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.
The Bank’s net income of $28.1 million was an increase of $2.5 million or 10 percent over prior year earnings. Total assets increased $343 million, or 20 percent, exceeding $2 billion. The majority of the growth was in the Bank’s lending portfolio which increased $295 million or 27 percent.
Total deposits increased $326 million or 23 percent and now exceed $1.7 billion. This increase was due to the Bank’s acquisition of Rockport National Bank and the highly competitive interest rates the Bank offers on checking, savings money market and term deposit accounts, said Mr. Jones. Net operating income was $13.1 million which was also the highest in the Bank’s history.
Most importantly, capital increased $21 million or 10 percent, reaching a milestone of $219 million. Additionally, net income of $28.1 million represented a return on assets of 1.52 percent which again placed the Bank among the top performing banks in Massachusetts.
In his remarks to the corporators and employees, Mr. Jones cited a number of accomplishments from 2014:
• The Bank surpassed $2 billion in assets for the first time in its history.
• The Bank’s Main Office in Newburyport exceeded $400 million in deposits while the Salisbury and opsfield offices each surpassed $100 million in deposits.
• The Bank successfully completed the acquisition of Rockport National Bank, adding four full-service locations in Rockport, Beverly and Gloucester as well as an educational school banking office at Beverly High School.
• The Bank was named the Top Employer by The Boston Globe for the second consecutive year and third time in four years. The Bank has made The Globe’s Top Employer list for seven
• The Bank announced plans to open a new full-service retail office at 161 South Main Street, Middleton. The anticipated opening is late May of 2015.
In his remarks to the corporators, Mr. Jones discussed the Bank’s future growth plans, stating that the Bank in the short term will focus on growing revenues to absorb the costs of the recent acquisition and new Middleton office, but will not forgo acquisition opportunities that may come up. He stressed that while profitability, growth and expansion are vital to the Bank’s success, it is equally critical to continue to value the traditions and history of the Institution for Savings, its customers, and maintaining its mutual savings bank structure.
The Bank elected two new Trustees from Cape Ann and six new Corporators. John J. Meany, a resident of Rockport, recently retired executive director of YMCA of the North Shore, was elected Trustee to a three-year term and Stuart E. Winfrey, a resident of Essex, founder and owner of Winfrey’s Fudge and Chocolates, was elected for a term of 1 year. New Corporators elected included Mr. Meany as well as Roger Armstrong, Ruth C. George, Alex D. Gramling, Gerald B. MacKillop Jr., Kevin Puopolo and Marcy Pregent.
A number of Officers were elected and promoted as well. Elected as Senior Vice Presidents were David E. Boudreau and Stephen P. Cote. Pamela J. Bishop, Bruce Macdonald, and Lori Rostkowski were elected as Vice Presidents. Elected as Assistant Vice Presidents were Paula J. Bratt, Marcia Budrow, Almiris Contreras, Sandra A. Corrao, Marianne Dean, Susan Ellis, Debbie Sewards, Amy Smith, Hanson Wilson, and Isaac Raymond Webster. Kathleen M. Ferreira was elected Assistant Clerk of the Corporation
Before concluding the meeting Mr. Jones announced the 2014 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 Isaac “Ray” Webster III.
“Without question the primary reason for our success is our loyal and friendly customers coupled with our talented and professional team of employees who have an unwavering commitment to offer the best customer service and banking products in the market place,” said Mr. Jones. “If the recent past is any indication we should all feel good about the future success of the Institution for Savings.”
Institution for Savings Donates and Pledges $250,000 to Local Non-Profits in First Round of Main Street Rockport Charitable Foundation GrantsThe 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.
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.
"A True Institution" How this Newburyport-Based Bank Defied the Odds and Grew 60 Percent in the Last Four YearsRead More North of Boston Business Article
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”.
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.
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.
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.
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.
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
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.
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.