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.”

Senior Vice President of Commercial Lending Mark Zink has been promoted to Senior Lender and will lead the Institution for Savings’ commercial lending team, announced president and CEO Michael J. Jones. He succeeds former SVP and Senior Lender David Boudreau who retired in June.

Mark joined the Bank as vice president in June of 2020 and was promoted to senior vice president in January 2022.  Previously, he was vice president of commercial lending at Melrose Bank for five years and Radius Bank for seven years.  

“Since joining the Bank three years ago Mark has been an integral part of the Bank’s team, always ready to help our clients and his fellow team members,” said Mr. Jones.  “His professionalism and commitment to helping his customers is a great asset to our very busy commercial lending department. Additionally, Mark’s keen knowledge of the commercial lending environment on the North Shore and beyond is invaluable to the continued growth and expansion of our commercial lending portfolio.”

Mark earned a BA degree from Western New England University and an MBA from Northeastern University.  In his free time, he volunteers at Lazarus House in Lawrence, is a board member of the Horizon Club in Newburyport and is on the finance committee for Citizen’s Inn in Peabody.

Mark is based in the Bank’s Commercial Lending Center located at 312 Haverhill Street in Rowley. He can be reached at 978-225-1352.

The annual meeting of the IFS 1820 Bancorp, Mutual Holding Company of Institution Savings was held March 13th at the Black Swan Country Club, attended by more than 250 corporators and Bank employees.

President and CEO Michael J. Jones welcomed the attendees and reported that the Bank attained record net operating earnings of $40.7 million in 2022, an increase of $5.1 million or 14% over 2021.  Total assets in 2022 reached $4.869 billion, an increase of $334 million or 7 percent.  Total loans reached $3.7 billion, representing record growth of $491 million or 15 percent. Total deposits increased $126 million or 4 percent reaching $3.6 billion.  Total capital ended the year at $528 million and remains strong at 11 percent, providing opportunities for future growth and expansion.

During the business meeting Mr. Jones addressed the recent national headlines regarding bank failures, and reiterated that the Institution for Savings is strong, stable and well-positioned due to its robust capital position, prudent loan underwriting and responsible business model.  Customer deposits are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC); funds that exceed FDIC limits are insured by the Depositors Insurance Fund (DIF). The Bank has posted a letter on its website with a similar message to its customers.

Mr. Jones also reported on a number of milestones achieved in 2022:

• Ranked 17th nationally by American Banker in its annual ranking of banks with assets $2 to $10 billion (based on 12/31/21 results)
• Named to the Boston Globe Top Places to Work for the 15th consecutive year
• Named to Boston Business Journal’s Best Places to Work for the 7th consecutive year and one of Massachusetts’ largest corporate charitable contributors
• Named Best Bank by The Newburyport Daily News for the 14th consecutive year
• Named Best Bank by The Salem News for the fourth consecutive year
• Completed the rear wing renovations at its Newburyport Main office
• Through its Institution for savings Charitable Foundation donated more than $2.3 million to local non-profit organizations.

During the meeting, the corporation elected one new Trustee to join the board: Kerri S. Perry. Ms. Perry, a Newbury resident, is currently President and CEO of Community Action, Inc. a multi-service non-profit organization serving low-income individuals and families in eleven cities and towns in the Merrimack Valley and seacoast regions.

Three new corporators were also elected during the meeting.  They include Robyn Burns, executive director of the Salem Food Pantry and a Salem resident; Angelo Perrina, a Middleton resident and co-founder of Nutre Meal Plans LLC; and Sarah Player, a physical therapist and vice chair of the Ipswich Board of Selectmen who resides in Ipswich.

Also, during the meeting, Mr. Jones recognized two long-time Institution for Savings officers who are retiring in the coming months:  Senior Vice President of Residential Lending Larry Hunter who retires this week; and Senior Lender/Senior Vice President of Commercial Lending David Boudreau who will retire July 1^st.

Before concluding the meeting, Mr. 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 Information Technology Help Desk Technician Richard Denaro who, according to Mr. Jones, was nominated by several individuals for his caring, friendly attitude as well as consistently making the extra effort to help colleagues.

In addition to the Bank’s 68-page annual report, all guests received gourmet chocolates from M cacao of Amesbury, with a special video about the Bank embedded into the box.  Chocolate video boxes made by m cacao were also the featured gift at the 65^th annual Grammy Awards gift lounge earlier this year.

PEABODY — The Institution for Savings is donating $400,000 to Citizens Inn in Peabody this month.

The donation will fund programming and operational costs for the nonprofit’s Haven from Hunger program. This includes supporting the food pantry, resource center and community meals that many locals rely on.

“This funding is so important because the community continues to have needs, and we are responding to these needs pretty quickly,” said Carolina Trujillo, executive director for Citizens Inn.

The organization has gone from serving 600 households at the start of the pandemic to 1,100 households this year. The new resource center will allow Citizens Inn to assist more people, Trujillo said.

It will have a variety of services available to both Citizens Inn clients and the public, including financial literacy programs and grief counseling.

“It’s very community centric,” Trujillo said. “We want to make sure that we’re responding to the needs of the community, not necessarily to whatever we think the community needs.”

The Institution for Savings will hold the naming rights to the Haven from Hunger kitchen, pantry and resource center at 71 Wallis St. for the next 25 years ,thanks to its donation.

The bank will become a larger part of the community when it opens a new branch in Peabody Square next year, Institution for Savings President and CEO Michael J. Jones said in a statement.

“The work that Citizens Inn does every day to help families and individuals who are experiencing a housing crisis or food insecurity is admirable and we are happy we can help continue this important mission,” Jones said in the statement. “Haven from Hunger provides much needed food assistance to those in need through its food pantry and community meals programs and is a critical service for residents in Peabody and the surrounding communities.”

The donation will count toward Citizens Inn’s $7.4 million comprehensive campaign to enhance the nonprofit’s spaces and services.

Along with supporting special programs and renovations to the Wallis Street pantry, which were officially unveiled last month, the fundraising drive will renovate four units at the Inn-Between shelter on Holten Street and add a playground there.

The Institution for Savings will present a check to Citizens Inn at the nonprofit’s Wallis Street location at 3 p.m. Monday

• The Institution for Savings Charitable Foundation donated and pledged more than $2 million to local non-profit organizations in its market.
• The Bank purchased the former Century Bank location at 12 Peabody Square, Peabody with plans to open a full-service retail and lending office by the end of 2022.
• The Bank purchased a commercial building at 79 State Street, Newburyport with plans to move its call center and retail operations there by the fourth quarter of 2022.
• Restoration and renovations were completed to the Bank’s main office built in 1870, with renovations to the rear wing of the main office built in 1980 currently underway.
• The Bank was again named a Top Charitable Contributor and Best Place to Work by the Boston Business Journal as well as a Top Place to Work for the fourteenth straight year by the Boston Globe.