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A The Savings Bank branch in the Greenwood district of Wakefield, Massachusetts, in July 2021, showing the clock tower distinctive of The Savings Bank branches.
The Savings Bank (formerly Wakefield Savings Bank) is a state-chartered mutual bank headquartered in Wakefield, Massachusetts, and founded in 1869. It is among the oldest banks in the United States.[2] The Savings Bank has over $780 million in assets, nine branches, and serves residents of Wakefield, Lynnfield, Andover, Methuen, North Reading, and surrounding communities in eastern Massachusetts.[1] It is a wholly owned subsidiary of Wakefield Bancorp, MHC.[3]
Postcard showing the Wakefield Savings Bank building at the corner of Main and Chestnut Streets. Year of 1895.
The Savings Bank was established in 1869, when Cyrus Wakefield and other business leaders petitioned for a state charter to open a savings bank in Wakefield, Massachusetts.[4] By 1871, the Wakefield Savings Bank had over $60,000 in deposits and over 500 depositors.[5]
In 1981, The Savings Bank opened the first student-operated banking branch in the United States, named the 1st Educational Savings Branch at Wakefield Memorial High School.[6] In 2004, the branch was awarded an honorary Certificate of Recognition by the U.S. Department of the Treasury for its efforts in teaching financial literacy to high school students.[7]
In 1985, The Savings Bank became FDIC insured and was assigned the FDIC certification number 90291.[8]
In 1989, the bank's name changed to The Savings Bank to reflect an increased geographic scope.[9]
In 1997, the Trust Department of the bank was established, and the bank expanded its services to include Wealth Management services.[citation needed]
In 2005, The Savings Bank acquired the First Financial Trust, N.A.
n 2013, The Savings Bank petitioned state banking regulators for permission to reorganize into a mutual holding company structure.[10] On April 30, 2013, The Savings Bank reorganized into a mutual holding company, Wakefield Bancorp, MHC with a mid-tier holding company, Wakefield Bancorp, Inc.[11]
In 2023, The Savings Bank completed an expansion project adjacent to its main office at 357 Main Street. The two-story expansion houses the bank's commercial banking, human resources, training, facilities, and IT departments.[12]
In 1997, after the Odd Fellows building (one of Wakefield's landmarks constructed in 1895) suffered extensive fire damage on January 24, The Savings Bank purchased and restored the structure.[13][14] The Savings Bank also established the Charitable Foundation, Inc. in the same year. The foundation supports non-profit organizations whose primary focus is on homeless shelters, family services, the poor, and the elderly.[15]
In 2001, The Savings Bank established the Donald E. Garrant Foundation, Inc. in tribute to the memory of Don Garrant, former President and Chief Executive Officer of The Savings Bank during 1980-1992.[16] The foundation supports projects in public and private schools, grades K-12, and non-profit organizations that promote financial education in saving, investing, borrowing and credit, and economics. Since their founding, The Savings Bank Charitable Foundation and the Donald E. Garrant Foundation together have funded more than $1 million to community efforts.[17]
In 2018 and 2019, The Savings Bank provided a temporary location to the Tall Spire pre-school, previously located in Wakefield's First Baptist Church, that suffered extensive fire damage on October 24, 2018.[18][19] The bank also collected monetary donations to help support the First Baptist Church.[20]
In 2020, The Savings Bank received the Winner #2 Choice award in the category Community Bank / Credit Union in the Wicked Local Reader's Choice Awards.[22]
In 2006, The Savings Bank was presented with a Friend of Public Education Award by The Massachusetts Association of School Committees based on nominations from the individual School Committees throughout Massachusetts.[23]
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US$ 837M [1] (2025)
