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.
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.
“Opening a full-service office in Amesbury is a very logical move for us,” said Mr. Jones. “We already have a significant number of customers there, and having an office in the heart of Amesbury will allow us to better serve our personal and commercial customers. 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 Amesbury, not just by continuing to offer competitive rates and the lowest fees but also by becoming an integral part of the community through our charitable giving, community support and financial literacy initiatives.”
Pending approvals by the City of Amesbury, the Federal Deposit Insurance Corporation and the Massachusetts Division of Banks, the Bank hopes to undertake renovations and updates to the office, with the official opening tentatively scheduled for later this year.
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.