News

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.

The Bank's net income of $25.6 million, an increase of $8.4 million or 49 percent over prior year earnings, was the highest in the Bank's 193-year history. Total assets increased $285 million, or 20 percent, reaching approximately $1.7 billion. The majority of the growth was in the Bank's lending portfolio which increased $212 million or 24 percent.

Overall the Bank reached historic highs in total assets, total loans, total deposits and total capital. Total deposits increased $256 million or 22 percent and now exceed $1.4 billion. This increase was due to the highly competitive interest rates the Bank offers on its deposit accounts, said Mr. Jones. The Bank's newest office in downtown Topsfield ended the year with $57 million in deposits in just 8 months of operation.

Most importantly, capital increased $35 million or 19 percent reaching a milestone of $219 million. The Institution for Savings ended the year with a Tier 1 leverage capital ratio of 12.38 percent.

In his remarks to the Corporators and Employees, Mr. Jones cited a number of accomplishments from 2013:

In his remarks to the Corportation, Mr. Jones discussed the Bank's future growth plans to ensure continued profitability and success going forward.  "The Bank's long term strategic focus is to increase profitability, grow our existing banking offices, and expand into other local communities" said Mr. Jones. "We are committed to remaining a 'mutually owned' Regional Savings Bank serving the North Shore and Cape Ann." 

The Bank also elected three new Officers and five new Corporators. Officers elected were Karl R. Wilson, Senior Vice President of Commercial Lending; Katrina P. Cutts, Vice President of Commercial Lending; and John A. LeBlanc, Vice President of Loan Operations. New Corporators welcomed were Dr. Ann-Marie Clancy of Newburyport, partner at Newburyport Dental Associates; Zachary T. Field of Amesbury, owner of Zach Field Drum & Musical Suite; Judy E. Proctor of Topsfield, lawyer and minister; Charles E. Wear, III of Amesbury, Vice President of Meridian Associates; and Stuart E. Winfrey of Essex, owner of Winfrey's Fudge and Chocolate.

Finally, the Corporators and Employees paid tribute to retiring long-time Trustee Jonathan J. Woodman. Mr. Woodman, founder of Woodman Associates Architects of Newburyport, served 33 years on the Bank's Board of Trustees, including terms of the Board Investment, Charitable Foundation, Long Range Strategic Planning and Building committees. Of Mr. Woodman's service, Mr. Jones said, "Jon's skills and sound judgment have given him the depth of experience to serve his community in a way unmatched by others. He is sincere, trustworthy and caring and will be greatly missed around our Board table."

Before concluding the meeting Mr. Jones announced the 2013 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 Anne G. Girard of Rowley, Deposit Services Representative.

"Profitability, growth and expansion are vital to our success" Mr. Jones said. "However, now more than ever we value our tradition, history and the importance of mutuality. Since 1820 our focus has been on our loyal customers, our beautiful community and our dedicated employees-- we will not waver from this focus." 

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.

“We are extremely pleased to welcome Ms. Cutts to our high-performing commercial lending team,” said Mr. Jones. “Nina has a very strong and impressive track record in commercial lending and portfolio management, and is familiar with our markets, particularly the Seacoast and southern New Hampshire areas. Her knowledge and personal style of banking will be a great asset to the Bank as we look to exceed last year’s record-breaking year in our commercial lending division in 2014.”

Ms. Cutts graduated from the University of Massachusetts at Amherst.  Currently she is on the Board of the Coastal Economic Development Corporation, a non-profit regional economic development corporation serving the greater Seacoast area.  She resides in Kittery Point, ME with her husband, Rich Cutts.

Ms. Cutts can be reached by calling her direct line at 978-312-6811 or via email by clicking here.

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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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