SALISBURY — Weeks after Our Neighbors’ Table officials announced they had come up $200,000 short in its efforts to raise $6 million to operate its new Bridge Road food hub debt free, the Institution for Savings made up the difference last week.

“I read the article in the paper and I saw that they were $200,000 away from their $6 million 2024 goal, and I figured we would step up and make sure they made their goal,” Institution for Savings President Mike Jones said.

Jones and other Institution for Savings officials joined Haight for a tour of the hub Tuesday after donating $200,000 last week, with Jones calling the facility “so impressive.”

“I just really appreciate Lyndsey’s vision and I think that it took some time, but here we are today, and I think we’re doing exactly what we wanted to do,” Jones said, referring to Our Neighbors’ Table Executive Director Lynsdey Haight.

Our Neighbors’ Table opened the 24,000-square-foot food market and storage facility roughly four months ago. It includes 7,000-square-feet of dry storage, as well as 3,000-square-feet of cold storage. The nonprofit is in the midst of a $7.8 million capital campaign for the Salisbury food hub so it can operate the hub debt free.

The hub will serve the 25 food access organizations partnered in the Lower Merrimack Valley Food Coalition.

While the hub is still a work in progress, over a million pounds of food have passed through the building so far, with most of it coming from the Greater Boston Food Bank.

Haight said that hitting the $6 million milestone is huge for her organization after they had initially failed to hit the mark by Jan. 1.

“Six million dollars was a key benchmark for us. It was the minimum we needed just to be able to carry the costs of this expansion and serving the needs of the coalition,” Haight said.

She stressed not fundraising efforts are still far from done.

“We still have $1.8 million to get to the $7.8 million. We get to the $7.8 million and we are in great shape so that all of our future contributions go directly to serving the coalition and the 32,000 people that the coalition is serving,” Haight said.

Board of Directors member and chairman of the capital campaign Jim Krause thanked the bank and shared his belief that this donation could inspire others as the campaign nears its conclusion.

“There’s a bandwagon effect,” Krause said.

Haight said she was grateful for the over 300 donors who have contributed to the campaign so far.

“It’s one of the largest campaigns executed in this area for quite some time, and so it really speaks to everyone with varying capacities in their commitment to universal food access,” Haight said.

Folks looking to contribute to the campaign can do so at: fillemup.org

Matt Petry covers Amesbury and Salisbury for The Daily News of Newburyport. Email him at: mpetry@northofboston.com.

Institution for Savings, a $5 billion community bank headquartered in Newburyport, has been named one of the 2024 Top Places to Work in Massachusetts in the 17th annual employee-based survey from The Boston Globe. The Top Places to Work issue publishes online at globe.com/topplaces online and in Globe Magazine on Sunday, December 8^th.

The Bank is one of only two companies to have made the top list every year that the list has been published.

Top Places to Work recognizes the most admired workplaces in the state voted on by the people who know them best—their employees. The survey measures employee opinions about their company’s direction, execution, connection, management, work, pay, benefits, and engagement. The employers are placed into one of four groups: small, with 50 to 99 employees; medium, with 100 to 249 workers; large, with 250 to 999 staff members; and largest, with a workforce of 1,000 or more employees.

The Institution for Savings was ranked number 17 in the Medium category, up from number 23 in 2023.

“What makes this honor so gratifying is that it is based on the confidential feedback from our very own employees,” said Institution for Savings president and CEO Michael J. Jones. “To be one of only two Massachusetts companies to have consistently made the list for 17 straight years -- at a time when workplaces are adjusting to meet the needs of a changing workforce -- makes this even more special.  Our employees are our greatest asset, and I am truly grateful to lead such a dedicated team.”

The Globe Magazine also includes a segment highlighting special recognitions some of the top companies bestow on their employees and features the Bank’s longstanding President’s Award, give annually to an employee that goes above and beyond.

“The best employers pay attention to the many ways work changes – and the many ways it stays the same – and figure out how to keep people engaged and motivated through it all,” said Katie Johnston, the Globe’s Top Places to Work editor.

