visiting 16 booths where, assuming the roles of 25 year old professionals new to the workforce, they use their monthly ‘salaries,” credit cards and savings accounts to “purchase” everything they would need to live: housing, transportation, food, utilities, insurance, clothing and more. Armed with credit scores, they also encountered ‘reality checks’ throughout the morning: texting while driving, visits to the car repair shop, and more. The goal of the day: to live within their budgets.
The Massachusetts State Senate recently approved unanimously a bill supporting for the first time development and implementation of personal financial literacy for K-12 public school students. The topics covered would include understanding banking and financial services, loans, interest, credit cards, online commerce, renting or buying a home, balancing a checkbook, state and federal taxes and charitable giving. The legislation now awaits action from the House of Representatives.
The Institution for Savings event is one of the largest in the state, with more than 160 Bank and community volunteers, and is a huge hit among students, teachers and especially parents every year. “The goal of the event is to help empower students to be proactive about their financial futures by beginning to develop sound personal finance habits,” said Michael J. Jones, Institution for Savings President and CEO. “Each year we hear from parents and teachers after the event that they wish this had been around when they were in school!”
While the event takes a significant amount of staff time and funds, Mr. Jones believes it is well worth it. “Recent statistics indicating that students are leaving high school with severely limited financial knowledge and skills are concerning, and this event is one way that we can help change that,” he said. “As a mutual savings bank, a key component of our mission is to focus on the long-term future not just of the Bank, but also of the communities we serve, and to improve the quality of life for all those within those communities. The Credit for Life Fair has been overwhelmingly successful here and in other regions at helping high school students navigate the myriad of financial decisions they will need to make as they go off into the world of work or college.”
The event once again received high marks from school officials, parents and volunteers, many of the latter who have come back every year to participate. “The level to which the Bank has taken this event is outstanding and unequaled by any other event I have attended,” said Rodi Adema, FDIC Field Supervisor, who has volunteered at the Fair for multiple years. “I have told them it needs to be filmed for a 60 Minutes episode!”
FACTS ABOUT STUDENT FINANCIAL LITERACY
A recent study noted that 1 in 5 teenage students in the U.S. lacks basic financial literacy skills. Teenagers face dozens of important financial decisions before they celebrate their 20th birthday including student loans. Massachusetts is one of several states that received a near-failing grade in teaching students financial literacy lessons in a recent study by Champlain College’s Center for Financial Literacy. The report studied all 50 states and their efforts to produce financially literate high school graduates. Currently, Massachusetts only provides personal finance content in the K-12 standards through Model Curriculum Units but it is not required, only offered as electives in some districts.
Newburyport, MA – The Institution for Savings is planning to open a full-service retail office in Amesbury, announced President and CEO Michael J. Jones today. The Bank recently signed a Purchase and Sale Agreement to purchase the building located at 150 Main Street, the site of the former TD Bank branch that closed in early December.
INSTITUTION FOR SAVINGS REPORTS ANOTHER YEAR OF STRONG GROWTH; ELECTS FOUR NEW CORPORATORS AT 2017 ANNUAL MEETING
Newburyport – With the highest operating earnings and net income in the Bank’s 197-year history, the future of the Institution for Savings is bright, reported President and Chief Executive Officer Michael J. Jones at the Bank’s 198th Annual Meeting. The meeting was held March 12th at the Black Swan Country Club in Georgetown with approximately 300 corporators and employees in attendance.
Total assets reached $3.3 billion increasing $491 million or 17 percent, fueled by the Bank’s loan growth. Total loans increased $395 million or 19 percent, reaching a milestone of $2.5 billion. Commercial loans increased approximately $61 million or 13 percent and now exceed $520 million, the majority of which are high quality commercial real estate loans. Residential loans increased $323 million or 20 percent as the Bank continues to offer the lowest mortgage rates in the marketplace while maintaining sound underwriting standards.
Total deposits increased $427 million, or 19 percent, also reaching a milestone of $2.7 billion due to the Bank’s highly competitive interest rates on money market accounts and term certificates.
