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The Savings Bank (formerly Wakefield Savings Bank) is a state-chartered mutual bank, headquartered in
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. 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.
In 1981, The Savings Bank earned national and international recognition 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 for its efforts in teaching financial education to high school students by the U.S. Department of the Treasury.
In 1985 The Savings Bank became
Official website
{{WakefieldMA Banks of the United States Banks established in 1869 Companies based in Massachusetts 1869 establishments in Massachusetts
The Savings Bank (formerly Wakefield Savings Bank) is a state-chartered mutual bank, headquartered in Wakefield, Massachusetts
Wakefield is a town in Middlesex County, Massachusetts in the Greater Boston metropolitan area, incorporated in 1812 and located about north-northwest of Downtown Boston. Wakefield's population was 27,090 at the 2020 census. Wakefield offer ...
and founded in 1869. It is one of the oldest banks in the United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...
. 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,
History
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. 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.
In 1981, The Savings Bank earned national and international recognition 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 for its efforts in teaching financial education to high school students by the U.S. Department of the Treasury.
In 1985 The Savings Bank became FDIC
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 credi ...
insured and was assigned the FDIC certification number 90291.
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 reorganise into a mutual holding company. On April 30, 2013, The Savings Bank reorganised into a mutual holding company, Wakefield Bancorp, MHC with a mid-tier holding company, Wakefield Bancorp, Inc.
In 2019, The Savings Bank celebrated its 150th anniversary.
Services
*Personal and business checking andsavings
Wealth is the abundance of valuable financial assets or physical possessions which can be converted into a form that can be used for transactions. This includes the core meaning as held in the originating Old English word , which is from an ...
*Money market
The money market is a component of the economy that provides short-term funds. The money market deals in short-term loans, generally for a period of a year or less.
As short-term securities became a commodity, the money market became a compon ...
*CDs
The compact disc (CD) is a digital optical disc data storage format that was co-developed by Philips and Sony to store and play digital audio recordings. In August 1982, the first compact disc was manufactured. It was then released in Octo ...
*Individual Retirement Account
An individual retirement account (IRA) in the United States is a form of pension provided by many financial institutions that provides tax advantages for retirement savings. It is a trust that holds investment assets purchased with a taxpayer's e ...
savings
*Commercial lending
*Cash management services
*Auto loans
In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations, etc. The recipient (i.e., the borrower) incurs a debt and is usually liable to pay interest on that de ...
*Personal loans
In finance, unsecured debt refers to any type of debt or general obligation that is not protected by a guarantor, or collateralized by a lien on specific assets of the borrower in the case of a bankruptcy or liquidation or failure to meet the t ...
*Mortgage loans
A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any p ...
* Home equity loans
*Free online banking
Online banking, also known as internet banking, web banking or home banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial ins ...
*Electronic bill pay and electronic statements
*Free mobile banking
Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet. Unlike the related internet banking it uses ...
access
*Free financial counselling
*Wealth management services
*Financial seminars
* Debit cards
*Direct deposit
A direct deposit (or direct credit), in banking, is a deposit of money by a payer directly into a payee's bank account. Direct deposits are most commonly made by businesses in the payment of salaries and wages and for the payment of suppliers' acco ...
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. In 1997, The Savings Bank established the Charitable Foundation, Inc. The foundation supports non-profit organisations whose primary focus is on homeless shelters, family services, the poor, and the elderly. 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. The foundation supports projects in public and private schools, grades K-12, and non-profit organisations 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. 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. In 2019, The Savings Bank was rated as "satisfactory" by the Commonwealth of Massachusetts for its performance under the CRA. 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. The bank also collected monetary donations to help support the First Baptist Church.Recognition and awards
In 2020, The Savings Bank received the Winner #1 Choice award in the category Community Bank / Credit Union in the Wicked Local Reader's Choice Awards. 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.References
External links
Official website
{{WakefieldMA Banks of the United States Banks established in 1869 Companies based in Massachusetts 1869 establishments in Massachusetts