Happy Friday! It’s time for a shout-out to one of our fabulous sponsors – the Institution for Savings. @institutionforsavings is a Contributor-level sponsor of MRWC and a dedicated supporter of many other community organizations as well. IfS has an interesting and distinguished history – read more below. It also has an elegant 1870 Victorian main office building on State Street in Newburyport that is definitely worthy of a visit if you have not seen it – you’ll feel like you’ve stepped into another era! Thanks, Institution for Savings, for your commitment to the Merrimack and Merrimack watershed communities.
In 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.
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 $3.5 Billion as of June 30, 2019. It is also the largest mutual savings bank in the greater Newburyport region and the third largest on the North Shore, with 15 full service offices in Amesbury, Newburyport, Salisbury, Rowley, Ipswich, Hamilton, Topsfield, Boxford, Middleton, Salem, Beverly, Gloucester and Rockport. The Bank also has five educational school banks located within Newburyport, Triton, Ipswich, Masconomet and Beverly High Schools.
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