The Savings Bank

Last updated
The Savings Bank
FormerlyWakefield Savings Bank (1989)
Company type Bank
Industry Financial services
Founded1869
Headquarters Wakefield, Massachusetts, United States
Number of locations
9 branches (2023)
Area served
 Andover,

Lawrence, Lynnfield, Melrose, Methuen, Middleton, North Reading, Reading, Saugus, Stoneham, Wakefield,

Contents

Wilmington
Key people
Products Savings; checking; consumer loans; mortgages; online banking
Total assets Increase2.svg US$ 784M [1]  (2023)
Number of employees
115 (2023)
Subsidiaries Wakefield Bancorp, MHC
Website tsbdirect.bank
A Savings Bank branch in the Greenwood district of Wakefield, Massachusetts, in July 2021, showing the clock tower distinctive of Savings Bank branches. Wakefield Savings Bank Greenwood Branch 07-24-21.jpg
A Savings Bank branch in the Greenwood district of Wakefield, Massachusetts, in July 2021, showing the clock tower distinctive of 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 one of the oldest banks in the United States. [2] The Savings Bank has over $780 million in assets, 9 branches, and serving residents of Wakefield, Lynnfield, Andover, Methuen, and North Reading, which make up its surrounding cities and towns. [1] It is a whole owned subsidiary of Wakefield Bancorp, MHC. [3]

History

Postcard showing the Wakefield Savings Bank building at the corner of Main and Chestnut Streets. Year of 1895. Wakefield Savings Bank building 1895.jpg
Postcard showing the Wakefield Savings Bank building at the corner of Main and Chestnut Streets. Year of 1895.

The Savings Bank's heritage started in early 1869 with the idea of Cyrus Wakefield who, along with other business leaders, petitioned for a charter to open a savings bank in Wakefield, Massachusetts. [4] Starting with one physical location in 1869, the bank was chartered as the Wakefield Savings Bank. By 1871, the Wakefield Savings Bank had over $60,000 in deposits and over 500 depositors. [5]

In 1981, The Savings Bank earned national and international recognition [6] with the opening of the first student-operated banking branch in the nation, named the 1st Educational Savings Branch at Wakefield Memorial High School. 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 its broader geographic footprint.

In 1997, the Trust Department of the bank was established, and the bank expanded its services to include Wealth Management services.

In 2005, The Savings Bank acquired the First Financial Trust, N.A.

In early 2013, The Savings Bank petitioned the Division of Banks (Division) and the Board of Bank Incorporation (Board) pursuant to Massachusetts General Laws chapters 167A and 167H, for permission to reorganize into a mutual holding company. [9] 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. [10]

In 2019, The Savings Bank celebrated its 150th anniversary. [11]

In 2021, The Savings Bank launched its student financial literacy program. [12]

In early 2023, The Savings Bank added an addition adjacent to the Bank's Main Office at 357 Main Street. The two-story expansion houses the bank's Commercial Banking, Human Resources, Training, Facilities, and IT departments. [13]

In June 2023, The Savings Bank changed its website address from www.tsbawake24.com to www.tsbdirect.bank. A domain ending with .bank helps prevent cyberattacks through added layers of protection. Like with .gov or .edu, .bank is a gated domain, but only for verified and authenticated banks. The Savings Bank became a Cybersecurity Pioneer at fTLD [14]

Services

Community involvement and charitable efforts

In 1997, The Savings Bank purchased, renovated, and restored the Odd Fellows building, one of Wakefield's landmarks, originally built in 1895, that suffered extensive damage in a devastating fire on January 24, 1997. [15] [16]

In 1997, The Savings Bank established the Charitable Foundation, Inc. The foundation supports non-profit organizations whose primary focus is on homeless shelters, family services, the poor, and the elderly. [17]

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. [18] 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 given back more than $1 million to community efforts. [19]

In 2013, The Savings Bank was rated as "high satisfactory" on the Service Test performance under the Community Reinvestment Act (CRA), and "satisfactory" on the Lending and Investment Tests performance, by the Commonwealth of Massachusetts, for the bank's efforts in providing financial and personal empowerment through innovative and flexible lending programs designed to meet the credit needs of low and moderate-income borrowers, first-time homebuyers, and small businesses. [20] In 2019, The Savings Bank was rated as "satisfactory" by the Commonwealth of Massachusetts for its performance under the CRA. [21]

In 2018 and 2019, The Savings Bank provided a temporary home to the Tall Spire pre-school, previously located in Wakefield's First Baptist Church, that suffered extensive fire damage on October 24, 2018. [22] [23] The bank also collected monetary donations to help support the First Baptist Church. [24]

Recognition and awards

In March 2021, The Savings Bank won two regional awards [25] at the New England Financial Marketing Association

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. [26]

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. [27]

Related Research Articles

Washington Mutual, Inc. was an American savings bank holding company based in Seattle. It was the parent company of Washington Mutual Bank, which was the largest savings and loan association in the United States until its collapse in 2008.

