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, ,
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 1831Bancorp, 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.

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]

Related Research Articles

<span class="mw-page-title-main">U.S. Bancorp</span> American bank holding company

U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. As of 2019, it had 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. In 2023 it ranked 149th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.

<span class="mw-page-title-main">Citizens Financial Group</span> Eastern U.S. bank

Citizens Financial Group, Inc. is an American bank holding company, headquartered in Providence, Rhode Island. The company owns the bank Citizens Bank, N.A., which operates in the U.S. states of Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, and Virginia, as well as Washington, DC.

<span class="mw-page-title-main">National City Corp.</span> American bank and part of National City Corp

National City Corporation was a regional bank holding company based in Cleveland, Ohio, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first mortgage in America. The company operated through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, Florida, and Wisconsin, and also served customers in selected markets nationally. Its core businesses included commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management. The bank reached out to customers primarily through mass advertising and offered comprehensive banking services online. In its last years, the company was commonly known in the media by the abbreviated NatCity, with its investment banking arm even bearing the official name NatCity Investments.

TD Banknorth, formerly Banknorth, was a wholly owned subsidiary of the Toronto-Dominion Bank which conducted banking and insurance activities, primarily serving the northeastern area of the United States, headquartered in Portland, Maine. The bank became TD Bank, N.A. on May 31, 2008.

<span class="mw-page-title-main">National Bank of Detroit</span> Defunct American commercial bank

The National Bank of Detroit (NBD), later renamed NBD Bank, was a bank that operated mostly in the Midwestern United States. Following its merger with First National Bank of Chicago, the bank was ultimately acquired and merged into Bank One, at which point the NBD name was discontinued. Today, what was once NBD is owned by JPMorgan Chase & Co.

<span class="mw-page-title-main">Boston and Providence Railroad</span> Former railroad company operating in Massachusetts and Rhode Island

The Boston and Providence Railroad was a railroad company in the states of Massachusetts and Rhode Island which connected its namesake cities. It opened in two sections in 1834 and 1835 - one of the first rail lines in the United States - with a more direct route into Providence built in 1847. Branches were built to Dedham in 1834, Stoughton in 1845, and North Attleboro in 1871. It was acquired by the Old Colony Railroad in 1888, which in turn was leased by the New Haven Railroad in 1893. The line became the New Haven's primary mainline to Boston; it was realigned in Boston in 1899 during the construction of South Station, and in Pawtucket and Central Falls in 1916 for grade crossing elimination.

<span class="mw-page-title-main">Flagstar Bank</span> American bank

Flagstar Bank is an American commercial bank headquartered in Troy, Michigan. A wholly owned subsidiary of New York Community Bank, Flagstar is one of the largest residential mortgage servicers in the United States, and was among the largest banks in the United States prior to its acquisition in 2022.

<span class="mw-page-title-main">Dollar Bank</span> Regional savings bank

Dollar Bank is a full-service regional savings bank serving both individuals and business customers, operating more than 90 offices throughout Pennsylvania, Ohio, Maryland, and Virginia. The bank's corporate headquarters is located in downtown Pittsburgh alongside its Pennsylvania regional headquarters. The Ohio headquarters is located in downtown Cleveland, and Virginia headquarters is located in Hampton Roads.

<span class="mw-page-title-main">The Society in Dedham for Apprehending Horse Thieves</span>

The Society in Dedham for Apprehending Horse Thieves is one of the "oldest continually existing horse thief apprehending organization in the United States, and one of Dedham's most venerable social organizations." Since its founding there have been more than 10,000 members including heads of state, Supreme Court justices, governors, popes, professors, generals, and other notables.

<span class="mw-page-title-main">Zions Bancorporation</span> U.S. financial services company

Zions Bancorporation is a national bank headquartered in Salt Lake City, Utah. It operates as a national bank rather than as a bank holding company and does business under the following seven brands: Zions Bank, Amegy Bank of Texas, California Bank and Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and the Commerce Bank of Washington. It has 416 branches and over 1 million customers. It was founded by the Church of Jesus Christ of Latter-day Saints in 1873, although the church divested its interest in the bank in 1960.