The rankings in Top Places to Work are based on confidential survey information collected by Energage, an independent company specializing in employee engagement and retention, from nearly 68,000 employees at 323 Massachusetts organizations.

NEWBURYPORT — Institution for Savings President and CEO Michael J. Jones was recently appointed by Gov. Maura Healey to the Massachusetts Housing Partnership (MHP) Board.

MHP is a public nonprofit affordable housing organization that works in concert with the governor and the Executive Office of Housing and Livable Communities (EOHLC) to increase the supply of affordable housing in Massachusetts. It does this by financing affordable rental housing, providing mortgage financing for first-time home buyers, providing technical assistance for housing and neighborhood development and works to establish statewide housing policy. The partnership is governed by a seven-member board of directors appointed by the governor.

“Mike Jones is a fabulous addition to our board,” said MHP Executive Director Clark Ziegler. “He brings a wealth of experience and has led his bank to be an industry leader on housing and community investment. He’s also a champion of affordable housing in his own hometown of Ipswich.”

Jones said he was “truly honored” to have been chosen by Healey and added he was looking forward to working with Ziegler and his team.

“Massachusetts has faced a housing shortage for decades, with the demand for affordable housing significantly outpacing production and availability. I look forward to lending my time and experience as a longtime affordable housing advocate to this board as we work to make housing more affordable in Massachusetts,” Jones said.

Earlier this year, Healey signed into law the Affordable Homes Act into law, historic legislation that authorizes $5.16 billion in spending over the next five years along with policy initiatives to address rising housing costs in the state caused by high demand and limited supply.

“Mike’s lengthy experience in banking will help support MHP’s goal of creating a future with an adequate housing supply and reasonable housing costs,” said Massachusetts Housing Secretary Edward M. Augustus.

SALEM — “What type of car can I afford on an actuary’s salary?” “What’s an HMO?” “I had no idea my parents paid that much for cable TV!”

Those were just a few of the comments from high school students navigating their future at the 14th annual Credit for Life Fair held May 23 at Salem State University.

More than 1,100 North Shore high school juniors from 14 schools attended the event, underwritten and organized by the Institution for Savings. They were joined by 150 community volunteers, including 50 IFS employees, Newburyport Mayor Sean Reardon, Amesbury Mayor Kassandra Gove, the division of bank examiners, financial planners, real estate agents and nonprofit leaders.

The Institution for Savings event is the largest of its kind in New England. High schools attending the event included Amesbury, Newburyport, Triton Regional, Pentucket Regional, Ipswich, Georgetown, Masconomet Regional, Hamilton-Wenham Regional, Salem, Swampscott, Beverly, Rockport and Gloucester, as well as Landmark School in Beverly.

Using the bank’s Credit for Life website (creditforlife.org), students created profiles on their mobile devices, then chose professions. Then using their assigned monthly “salaries,” along with a credit card and savings account, they visited 12 booths set up in Rockett Arena and purchased everything they would need to live as 25-year-olds. The booths featured housing, transportation, food and nutrition, education and training, health and wellness, and planning for the future.

The event’s goal, according to Institution for Savings President and CEO Michael Jones, was to help local high school students develop personal budgeting skills that they will use throughout their lives.

“The greatest part of the morning was listening in to the students talk about their choices and decision-making,” said Jones, whose twin sons attended the event from Ipswich High School. “Seeing them trying to decide if they can afford to live on their own or need a roommate, or choosing a used Jeep over a lease is so gratifying to me because that is exactly what this event is geared to do: Get them to start learning how to manage their money before they leave high school.”

Local community volunteers included Gove and Reardon, North Shore Chamber CEO Karen Andreas, Salem Pantry Executive Director Robyn Burns and Greater Newburyport Chamber of Commerce President Nate Allard.

“The Credit for Life Fair is an amazing event to witness in person,” Reardon said. “Financial literacy is such an important skill that currently is not required for graduation in Massachusetts schools. Institution for Savings deserves a lot of credit for bringing hundreds of juniors from 14 different high schools to come and participate in this immersive real-world financial simulation.”