Washington Federal Bank is an American bank based in Seattle, Washington. It operates over 200 branches throughout Washington, Oregon, Idaho, Nevada, Utah, Arizona, New Mexico, California, and Texas.

<span class="mw-page-title-main">Comerica</span> American financial services company

Comerica Incorporated is an American financial services company, headquartered in Dallas, Texas. It is the parent of Comerica Bank, a regional commercial bank with 413 branches in the U.S. states of Texas, Michigan, California, Florida and Arizona. Comerica is among the largest U.S. financial holding companies, with offices in a number of U.S. cities.

<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">Canadian Western Bank</span> Canadian bank based in Edmonton, Alberta

Canadian Western Bank, also operating as CWB Financial Group, is a Canadian bank based in Edmonton, Alberta. The bank serves clients both in Western Canada and in other provinces. It was announced on June 11, 2024 that it would be acquired by National Bank of Canada in 2025.

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">Old National Bank</span> American Regional Bank

Old National Bank is an American regional bank with nearly 200 retail branches operated by Old National Bancorp and based in Chicago and Evansville, Indiana. With assets at $48.5 billion and 250 banking centers, Old National Bancorp is the largest financial services bank holding company headquartered in Indiana and one of the top 30 banking companies in the U.S. Old National Bank has locations in Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Tennessee, and Wisconsin.

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

Webster Bank is an American commercial bank based in Stamford, Connecticut. It has 177 branches and 316 ATMs located in Connecticut; Massachusetts; Rhode Island; New Jersey; Westchester, Orange, Ulster, and Rockland counties in New York as well as New York City.

<span class="mw-page-title-main">BankAtlantic</span> Former Florida bank

BankAtlantic was a US bank that operated in the state of Florida until it was acquired in 2012 by BB&T Corporation. It provided consumer and business banking services to communities throughout Florida.

<span class="mw-page-title-main">Flagstar Financial</span> American bank holding company

Flagstar Financial, Inc. (FLG), is a bank holding company for Flagstar Bank headquartered in Hicksville, New York. In 2023, the bank operated 395 branches in New York, Michigan, New Jersey, Ohio, Florida, Arizona and Wisconsin. Branches used to be operated under the names Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, and Atlantic Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Arizona and Florida. However, they rebranded all of these under the Flagstar name on February 21, 2024. FLG is on the list of largest banks in the United States and is one of the largest lenders in the New York City metro area.

<span class="mw-page-title-main">NBT Bank</span> American financial institution

NBT Bank, N.A. is an American financial institution that operates through a network of 140 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. NBT Bank and its parent company, NBT Bancorp Inc., are headquartered in Norwich, New York, United States. NBT Bancorp is traded on the Nasdaq Global Select Market under the symbol NBTB.

Eastern Bank is a bank based in Boston, Massachusetts. Before de-mutualizing in 2020, it was the oldest and largest mutual bank in the United States and the largest community bank in Massachusetts.

<span class="mw-page-title-main">Glacier Bancorp</span> U.S. banking company

Glacier Bancorp, Inc. is a regional multi-bank holding company headquartered in Kalispell, Montana, United States. It is a successor corporation to the Delaware corporation originally incorporated in 1990. The company provides personal and commercial banking services from 221 locations in Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona, and, Nevada.

Investors Bank was a publicly traded, full-service bank that was based in Short Hills, New Jersey, USA. The bank operated over 150 branches across New Jersey and New York.

United Bank was an American bank headquartered in Hartford, Connecticut, and had locations throughout Connecticut, Massachusetts and Rhode Island. The bank was acquired in 2019 by People's United Financial and branches were rebranded or closed.

<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.

Banc of California, Inc. is an American bank serving the state of California with over 80 branches in Southern California, extending from San Diego to Santa Barbara as well as locations in Denver, Colorado, and Durham, North Carolina. The bank is headquartered in Los Angeles, California, with over 2000 employees. Banc of California offers a broad range of loan and deposit products and services, focusing on providing banking and treasury management services to small-, middle-market, and venture-backed businesses

<span class="mw-page-title-main">Dedham Institution for Savings</span> American bank

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.

