Dedham Savings is one of the oldest American

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

s still in operation and one of the oldest banks in the state of

Massachusetts Massachusetts (Massachusett language, Massachusett: ''Muhsachuweesut assachusett writing systems, məhswatʃəwiːsət'' English: , ), officially the Commonwealth of Massachusetts, is the most populous U.S. state, state in the New England ...

still doing business under its original charter. Deposits at Dedham Savings are insured up to current limits of the

Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cred ...

, which defines the institution as a

community bank A community bank is a depository institution that is typically locally owned and operated. Community banks tend to focus on the needs of the businesses and families where the bank holds branches and offices. Lending decisions are made by people w ...

. The

Depositors Insurance Fund The Massachusetts Depositors Insurance Fund is a deposit insurance scheme that protects depositors at Massachusetts savings banks. It was created in 1934 by the state government of Massachusetts in response to the large number of Massachusetts ba ...

insures all additional balances, up to any amount.

History

Originally founded as Dedham Institution for Savings on March 19, 1831, the bank has a rich history that includes connections to many prominent individuals, both locally and nationally, including

Horace Mann Horace Mann (May 4, 1796August 2, 1859) was an American educational reformer, slavery abolitionist and Whig politician known for his commitment to promoting public education. In 1848, after public service as Secretary of the Massachusetts Sta ...

. Sophia Foord, an acquaintance of

Henry David Thoreau Henry David Thoreau (July 12, 1817May 6, 1862) was an American naturalist, essayist, poet, and philosopher. A leading Transcendentalism, transcendentalist, he is best known for his book ''Walden'', a reflection upon simple living in natural su ...

, was the bank's first depositor. * In 1832, one year after opening, the Bank's assets totaled nearly $30,000. * Over 100 years later, in 1942, assets were nearly $14 million. * In 2020, almost 200 years since the bank's founding, assets totaled over $1.6 billion. On May 4, 1832,

The Society in Dedham for Apprehending Horse Thieves 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 be ...

opened a bank account at Dedham Savings. This is the oldest active account at Dedham Savings and may be the oldest continuously active account in the United States. The founder and first president of the bank was

Ebenezer Burgess Ebenezer Burgess (April 1, 1790 – December 5, 1870) was the minister of the Allin Congregational Church in Dedham, Massachusetts. Personal life Burgess was born on April 1, 1790, in Wareham, Massachusetts. He was graduated from Brown University ...

. An early secretary and treasurer of the bank was George Ellis II.

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. This action received final regulatory approval in February 2018. Also formed was a mid-tier stock holding company called 1831 Bancorp, Inc. The mutuality of Dedham Savings remains intact but resides inside the Mutual Holding Company, the sole owner of the mid-tier holding company, which is the sole owner of the now stock savings bank. This new corporate structure provides the Dedham Savings Board with added flexibility to pursue other banking-related business lines, explore merger and acquisition opportunities with other banks and bank holding companies, and to expand options to raise capital via subordinated capital or debt.

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. Three years later, it moved to the basement of the

Norfolk County Courthouse The Norfolk County Courthouse, also known as the William D. Delahunt courthouse, is a National Historic Landmark at 650 High Street in Dedham, Massachusetts. It currently houses the Norfolk County Superior Court. It is significant as a well- ...

. In 1847, it moved to the offices of the

Norfolk Mutual Fire Insurance Company 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. Th ...

at 4 Pearl Street when that building was constructed. It remained there for over 40 years. In the summer of 1892, it opened in a new building the bank constructed at 601-603 High Street. The main branch later moved to 55 Elm Street when the bank built a new, larger building in 1976. 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 Sharon ( he, שָׁרוֹן ''Šārôn'' "plain") is a given name as well as an Israeli surname. In English-speaking areas, Sharon is now predominantly a feminine given name. However, historically it was also used as a masculine given name. In I ...

in 2003, and

South Boston South Boston is a densely populated neighborhood of Boston, Massachusetts, located south and east of the Fort Point Channel and abutting Dorchester Bay. South Boston, colloquially known as Southie, has undergone several demographic transformati ...

in 2016. , 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.

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External links

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{{DEFAULTSORT:Dedham Savings Banks based in Massachusetts American companies established in 1831 1831 establishments in Massachusetts Banks established in 1831 Companies based in Dedham, Massachusetts