The Bank’s record net income of $37.4 million represents an increase of $11 million or 42 percent over the previous year. Net operating income of $18.9 million increased $1.5 million or 8 percent, and was also the highest in the Bank’s 197-year history. Total capital increased $46 million or 16 percent and remains strong at $331 million, continuing to provide opportunities for continued expansion and growth.
“This was a banner year for the Bank as we focused on our long-term strategic initiatives of profitability, growth and expansion,” said Mr. Jones. “I am incredibly proud of our talented team for their hard work, commitment and dedication to the Bank, and look forward to many prosperous years ahead.”
Mr. Jones cited a number of other milestones in 2017:
- Ranked #2 in ROA out of 46 mutual savings banks in Massachusetts
- Bank contributed $2.9 million to its three charitable foundations; through those foundations, granted over $2.17 million to various local not-for-profit organizations
- Opened a new full-service office in Hamilton
- Announced plans to open a full-service office at 150 Main Street, Amesbury (late fall 2018)
- Recognized as #1 oldest bank in the country with Best of Bauer status
- Ranked 12th most profitable real estate lender in the country by Bank Director magazine
- Named Best Bank by the Newburyport Daily News
- Chosen for the 10th consecutive year as a Boston Globe Top Place to Work (12th)
- Chosen for the second year as a Boston Business Journal Top 100 Charitable Giver (#34) and Best Place to Work (#19)
During the Meeting, four new corporators were elected. They include David A. Cutter, owner of Strong & Cutter, Essex; Karen A. MacCormack, retired Institution for Savings SVP and Senior Commercial Lender, Gloucester; Salvatore J. Frontiero, attorney, Frontiero Law Office P.C., Gloucester; and John T. Macone, Development and Communications Director, Merrimack River Watershed Council, Amesbury.
Before concluding the meeting Mr. Jones announced the 2017 recipient of the President’s Award, which annually is given to an employee who consistently goes above and beyond his or her duties to serve the Bank and its customers. This year’s award was given to Systems Engineer Eli Timmons.
Mass Bankers Article: Impressive on Paper, More So Elsewhere
Bank Awards $50,000 Grant to Essex County Trails Association
Rockport Town Hall receives historic mural.
Reprinted from Gloucester Times 1/5/2018
The season of giving isn't over yet and the town of Rockport can attest to that.
The town has received the gift of the treasured 10-foot historic mural painted by a founder of the Rockport Art Association, W. Lester Stevens (1888-1969).
When the Institution for Savings acquired Rockport National Bank, founded in 1851, it also acquired the bank's rich collection of artwork that it amassed over the years, some by donation and some by commission.
But when the Institution for Savings sold the principal office of the former Rockport National Bank on Main Street a few months ago, the idea that this painting would leave Rockport came to the attention of several art lovers and town officials who approached the new owners to see if they would consider giving the painting to the town so it could be enjoyed by future generations.
The Institution for Savings was glad to do so.
The painting, which used to hang behind the tellers station at Rockport National Bank, will soon be hanging behind the selectmen in the board meeting room at Rockport Town Hall. Stevens was awarded the commission for the mural when Rockport National Bank planned to build its new office downtown in 1958.
Michael J. Jones, president and chief executive officer of Institution for Savings, said they were glad to donate the artwork once its importance came to their attention.
"It was the right thing to do and I think it's great," he said. "Our original intent was to move it to another office, and then we heard from a few residents and business owners about how important it was for that piece to stay in Rockport. In fact, I happened to be in that Main Street office right before Christmas, and one customer walked up to me and said this needs to stay in Rockport."
Jones said he appreciates how the painting depicts the history of Rockport and the various industries that have made the town famous, and hence the importance of keeping it here.
Stevens, a Rockport native, rose to national recognition and earned full entry into the prestigious National Academy of Design, earning him the coveted moniker of National Academician.
Gloucester author and historian Judith Curtis wrote a book about Stevens for a retrospective of his work in 2003 at the Rockport Art Association, which he helped found in 1921.