<span class="mw-page-title-main">Bank of Greene County</span>

Bank of Greene County is an American federally-chartered savings bank headquartered in Catskill, NY. The bank's branches are located in the Upstate New York counties of Greene, Columbia, Albany, Ulster, and Rensselaer.

OceanFirst Bank is an American 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.

References

  1. 1 2 "US Bank Locations: The Savings Bank". usbanklocations.com. Retrieved 2023-12-31.
  2. ↑ "America's Oldest Banks". ibanknet.com. 2017-01-01. Retrieved 2020-12-09.
  3. ↑ "WAKEFIELD BANCORP MHC Financial Reports". ibanknet.com. Retrieved 2020-07-01.
  4. ↑ Wulff, Jim (2016-11-30). "The Remarkable Mr. Wakefield". wakefieldhistory.org. Retrieved 2020-07-08.
  5. ↑ "Annual Report of the Commissioner of Savings Banks, Including the Abstracts of Returns from the Savings Institutions in Massachusetts, 1871 - State Library of Massachusetts Electronic Repository" (PDF). core.ac.uk. p. 76. Retrieved 2020-07-08.
  6. ↑ BANK, COURTESY OF THE SAVINGS. "1st Educational Savings Branch celebrates 40th anniversary". Wicked Local. Retrieved 2023-10-18.
  7. ↑ "Treasury Assistant Secretary for Financial Institutions, Wayne A. Abernathy Presented Honorary Certificate of Recognition - U.S. Department of the Treasury". treasury.gov. Retrieved 2020-11-23.
  8. ↑ "Find Banks and Credit Unions - Office of Consumer Affairs and Business Regulation". Mass.gov. Retrieved 2020-07-01.
  9. ↑ "The Savings Bank, Wakefield, Massachusetts - permission to reorganize into a mutual holding company". mass.gov. Retrieved 2020-11-23.
  10. ↑ "Massachusetts Divisions of Banks 2013 Annual Report" (PDF). mass.gov. p. 16. Retrieved 2020-11-23.
  11. ↑ "TSB Turns 150 Sunday - The Wakefield Daily Item". localheadlinenews.com. 2019-05-24. Retrieved 2020-07-01.
  12. ↑ Content, Community. "The Savings Bank launches student financial literacy program". Wicked Local. Retrieved 2023-10-18.
  13. ↑ Tradesman, Banker & (2022-07-11). "Wakefield-based The Savings Bank Builds Addition on Main Office". Banker & Tradesman. Retrieved 2023-10-18.
  14. ↑ "Map of .BANK'ers". register.BANK. Retrieved 2023-10-18.
  15. ↑ "Fires - Wakefield Library". wakefieldlibrary.org. Retrieved 2020-11-23.
  16. ↑ "Historic Downtown Wakefield Tour". wakefieldhistory.wordpress.com. 2 October 2015. Retrieved 2020-11-23.
  17. ↑ "The Savings Bank Charitable Foundation, Inc. – The Savings Bank – Massachusetts". The Savings Bank. Retrieved 2024-05-03.
  18. ↑ "The Donald E. Garrant Foundation, Inc. – The Savings Bank – Massachusetts". The Savings Bank. Retrieved 2024-05-03.
  19. ↑ "Annual Report 2019 Wakefield Bancorp, MHC" (PDF). tsbawake24.com. Retrieved 2020-07-01.
  20. ↑ "COMMUNITY REINVESTMENT ACT PERFORMANCE EVALUATION - THE SAVINGS BANK" (PDF). archives.lib.state.ma.us. 2013-03-18. Retrieved 2020-11-23.
  21. ↑ "The Commonwealth of Massachusetts Divisions of Banks and Board of Bank Incorporation Activity Report". mass.gov. Retrieved 2020-11-23.
  22. ↑ "In Daylight, Loss Of Wakefield Landmark Is Tough To See". patch.com. 2018-10-24. Retrieved 2020-11-23.
  23. ↑ "The Savings Bank provides temporary home to Tall Spire". localheadlinenews.com. 2018-11-30. Retrieved 2020-11-23.
  24. ↑ "Hurd School a possibility for Tall Spire". localheadlinenews.com. 2018-10-30. Retrieved 2020-11-23.
  25. ↑ "The Savings Bank wins two regional awards". Wicked Local. Retrieved 2023-10-19.
  26. ↑ "Wakefield Local Services Winner Listings". wickedlocal.com. Retrieved 2020-12-12.
  27. ↑ "TOWN of WAKEFIELD 195th Annual Report 2006" (PDF). archives.lib.state.ma.us. p. 64. Retrieved 2020-11-23.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.