Institution for Savings
{{Short description|Bank in Massachusetts, U.S.}}
{{Infobox company
| name = Institution for Savings in Newburyport and Its Vicinity
| logo = Institution for Savings logo.svg
| type = Mutual organization
| founded = {{start date and age|1820|1|31}}
| industry = Banking
| key_people = Michael J. Jones, CEO
| location = Newburyport, Massachusetts
| website = {{URL|https://www.institutionforsavings.com/}}
}}
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.
History
The bank was founded in 1820.{{cite news | url=https://www.bostonglobe.com/2011/11/05/savings-art/kesWY9NSm5j6LpzL839QjK/story.html | title=Family banking at Institution for Savings | first=Todd | last=Wallack | work=The Boston Globe | date=November 6, 2011 | access-date=November 13, 2017 | archive-date=November 14, 2017 | archive-url=https://web.archive.org/web/20171114040548/https://www.bostonglobe.com/2011/11/05/savings-art/kesWY9NSm5j6LpzL839QjK/story.html | url-status=live }}
In August 2014, the company acquired Rockport National Bank, which had 4 branches, for $28.3 million in cash.{{cite news | url=http://www.newburyportnews.com/news/local_news/institution-to-buy-rockport-national-bank/article_101044c7-106e-54ce-9db9-3e5c96dd7954.html | title=Institution to buy Rockport National Bank | first=Arianna | last=MacNeill | work=The Salem News | date=April 16, 2014 | access-date=November 13, 2017 | archive-date=October 12, 2019 | archive-url=https://web.archive.org/web/20191012173018/https://www.newburyportnews.com/news/local_news/institution-to-buy-rockport-national-bank/article_101044c7-106e-54ce-9db9-3e5c96dd7954.html | url-status=live }}{{cite news | url=http://www.salemnews.com/news/business/institution-for-savings-to-acquire-rockport-bank/article_f43c1524-9800-5062-8bdd-503b2f02c6c2.html | title=Institution for Savings to acquire Rockport bank | first=Arianna | last=MacNeill | work=The Salem News | date=April 23, 2014 | access-date=November 13, 2017 | archive-date=October 12, 2019 | archive-url=https://web.archive.org/web/20191012173017/https://www.salemnews.com/news/business/institution-for-savings-to-acquire-rockport-bank/article_f43c1524-9800-5062-8bdd-503b2f02c6c2.html | url-status=live }}
As of December 31, 2019, it had $3.7 billion in deposits.{{cite web |title=Institution for Savings in Newburyport and Its Vicinity |url=https://www5.fdic.gov/sod/sodInstBranchRpt.asp?rCert=90250 |publisher=Federal Deposit Insurance Corporation |access-date=2017-11-13 |archive-date=2017-11-13 |archive-url=https://web.archive.org/web/20171113222757/https://www5.fdic.gov/sod/sodInstBranchRpt.asp?rCert=90250 |url-status=live }}
References
{{Reflist|1}}
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Category:Banks based in Massachusetts
Category:American companies established in 1820
Category:1820 establishments in Massachusetts
Category:Companies based in Newburyport, Massachusetts
{{portal|Companies}}