October 2016


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.

“We are very happy to have received approval from the Town to move ahead with our plans for a full-service banking office in Hamilton,” said Institution for Savings President and CEO Michael J. Jones. “We have spent many months working with Town officials and residents to come up with a beautiful design that we believe is very much in keeping with the neighborhood. With two offices in nearby Ipswich, the Bank already has many customers in the area and is looking forward to bringing our local community style of banking to the residents and businesses of Hamilton.”

Pending regulatory approvals from the Federal Deposit Insurance Corporation and the Massachusetts Division of Banks, construction will begin immediately with plans to open in late summer 2017.



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.

On Friday, October 28th, Kelley will share her journey, speak about life after breast cancer, and discuss why there are so many reasons to be hopeful at ‘Celebrating Survival’, a luncheon cosponsored by Gerrish Breast Care Center at Anna Jaques Hospital and the Institution for Savings in conjunction with the Greater Newburyport Chamber of Commerce. The luncheon will take place from 11:30 AM to 1:30 PM at Nicholson Hall on Harris Street in Newburyport.

October is National Breast Cancer Awareness Month and the luncheon is one of a number of events taking place in the community to highlight this illness. About one in eight US women will develop invasive breast cancer in their lifetimes. There are currently more than 2 8 million breast cancer survivors currently in the US.

“Since opening the Gerrish Breast Care Center three years ago, Anna Jaques has helped care for hundreds of patients and families facing a potential diagnosis of breast cancer,” said Anna Jaques Hospital President & CEO Mark L. Goldstein. “We hope Kelley Tuthill’s personal story of hope, optimism, and resilience will bring comfort and inspiration to so many people in our community whose lives have been touched by cancer. It is an honor to co-host this annual luncheon to raise awareness of the importance of early detection and to celebrate all those who have bravely fought and won their battle against breast cancer.”

“Most of us know someone who has been affected by breast cancer,” said Institution for Savings President/CEO Michael J. Jones. “We have had a number of employees in our IFS family go through it. Our support of awareness and early detection, whether it is through our donation last year to Anna Jaques Hospital to purchase state of the art 3D mammography equipment or our awareness efforts every October in all offices, is unwavering. We look forward to having Kelley Tuthill here to share her courageous story of perseverance in facing cancer head on and know she will be an inspiration to men and women alike.”

The luncheon is open to the public on a first-come first serve basis and will also feature a silent auction prior to the luncheon to benefit support services at Anna Jaques Hospital’s Gerrish Breast Care Center. Tickets are $35 each, include lunch catered by the Carry Out Café and are available at the Chamber Office, 40R Merrimac Street, Newburyport, or online at

Triton Community Celebrates Grand Opening of Triton Memorial Field at Institution for Savings Stadium


Byfield, MA

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.

Students from all grades and schools will play a large part in the celebration. The memorial ticket and poster have been designed by student artists, student athletes from all sports teams will meet and greet the community, and elementary school band students have been invited to play The National Anthem alongside the High School & Middle School bands prior to Kickoff. Additionally, to help spread the word and generate excitement among lower grades, high school students accompanied by the Triton Viking are scheduled to visit and greet students at each elementary school the week of the Grand Opening. The half-time show will feature the Triton Viking Cheerleaders, a performance by the Triton Marching Band and a special event sponsored by Arthur S. Page Insurance Company: A chance to win $10,000 for a successful 40-yard field goal! Stay tuned for details on how to enter!

The Triton Stadium is a state-of-the-art facility that replaces the former stadium that was in complete disrepair. The new stadium features a full amenities building, full width soccer pitch, full 8 lane straight/ 6 lane oval track, track timing system, team room, and a one-of-a-kind location with views of the marsh that can’t be beat. The stadium will seat 1,512, with additional standing room that will increase capacity by approximately another 1,000 spectators. The stadium and fields will be used by a number of different fall and spring sports teams including Football, Field Hockey, Boys & Girls Soccer, Marching Band, Color Guard, Boys & Girls Lacrosse, and Boys & Girls Track & Field. Baseball, Softball and Cross Country will also use the fields for practice.