She said among his most impressive works is this bank commission, which is a 42-by-120-inch tryptic oil painting.
"The mural, which is painted on three canvases, is a montage of industry that eloquently captures the essence of Rockport, from the spirit and sweat of the quarrymen hewing granite, to the all-important fishing industry that has sustained Rockport over the last four hundred years. Center stage, of course, is an artist at the easel, perpetuating the harbor view of Rockport's famed Motif No. 1," wrote Curtis.
Curtis noted that Stevens had a humble start, taking on odd jobs for his father, such as blueberry picking, snow shoveling and flower selling, to earn money for his art studies before he won a scholarship to study at the School of the Museum of Fine Arts in Boston. While still a student in the Museum School, Stevens exhibited at the Art Institute of Chicago (1911), the Pennsylvania Academy of Fine Arts (1912) and the prestigious National Academy of Design, New York, (1912/13).
He served in the U.S. Army from 1917-1919. When he returned home to Cape Ann from France, Stevens became an advocate for a public art gallery to make fine art more available to the public, Curtis said. It was then he and his friend and fellow artist Aldro T. Hibbard had the idea of forming an art association, a dream that materialized in the establishment of the Rockport Art Association.
Karen Berger, chair of the Town Art Committee, said she and so many others are overjoyed by the gift.
"I would like to thank the people who understood the significance of this piece to the town and thank the Institution for Savings for making this very generous gift," she said. "The painting represents the deep connection between commerce and art, and how both shaped the development of the town. There has always been this marriage between fishing and art, and both have been important contributors to the town's growth."
Don Campbell, vice chair of the Rockport Board of Selectmen, is pleased that the artwork will remain in town.
"This painting has great significance and such historical value," he said. "It belongs in Rockport and I'm very grateful for the bank's generosity."
Bank Donates $1 Million to Cape Ann YMCA for New Facility
Newburyport, MA – The Institution for Savings will consolidate its two Rockport offices into its 37 King Street location, announced Institution for Savings President and Chief Executive Officer Michael J. Jones today. The Bank recently signed a Purchase and Sale Agreement with Rockport Music to acquire its 16 Main Street location. Pending approvals by the FDIC and Massachusetts Division of Banks, the consolidation will be completed at the end of 2017.
Tony Beadle, Rockport Music’s Executive Director, states: “The purchase of this property provides Rockport Music with an excellent opportunity to consolidate our employees in one location in downtown Rockport close to the Shalin Liu Performance Center.”
“The consolidation into one office should have little impact on our customers and employees” said Mr. Jones. “We already serve the banking needs of many Rockport customers at the King Street location. This state-of-the-art banking office was fully renovated in 2016 and has ample parking, as well as a drive-up window and drive-up ATM. While it is located close to downtown, it is easily accessible year-round, which is a huge plus as well.”
There will be no loss of jobs, said Mr. Jones. All current Main Street employees will be transferred to other Institution for Savings offices.
Newburyport, MA – Continuing its growth along the North Shore, the Institution for Savings recently opened its fourteenth full-service retail office at 545 Bay Road in Hamilton, announced President and CEO Michael J. Jones today.
Newburyport, MA – With another year of strong profits and the highest operating earnings in the Bank’s 196 year history the future of the Institution for Savings is promising, reported President and Chief Executive Officer Michael J. Jones at the Bank’s 197th Annual Meeting. The meeting was held March 13th at the Black Swan Country Club in Georgetown. There were approximately 350 corporators and employees in attendance.
Bank Helps VFW Launch Training Program
Letter: Thanks to Bank for Standing Desks
October 27, 2016
NEWBURYPORT, MA – After months of working closely with the Town of Hamilton, the Institution for Savings recently received final approval from the Zoning Board of Appeals to open a new full-service banking office at 545 Bay Road in Hamilton.
The 3000 square-foot full service office, the site of the former Hamilton Gardens, will have a drive-up banking lane and 24-hour walk-up ATM. In keeping with the Bank’s other locations, it will also feature onsite parking, and a warm and welcoming lobby complete with a wood-burning stone fireplace.