A group of financial planners from EP Wealth Advisor and The Sentinel Group were also on hand to advise the students, as were staffers from Salem State University. Kristin MacDonald from the office of state Sen. Bruce Tarr also volunteered as did Phil DeCologero and Madison Gonzalez from the office of State Auditor Diana DiZoglio.

DeCologero, who has volunteered at the fair several times, said he is “always amazed” at the planning by organizers, the enthusiasm of volunteers, and the seriousness of students.

“I wish I had access to this type of programming when I was in high school, and it’s clear the students who do get to participate understand the benefit of the resources they’re being exposed to. Thank you to Institution for Savings for devoting so much to helping so many,” DeCologero said.

Gove said the fair offers “incredible hands-on learning experience” for Amesbury students.

“In the absence of required standardized financial literacy in our school, they’re filling the gap. Our students beg us for real life education and opportunities for ‘adulting’ and this program checks all the boxes. Every student should experience Credit for Life,” Gove said after the event.

A highlight of the morning was the Safety & Security Booth, staffed by police officers from eight North Shore communities.

Swampscott police Officer Brian Wilson brought Sora, the department’s comfort dog, along as well. Officers talked with the students about important issues that keep young adults safe, such as texting and avoiding substance use while driving, and having smoke detectors in living space. Students also took turns trying out impairment goggles that simulate levels of alcohol impairment to make them aware of how alcohol can adversely affect their vision and functions.

“The students learn so much, and have fun doing it,” Andreas said. “They talk about credit card debt, saving for emergencies, whether they should adopt a dog and afford the vet bills. It’s an outstanding learning experience.”

NEWBURYPORT — The annual meeting of the IFS 1820 Bancorp, Mutual Holding Company of Institution Savings was held on March 11 at the Black Swan Country Club, attended by more than 275 corporators and bank employees.

President and CEO Michael J. Jones welcomed attendees and summarized 2023 financials. The bank reported strong net earnings of $41 million, representing a return on assets of 0.82 percent. Despite interest rate challenges, residential loans increased by $284 million, reaching a milestone of $4 billion. Commercial loans increased $135 million, representing the bank’s highest in-house commercial loan growth to date. Total assets increased 3.5 percent, topping $5 billion for the first time.

Capital increased $42 million totaling $570 million and remains strong at 11.31 percent. Jones told corporators that the Bank’s solid capital position will provide opportunities for future anticipated growth in loan and investment portfolios. He also noted that the bank led its peer group and local competitors in multiple categories, particularly those relating to the bank’s low operating cost structure due to the efficiency of the Bank’s employees.

“Our success is due to the daily commitment of our talented team of employees and our loyal customer base,” Jones said. “We are so fortunate to have a strong and caring board of trustees and an incredibly hard-working team of employees.”

Jones also reported on several milestones achieved in 2023:

• Completed 79 State St. – new home of retail operations.
• Began main office expansion project.
• Named The Boston Globe’s Top Places to Work for the 16th consecutive year.
• Named Boston Business Journal’s Best Places to Work for the eighth consecutive year.
  
• Named as one of the largest corporate charitable contributors in Massachusetts by Boston Business Journal.
• IFS Charitable Foundation donated and pledged $2 million to local non-profit organizations.

In addition, the bank’s employee-driven #Giving for Good program donated nearly $20,000 worth of resources to 18 local community causes.

During the meeting Jones recognized retiring trustee Freeman J. Condon of Salisbury who has served on the bank’s board since 2007.

“When we opened our first office outside of Newburyport, we needed an individual who could represent the bank in a professional and compassionate way. We hoped we could find a successful entrepreneur and we wanted somebody who embodied the bank’s vision. We could not have chosen a better person than Freeman Condon. Freeman’s guidance, commitment and loyalty to the Institution for Savings during his 16 years as a trustee was critical to the success and growth of the bank. His background and experience as a Salisbury businessman, public official and community leader were instrumental as the bank expanded into new communities.”

