Dedham Institution for Savings

Last updated
Dedham Savings
Company type Mutual
Industry Financial services
FoundedMarch 19, 1831;193 years ago (1831-03-19)
Headquarters55 Elm Street,
Dedham, Massachusetts 02026
,
United States
Number of locations
9 full service branches
Key people
Peter G. Brown (President and CEO)
ServicesPersonal banking, business banking, mortgage lending, commercial lending, digital banking, cash management, investment services
Increase2.svg US$14.212 million (2023)
Total assets Increase2.svg US$2.331 billion (2023)
Total equity Increase2.svg US$244.618 million (2023)
Website www.dedhamsavings.com
Footnotes /references
[1]

Dedham Savings is one of the oldest American banks still in operation and one of the oldest banks in the state of Massachusetts still doing business under its original charter.

Contents

It is owned by the holding company 1831 Bancorp, which also owns South Shore Bank in Boston. [2]

Deposits at Dedham Savings are insured up to current limits of the Federal Deposit Insurance Corporation, which defines the institution as a community bank. [3] The Depositors Insurance Fund insures all additional balances, up to any amount.

History

Dedham Savings was incorporated in 1931. [2]

Originally founded as Dedham Institution for Savings on March 19, 1831, the bank has connections to prominent individuals including Horace Mann. [4] Sophia Foord, an acquaintance of Henry David Thoreau, [5] was the bank's first depositor.

On May 4, 1832, The Society in Dedham for Apprehending Horse Thieves opened a bank account at Dedham Savings. [6] [7] [8] This is the oldest active account at Dedham Savings and may be the oldest continuously active account in the United States. [6] [7] [8]

The founder and first president of the bank was Ebenezer Burgess. [9] An early secretary and treasurer of the bank was George Ellis II. [10] [lower-alpha 1]

In 1832, one year after opening, the Bank's assets totaled nearly $30,000.

In 1942, assets were nearly $14 million. In 2020, assets totaled over $1.6 billion.

In 2023, South Shore and Dedham Savings banks merged, but kept their respective brands. They technically combined under 1831 Bancorp, Dedham Saving's holding company. Peter Brown was Dedham Savings CEO, to remain CEO of the mutual holding company until South Shore Bank CEO Jim Dunphy took over in 2007. Combined the banks had $4 billion in assets and about 450 employees. Dedham had nine full service branches mostly in Boston, with South Shore had 14, also in Boston, largely. [12]

Mutual Holding Company

On November 15, 2017, the Dedham Savings Board of Corporators, on the recommendation of the Bank's Trustees and Executive Management, voted to approve the formation of 1831 Bancorp, MHC. [13] The mutuality of Dedham Savings remains intact but resides inside the mutual holding company, which is the sole owner of the now stock savings bank. [2] This action received final regulatory approval in February 2018.

On January 1, 2024, 1831 Bancorp, the Mutual Holding Company parent of Dedham Dedham Savings, and Weymouth, Massachusetts-based South Shore Bancorp, the Mutual Holding Company parent of South Shore Bank, merged under the 1831 Bancorp, MHC name. Both Dedham Savings and South Shore Bank will continue to operate as separately branded banking institutions under the combined holding company.

Other banking services

Dedham Savings offers a range of financial and electronic banking services to individuals, businesses and organizations. In addition to an array of banking, lending, and commercial products, the bank began offering investment services in 1992. In 2011, Dedham Savings became a partial owner of Plimoth Trust Company, LLC, the parent company of Plimoth Investment Advisors, a portfolio management firm providing investment management, trust, retirement planning services and estate administration for both private and institutional clients.

Headquarters & locations

The bank was first opened in 1831 at the law office of Treasurer Jonathan H. Cobb at 18 Norfolk Street in Dedham. [14] Three years later, it moved to the basement of the Norfolk County Courthouse. [14] In 1847, it moved to the offices of the Norfolk Mutual Fire Insurance Company at 4 Pearl Street when that building was constructed. [14] [15] It remained there for over 40 years. [14] In the summer of 1892, it opened in a new building the bank constructed at 601-603 High Street. [14] The main branch later moved to 55 Elm Street when the bank built a new, larger building in 1976. [16]

In 1950, the first branch opened in Westwood and the first branch in East Dedham was opened in 1969. Branches were opened in Walpole in 1987, Norwood in 1991, Sharon in 2003, and South Boston in 2016. As of 2020, the bank also has four limited-service satellite branches inside local senior living facilities.

Dedham Savings Community Foundation

The Dedham Savings Community Foundation is a privately funded foundation created by Dedham Savings in 2000 to provide financial support to charitable organizations that serve disadvantaged populations within the Bank's community reinvestment area. These communities include Dedham, Needham, Norwood, Sharon, South Boston, Walpole, and Westwood and contiguous areas. Typical requests are received from schools, libraries, family service organizations and non-profit organizations. The Trustees of the Foundation accept grant requests from community organizations and make awards twice per year.

Notes

  1. ↑ Ellis lived on Court Street. [11]

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References

  1. ↑ "Dedham Institution for Savings 2023 Annual Report" (PDF). 2024.
  2. 1 2 3 https://www.patriotledger.com/story/business/2023/03/16/local-banks-ma-to-operate-independently-after-parents-companies-merge/70010229007/
  3. ↑ "Dedham Institution for Savings". Archived from the original on 1 November 2019. Retrieved 10 March 2017.
  4. ↑ "About Dedham Institution for Savings" . Retrieved 10 March 2017.
  5. ↑ ""Sophia Ford: The Great Love Henry David Thoreau Didn't Want"". New England Historical Society . Retrieved June 4, 2020.
  6. 1 2 "Dedham Savings Opens Branch". Daily Boston Globe. October 11, 1959. p. B 14.[ permanent dead link ]
  7. 1 2 Dedham Institution for Savings (2004). "This man has an account with us, opened in 1832, to fund the apprehension of horse thieves" (PDF). Archived from the original (PDF) on October 26, 2005. Retrieved 2006-12-02.
  8. 1 2 Howard, Marjorie (January 25, 2013). "Office Treasures: No Horse Thievery Here". Tufts Now. Retrieved January 1, 2007.
  9. ↑ Historical Catalogue of Brown University: Providence, Rhode Island, 1764-1894. Press of P. S. Remington & Company. 1895. p. 56. Retrieved October 16, 2021.
  10. ↑ Clarke 1903, p. 10, 14.
  11. ↑ Clarke 1903, p. 10.
  12. ↑ https://www.bostonglobe.com/2023/03/14/business/south-shore-dedham-savings-banks-merge-keep-their-respective-brands/
  13. ↑ “Decision of December 20, 2017”
  14. 1 2 3 4 5 Neiswander, Judy (November 8, 2019). "A new owner for an historic building in Dedham Square". The Dedham Times. Vol. 27, no. 25. p. 8.
  15. ↑ Clarke 1903, p. 14.
  16. ↑ "55 Elm St". Vision Government Solutions, Inc. Retrieved October 11, 2019.

Works cited

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