There were many people involved who made the new Stadium a reality. Thank you to the Town Officials and the towns of Newbury, Rowley and Salisbury for supporting the project, The Institution for Savings and officers Mike Jones, President and Kim Rock, Executive Vice President, and the Triton Education Foundation.

Online tickets to the Home Opener are on sale now thru Thursday October 13th by clicking here. Tickets will also be available for advance sale on Wednesday and Thursday, October 12 and 13th, at the high School, and at the door the night of the game. Tickets are $4 for students and Seniors, $6 for Adults.

July 2016

Institution for Savings Leader Takes on Statewide Fight Against Workplace Stigma

Michael J. Jones is a CEO Against Stigma


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).

“I am proud to join with my fellow CEOs from across the region to sign this critically important pledge,” said Mr. Jones. “Since 1820 our vision at the Institution for Savings has been to positively affect the lives of our customers, our communities and our employees. A critical component of that vision includes fostering an inclusive, nurturing and compassionate environment whereby each and every person feels supported and accepted. I am proud at the breadth and depth of the programs and assistance that we offer our team and their families who struggle with the challenges of mental health issues every day. I look forward to continuing to do whatever we can to fight the stigma associated with mental illness.”

“Mental health conditions affect one in five adults and unlike physical illnesses, carry a stigma that prevents people from discussing them at work. That stigma can lead to high turnover, low productivity and increased employer costs,” said Linda Lewis, NAMI Cape Ann board member. “In fact, mental health conditions represent the leading cause of workplace disability.”

CEOs Against Stigma partners with the top leaders of businesses, organizations and municipalities across the state to change misconceptions about mental illness by encouraging people to open up and speak freely about the conditions that affect them and their immediate families, and seek treatment. An important component of the campaign involves bringing NAMI’s In Our Own Voice (IOOV) presentations into the workplace. IOOV presentations feature two people sharing their personal stories of recovery and has been recognized by a leading national mental health researcher as the most effective anti-stigma program in America. Institution for Savings will also provide helpful information for employees and managers so they are better informed as well as make its 235 employees more aware of the mental health benefits available to them.

“We pride ourselves on having a supportive, nurturing workplace based on trust and respect, two words that are at the epicenter of everything we do,” Mr. Jones said. “It’s critically important that our employees know they have ample resources at their disposal to weather any storm, whether professionally or personally. We look forward to partnering with NAMI on this important endeavor.”

Any company, organization or municipality headquartered in Massachusetts, with at least 50 employees, can join. For more information about CEOs Against Stigma, log onto the website: You can also contact NAMI Cape Ann at 978-281-1557 or

June 2016


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.

“As a father of four children in the school system, I know firsthand the great strides made by the town in recent years to provide quality, state-of-the-art athletic fields and facilities, and this will be a wonderful and much-needed enhancement,” said bank president and CEO Michael Jones, in a press release. “We are honored and grateful to have the bank’s name associated with this terrific project.”

Lynx Systems Developers has donated a $250,000, state-of-the-art FinishLynx track timing and video system for the Ken Spellman Track, and Ipswich Public Schools is contributing $132,000 toward the work in the form of a Payne Grant. The remaining costs will be covered by a $1 million non-exempt bond approved by town voters last October.

“I would like to take this opportunity to thank the Institution for Savings, the Ipswich Education Foundation, the town of Ipswich and everyone else who played a role in this fantastic collaborative effort,” said Tom Gallagher, director of Ipswich athletics. “The completion of this multi-purpose field is a big win for this town and will have a positive impact on so many athletic programs throughout the town — something we can all be proud of.”

Construction is scheduled to be complete in September, in time for the fall 2016 sports season.




March 2016


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.

The main catalyst for the Bank’s strong numbers was its extraordinary growth in total loans which increased $454 million or 33 percent. Commercial loans increased approximately $88 million or 30 percent while residential loans increased $367 million or 33 percent. The Bank’s total loan portfolio now exceeds $1.8 billion and was the main driver of its record net operating income in 2015 of $14 million which was the highest in the Bank’s history.