Hudson City Bancorp, Inc., based in Paramus, in the U.S. state of New Jersey, was a bank-holding company for Hudson City Savings Bank, its only subsidiary, then the largest savings bank in New Jersey and one of the oldest banks in the United States, with US$50 billion in assets. It is now a fully publicly held entity and a member S&P 500 stock market Index. In 2005, its US$3.93 billion secondary offering of common stock was the largest in United States banking history. At the time, it was also the seventh largest domestic public offering in United States history The bank avoided the excesses of the housing boom and was labeled "best bank of 2007" by Forbes. M&T Bank agreed to acquire Hudson City on August 27, 2012.

<span class="mw-page-title-main">First Bancorp</span> American bank based in North Carolina

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina. It operates as First Bank in North and South Carolina. In North Carolina, the company has 94 branches, assets totaling $4.3 billion and deposits of $3.4 billion as of early 2017. First Bancorp has 118 branches and about $12 billion in assets as of January 2023.

<span class="mw-page-title-main">First Bank System</span> American regional bank holding company

First Bank System was a Minneapolis, Minnesota-based regional bank holding company that operated from 1864 to 1997. What was once First Bank forms the core of today's U.S. Bancorp; First Bank merged with the old U.S. Bancorp in 1997 and took the U.S. Bancorp name.

<span class="mw-page-title-main">The Norfolk & Dedham Group</span> American mutual insurance carrier

The N&D Group is a mutual insurance carrier based in Dedham, Massachusetts, comprising three regional property and casualty insurance companies which market personal and commercial insurance product lines through independent insurance agents. The group conducts business in Massachusetts, New Hampshire, and New Jersey, and wrote about $267 million in annual insurance premium in 2021. Founded as The Norfolk Mutual Fire Insurance Company in 1825, The N&D Group is one of the oldest mutual insurance companies in the United States.

<span class="mw-page-title-main">East Boston Savings Bank</span> Stock savings bank

East Boston Savings Bank was a Massachusetts-chartered stock savings bank founded in 1848. The company delivered a wide range of deposit and loan products through the operation of the bank. On April 22, 2021, Rockland Trust would be acquiring the bank.

INB Financial Corporation was an Indianapolis-based statewide bank holding company that was the largest Indiana-based financial institution at the time it was acquired by Michigan-based NBD Bancorp in 1992. Its primary subsidiary was the Indianapolis-based INB National Bank, formerly the Indiana National Bank, which can trace its origins to the founding of the Second State Bank of Indiana in 1834.

<span class="mw-page-title-main">Norfolk House (Dedham, Massachusetts)</span> 1801 building in Dedham, Massachusetts

The Norfolk House also known as the Norfolk Hotel, was a tavern in Dedham, Massachusetts originally built in 1801 and located at 19 Court Street. It hosted John Quincy Adams, Andrew Jackson, and the Marquis de Lafayette.

<span class="mw-page-title-main">History of rail in Dedham, Massachusetts</span>

The history of rail in Dedham, Massachusetts begins with the introduction of the first rail line in 1836 and runs to the present day. Multiple railroads have serviced Dedham since then, and current service is provided by the MBTA. The station in Dedham Square built in 1881 out of Dedham Granite was demolished in 1951 and the stones were used to put an addition on the Town's library. There are two active stations today, and multiple others in close proximity.

OceanFirst Bank, N.A. is a regional bank subsidiary of the U.S. financial services holding company OceanFirst Financial Corp founded and headquartered in Ocean County, New Jersey, with operations throughout New Jersey, and in the major metropolitan markets of Philadelphia, New York City, Baltimore, and Boston.

<span class="mw-page-title-main">The Savings Bank</span> State-chartered mutual bank headquartered in Wakefield, Massachusetts

The Savings Bank is a state-chartered mutual bank, headquartered in Wakefield, Massachusetts and founded in 1869. It is one of the oldest banks in the United States. The Savings Bank has over $720 million in assets, and 9 branches, serving residents of Wakefield, Lynnfield, Andover, Methuen, North Reading, and surrounding cities and towns. It is a wholly owned subsidiary of Wakefield Bancorp, MHC,

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