Institution for Savings – Salem

The Institution for Savings is a mutual community bank founded in 1820, making it one of the oldest mutual banks in the United States. Its Salem office is one of 15 full-service offices along the North Shore and Cape Ann, offering banking services and home mortgages. As a mutual bank, it has no outside shareholders, and its stated vision is to positively affect the lives of every person, business and organization in the communities it serves.

That community focus shows in its charitable foundation, which supports nonprofits across the region. Recent efforts include years of support for Anna Jaques Hospital’s breast care services, including funding 3D mammography, plus contributions to Harborlight Homes, which provides affordable and supportive housing, and Our Neighbors’ Table, which runs free markets with fresh food. Bank leaders also ride in the Pan-Mass Challenge, and the bank offers financial fitness resources for customers.

What to Know

• The bank is a Member FDIC and an Equal Housing Lender.
• Its mortgage products include adjustable-rate loans for home buyers.
• The bank recently announced $625,000 in donations and pledges to local causes.
• The Salem branch is a member of the Salem Chamber of Commerce.