Total deposits increased $340 million, or 20 percent, reaching approximately $2.067 billion due to the Bank’s highly competitive interest rates on checking, savings, money market and term deposit accounts. The Bank’s net income of $23.5 million marked the third year that net income exceeded $23 million. Most importantly, capital remains strong at $252 million and will provide opportunities for continued expansion and growth.

“Our numbers are particularly impressive given that 2015 was the first full year operating the former offices of Rockport National Bank which whom we merged in August of 2014 with total deposits of $185 million,” said Mr. Jones. “Since the acquisition the combined deposits in these offices increased $83 million to $268 million. In addition, our Middleton Office, which opened last May, posted $92 million in deposits by year-end.”

Ten new Corporators were elected to the Corporation. They include Rainer (Chris) C. Bandereck, Owner, Topsfield Bakery; Alfred P. Farese III, Attorney, Middleton; Katherine (Kate) Kelly, Kelly Taylor Rental, Newbury; Muntaser (Matt) A. Khatib, Owner, M.K. Benatti Jewelers, Newburyport; Jane A. Merrill, Owner, Boxford Community Store & Eatery; Dr. John A. Pavlo, Orthodontist, Danvers; Wilhelmina Sheedy, Attorney, Rockport; Dr. Hugh Taylor, Physician, Family Medicine, Ipswich; Brian Zampell, Chief Operating Officer, Zampell Companies, Newburyport and Sheree Zizik, Cruiseport Gloucester.

The Bank also promoted several employees. Christine N. Allen was promoted to Vice President of Information Technology; Nancy J. Taylor was promoted to Vice President of Residential Lending; Kathleen M. Ferreira was promoted to Assistant Vice President of Human Resources and Stephanie C. Manuel was promoted to Assistant Clerk of the Corporation.

Mr. Jones, along with corporators and employees, paid tribute to retiring long-time trustees Mary L. Larnard and Peter G. Kelly. A 20 year member of the Board and a lifelong educator and retired principal of Newburyport High School, Ms. Larnard was the first women elected to serve as a trustee. “She was and is a great mentor and she has helped influence my leadership style of today,” said Mr. Jones of Ms. Larnard. Mr. Kelly, owner of Kelly’s True Value and Kelly’s Taylor Rental of Newburyport, joined the Board of Trustees in 1978 and was the longest serving Board member until his recent retirement. In his remarks about Mr. Kelly, Mr. Jones said: “Pete provides me with the positive feedback that I often need to lead this great organization. He has been an invaluable member of our Board, and in particular to me, and has the trust and respect from so many in this community.”

Before concluding the meeting Mr. Jones announced the 2015 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 newly elected Assistant Vice President of Human Resources Kathleen Ferreira of Newburyport who was described by fellow employees as going above and beyond to help fellow employees, unfailingly positive, a great troubleshooter and problem solver, and someone always with a smile on her face.

“As always our primary focus is to provide the best customer service in the banking industry,” said Mr. Jones. “However, now more than ever, we value our tradition, history and the importance of mutuality. This has been our focus since 1820 and one from which we will not waiver as we continue to expand our and grow.”

February 2016


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.

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Port Bank Donates Land for Affordable Housing


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.

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August 2015

Main Street Rockport Foundation Donates $344,000

The Institution for Savings, through its Main Street Rockport Charitable Foundation, donated and pledged $344,085 in the first half of 2015 to not-for-profit organizations in the greater Beverly and Cape Ann communities.

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July 2015

Institution for Savings to Open a New Full-Service Office in Boxford

The Institution for Savings will bring community banking back to Boxford by opening a new full service  office inside the Boxford Community Store in the heart of the Village, announced President and CEO Michael J. Jones today. Pending approvals by the Federal Deposit Insurance Corporation and the Massachusetts Division of Banks, the new facility tentatively is scheduled to open later this fall and will be the only bank located in Boxford.

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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.”

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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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