In 1820, 34 prominent citizens of the City of Newburyport sent a request to the Massachusetts General Court seeking 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 $5.3 billion. It is the second largest mutual bank on the North Shore of Massachusetts.