A highlight of the evening was the unveiling of a 20-minute video that focused on the bank’s compensation and benefits, supportive family-first culture and wellness initiatives. Corporators and employees were also invited to sign a 450-pound steel beam that will be the final beam added to the bank’s main office construction project, tentatively scheduled to be completed in early 2025.

Four new corporators were also elected during the meeting. They include Thomas Bean, enrolled tax agent and owner of Bean & Bean in Newburyport; Louis Bonasera, partner, The Financial Advisors, Newburyport and Topsfield resident; Adam Costa, attorney and owner of Mead, Talerman & Costa of Newburyport and Ipswich resident; and Peter White, attorney and owner of Law office of Peter B. White of Danvers and Topsfield resident.

Before concluding the meeting, Jones announced the recipient of this year’s President’s Award, given annually to an employee who consistently goes above and beyond his or her duties to serve the bank and its customers. This year’s award was given to Float Customer Service Representative Matthew Catalini who, according to Jones, is well liked, displays kindness and respect to all, always goes above and beyond and is willing to work whenever and wherever needed.

by Jim Sullivan, Newburyport Daily News

Feb 26, 2024

NEWBURYPORT — Local high school students have been receiving some professional advice on navigating the pitfalls of the college financial aid application process, thanks in no small part to the Institution for Savings.

The State Street bank recently donated roughly $2,500 to allow Newburyport and Triton Regional high schools to work with College Affordable, a nonprofit organization that works with school districts to help families through the minefield that is the college financial aid application process.

“They help with anything from scholarships, to financial aid awards, to filling out all the forms and making sure they’re done correctly,” said Aaron Smith, a college and career counselor at Newburyport High School. “They also appeal any award letters and help the students through the process.”

Brian Gardiner is the executive director of College Affordable, which he started with partners Gregg Cohen and Polly Ribatt a few years ago after trying to figure out how to get his kid’s college education paid for on his own.

“The Federal Student Aid, or FAFSA form, is what you use to get federal money and that’s just one thing we help with,” he said. “There’s also a statistic from a few years ago that says half of the eligible students for a Pell Grant never completed the FAFSA. That’s $20,000 of free money from the government and they never got it because it was either too complicated or they just didn’t know how to do it.”

College Affordable began working with Newburyport High School in October and Triton in November, according to Gardiner, who said he has worked with more than 100 families in Newburyport and about 40 in the Triton Regional School District.

“Right now, our focus are the seniors but we really want to start working with junior families as well,” he said.

Mary Anne Clancy, senior vice president of marketing and communications for Institution for Savings, said in an email that the bank is happy to support such an initiative.

“We are huge proponents of youth education and supporting high school students as they prepare for their futures is so important,” she said. “We look forward to seeing what the students will do with this great tool.”

Smith said College Affordable has been very helpful with the FAFSA application.

“That thing’s a beast,” he said. “The format and everything is online and there have been lots and lots of issues. The website has gone down and new things have come up.”

Karen Cassidy, a career readiness counselor for Triton, said in an email that 30% of her students identify as low income and her school is very grateful for the financial aid counseling that College Affordable provides.

“This type of support is what makes the difference between our students completing their FAFSA form or not and ultimately will determine whether they have an opportunity to attend college or not,” she said. “The support from College Affordable is especially important this year as the financial aid process has been delayed, student awards have been impacted, and the timing of award letters is putting additional stress and pressure on families to make important financial decisions under duress.”

Many colleges are beginning to push back their deposit deadlines, according to Cassidy, who said families should be encouraged to contact the schools to request an extension for their deadline. They should also schedule their College Affordable appointments to review awards and consider appeals, she said.

The Institution for Savings has been an excellent partner, according to Smith. Since school counselors are not supposed to help families with financial issues, having College Affordable assist families for free has been beneficial.

“It has been outstanding and invaluable as far as having them as a resource,” he said. “I have been super excited to be able to have them and hopefully continue with them next year as we go on.”