FOR IMMEDIATE RELEASE
October 11, 2016
NEWBURYPORT - Ten years ago Kelley Tuthill was an award-winning journalist at Boston’s WCVB Channel 5. Just 36 years old, at the peak of her career and having recently given birth to her second child, Kelley received a devastating diagnosis in December of 2006: stage 3 breast cancer. While many choose understandably to keep their battles private, Kelley shared her struggle through diagnosis, treatment and recovery with the world through “Kelley’s Story,” a ten-part series documenting her struggle that was featured on “Good Morning America” and CNN and is to this day an inspiration to so many going through cancer.
Triton Community Celebrates Grand Opening of Triton Memorial Field at Institution for Savings Stadium
FOR IMMEDIATE RELEASE
October 5, 2016
The Triton Regional School District is pleased to announce the Grand Opening of Triton Memorial Field at Institution for Savings Stadium at the Middle and High School campus. The opening ceremony will take place prior to the home opener football game on October 14th, 2016 at 6:45pm, with the kickoff scheduled for 7pm. On the agenda are welcoming remarks by Institution for Savings President, Michael Jones, Athletic Director Sean McInnis, and student athlete Erin Savage.
Institution for Savings Leader Takes on Statewide Fight Against Workplace Stigma
Michael J. Jones is a CEO Against Stigma
FOR IMMEDIATE RELEASE
July 7, 2016
Newburyport, MA – For 196 years, the Institution for Savings has prided itself on “building stronger communities together.” Michael J. Jones, the President and CEO, understands that a vision like that for the communities the Bank serves takes a strong employee commitment. So, he is making sure his staff knows that they are his priority as well. Jones has joined the growing list of business, state, and municipal leaders across the Commonwealth vowing to establish stigma-free places of work for their employees. He has signed a pledge to become a CEO Against Stigma, the workplace initiative created by the state chapter of the National Alliance on Mental Illness (NAMI Mass).
WORK BEGINS ON NEW TURF FIELD AT IPSWICH HIGH
Originally published in The Salem News by Amanda Ostuni (Staff Writer)
IPSWICH — Years of planning and fundraising culminated on Friday in a groundbreaking ceremony for a new turf field at Ipswich High School.
The project is being funded by various public and private sources. A key contributor, the Institution for Savings, through its 2 Depot Square Charitable Foundation, pledged $600,000 toward construction costs. In honor of the donation, the School Committee voted unanimously last October to name the school’s athletic facilities — the overall area encompassing the track, tennis courts and the Jack Welch Stadium — the Institution for Savings Athletic Complex.
Read More about a new turf field at Ipswich High School
INSTITUTION FOR SAVINGS REPORTS STRONG EARNINGS AND GROWTH, ELECTS NEW CORPORATORS AND OFFICERS AT 2015 ANNUAL MEETING
Newburyport – 2015 was the sixth consecutive year that the Institution for Savings reached all-time highs in total loans, total deposits and total capital, reported President and Chief Executive Officer Michael J. Jones at the Bank’s 196th Annual Meeting. The meeting was held recently at the Black Swan Country Club in Georgetown. There were approximately 350 people in attendance.
INSTITUTION FOR SAVINGS MIDDLETON OFFICE EXCEEDS $100 MILLION IN ITS FIRST NINE MONTHS
Middleton, MA – After opening its doors just a little more than nine months ago, the Institution for Savings’ Middleton office has exceeded $100 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.
Port Bank Donates Land for Affordable Housing
BY ANGELJEAN CHIARAMIDA, STAFF WRITER
Reprinted from The Daily News of Newburyport,
Thursday, February 4, 2016
A local bank’s teaming with Habitat for Humanity could bring at least four affordable homes to Salisbury in the coming years. The Institution for Savings donated a 1.8 acre of buildable land on County Road to Merrimack Valley Habitat for Humanity, according to MVHH executive director Randy Larson.