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.

The Bank recently signed a purchase and sale agreement for the property located at 545 Bay Road, the current location of Hamilton Gardens.  Pending all approvals the Bank will construct a full-service retail banking and lending office. Mr. Jones said that with the approval of the town the Bank also hopes to offer drive-thru lanes, including a drive-up ATM, as well as onsite customer parking.

“Hamilton is a natural location for a community bank like the Institution for Savings,” said Mr. Jones. “Much like many of the other cities and towns we serve, Hamilton is a small, close-knit community rich in history and tradition where we already serve a number of customers. We are pleased that we can now provide those customers and others with a convenient location right at home.”

“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 Hamilton and the surrounding area, not just by offering competitive rates and the lowest fees but also becoming an integral part of the community through our charitable giving, community support and hopefully adding an educational office at Hamilton Wenham Regional High School.”


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.”
The Outdoor Aquatic Center is the most significant component of the Ipswich Family YMCA’s Capital Campaign which to-date has raised approximately $2.8 million towards its goal of $3.6 million. Other components of the project include a therapeutic spa and zero depth entry in the indoor pool; new multi-purpose/education classrooms; youth and adult locker rooms; and indoor and outdoor cafes/community gathering spaces.

“The Institution for Savings' transformational gift goes beyond generous,” said Chris Lovasco, Chief Executive Officer of the YMCA of the North Shore.  “It is a testimony to the value they place on community and their belief in the vital role our Y has played in Ipswich for more than 15 years.   Their leadership, along with the commitment of many early supporters, has been inspiring.”

“The caliber of the local community leaders that are leading this campaign was instrumental in our decision to make milestone gifts, both as the leader of the Bank and for me personally,” said Mr. Jones.  “It made it so much easier to take this request to our Board and they were fully supportive.”

The large private donor phase of the capital campaign is expected to conclude at the end of May, followed by a public community phase that will end in late June.  A large community event, ‘Dress and Dance for the Decades,’ is planned for June when the public can come and learn more about the project as well as make donations.

For more information about the Campaign and/or to make a donation or pledge, visit the website here:


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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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.

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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

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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