Institution for Savings

Institution for Savings in Newburyport and Its Vicinity is a bank based in Newburyport, Massachusetts. It has 15 branches, all of which are in Essex County, Massachusetts. It is a mutual organization.

Institution for Savings in Newburyport and Its Vicinity
TypeMutual organization
IndustryBanking
FoundedJanuary 31, 1820 (1820-01-31)
HeadquartersNewburyport, Massachusetts
Key people
Michael J. Jones, CEO
Websitewww.institutionforsavings.com

History

The bank was founded in 1820.[1]

In August 2014, the company acquired Rockport National Bank, which had 4 branches, for $28.3 million in cash.[2][3]

As of December 31, 2019, it had $3.7 billion in deposits.[4]

References
  1. Wallack, Todd (November 6, 2011). "Family banking at Institution for Savings". The Boston Globe. Archived from the original on November 14, 2017. Retrieved November 13, 2017.
  2. MacNeill, Arianna (April 16, 2014). "Institution to buy Rockport National Bank". The Salem News. Archived from the original on October 12, 2019. Retrieved November 13, 2017.
  3. MacNeill, Arianna (April 23, 2014). "Institution for Savings to acquire Rockport bank". The Salem News. Archived from the original on October 12, 2019. Retrieved November 13, 2017.
  4. "Institution for Savings in Newburyport and Its Vicinity". Federal Deposit Insurance Corporation. Archived from the original on 2017-11-13. Retrieved 2017-11-13.
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