Institution for Savings
Banks & Credit Unions
n 1820, 34 prominent citizens of the City of Newburyport sent a request to the Massachusetts General Court requesting to incorporate an institution ''for the purpose of receiving money on deposit and investing the same to the best advantage of the owners thereof.'' On January 31, 1820, that charter was granted, creating the third savings bank in the Commonwealth. The Institution for Savings was born. Opening deposits totaling $465.10 were collected on the first day.
The Institution for Savings' well-known reputation as strong and steady goes far beyond its elegant architecturally-significant Victorian main office building built in 1870 and long considered a historic landmark in Newburyport. The Bank has known only 16 presidents in its 194-year history, all of whom have been hired from within. This includes current President and CEO Michael J. Jones, who succeeded Mark F. Welch as President on July 1, 2010.
Today, the Institution for Savings is widely recognized as one of the oldest and most stable mutual banks in the country, with assets totaling approximately $2.49 Billion as of December 31, 2015. It is also the largest mutual savings bank in the greater Newburyport region and the third largest on the North Shore.
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