The Savings Bank

What The Savings Bank does

The Savings Bank is an independent, FDIC-insured community bank headquartered in Wakefield, Massachusetts, operating under a mutual holding company structure (Wakefield Bancorp, MHC). Founded in 1869, the bank serves individuals, families, and small businesses across Middlesex and Essex counties through eight physical branches in Wakefield, Lynnfield, North Reading, Andover, and Methuen, supplemented by a Wakefield High School educational branch. As of Q4 2025, the bank held $621.7M in net loans and $761.8M in total deposits, with a loan-to-deposit ratio of 81.61%, down from 83.01% a year prior.

The bank operates a full-service retail and commercial banking platform built on conventional core systems, with digital channels powered by Fiserv (mobile deposit, online account opening, card controls) and integrated with third-party fintech services including Zelle for peer-to-peer payments, SavvyMoney for credit score monitoring, uChoose Rewards for debit card incentives, and Notifi for transaction alerts. Core products span personal and business deposit accounts (TSB 365 Checking, savings, money market, CDs/IRAs), consumer and commercial lending (mortgages, home equity, consumer loans, SBA 7A/504, TSB Business Direct), and wealth management delivered through affiliate First Financial Trust.

Revenue is generated primarily through net interest income on the loan portfolio (spreads on mortgages, home equity, commercial, and consumer loans) supplemented by deposit service charges, mortgage origination fees, interchange, and wealth management referral income. Distribution combines relationship-based in-person service at local branches with online account opening, a mobile banking app, and a 24/7 telephone banking call center. The bank differentiates through dual FDIC/DIF deposit insurance coverage, 155 years of continuous local operation, and community engagement programs including the Senior to Senior intergenerational initiative and The Savings Bank Charitable Foundation (over $1.017M donated since 1997).

Name

The Savings Bank

Legal name

The Savings Bank

Website

https://tsbdirect.bank

Company type

Private

Founded year

1869

Operating status

Operating

Headcount range

101–250 employees

Short description

The Savings Bank is an independent, FDIC-insured mutual community bank founded in 1869, headquartered in Wakefield, Massachusetts, serving individuals, families, and small businesses across eight branches in Middlesex and Essex counties. It provides deposit accounts, mortgages, consumer and commercial lending, small business financing, and wealth management through First Financial Trust.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (52218), Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Mutual Savings Banks & Mutual Thrifts (FSABAEAD)

akta.pro secondary industries

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL), SBA/Government-Backed & Development Finance Loans (FSAKAGAI)

Keywords

• Community banking
• Consumer lending
• Mortgage lending
• Small business banking
• Wealth management

Headquarters

HQ city

Wakefield

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Interest Income from Loans: Primary revenue stream from mortgage loans, home equity loans/lines, consumer loans, commercial loans, and business lending. As a community bank, net interest income from the spread between loan rates and funding costs is the core earnings driver.
2. Deposit Account Fees and Service Charges: Fees from checking accounts, overdraft protection services, and other deposit-related charges.
3. Wealth Management Services: Wealth management and trust services through First Financial Trust relationship.
4. Commercial Banking Services: Cash management, merchant services, wire transfers, ACH origination, and business credit services for commercial customers.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

The Savings Bank is an independent mutual-holding community bank providing personal and business deposit accounts (checking, savings, money market, CDs and IRAs), consumer and mortgage lending (mortgages, home equity, consumer loans, first-time homebuyer programs, city/town employee loans), small business and commercial banking (business checking, cash management, SBA lending, TSB Business Direct), and wealth management and trust services through First Financial Trust. Distribution is delivered through 8 branch offices plus a Fiserv-powered mobile and online banking platform.

Product overview

The Savings Bank is an independent community bank offering a unified platform of banking, lending, and wealth management products. The core offering centers on personal and business deposit accounts (checking, savings, money market, CDs/IRAs) and lending products (mortgages, home equity, consumer loans, commercial/SBA loans, and TSB Business Direct for small business financing). Digital banking is delivered through Personal Online Banking and Personal Mobile Banking powered by Fiserv, with integrated services including Zelle P2P payments, Mobile Wallet support, uChoose Rewards debit program, and SavvyMoney credit scoring. Wealth Management services are provided through First Financial Trust. The bank operates 8 branch locations across Massachusetts and is FDIC-insured with additional DIF coverage.

Differentiator

Problem solved

Functional benefit

Brands

• The Savings Bank Charitable Foundation, Inc. Charitable foundation established in 1997 supporting non-profit organizations serving residents of Wakefield, Lynnfield, Andover, Methuen, North Reading and surrounding cities and towns. Has donated over $1,017,000 since inception.
• The Donald E. Garrant Foundation, Inc.
• TSB 365 Checking
• TSB Business Direct

Products and services

• TSB 365 Checking No-fee flagship checking account for individuals with unlimited checks, monthly ATM reimbursements, easy qualification for competitive APY, FDIC + DIF full coverage, and companion high-yield savings option.
• Personal Checking Traditional personal checking account providing personal banking customers with account access, debit card, online and mobile banking, and bill payment services.
• Personal Savings Savings deposit products for personal banking customers, including statement savings, money market, Holiday Club savings, and The C.L.U.B. for Young Savers.
• CDs and IRAs Certificates of deposit with competitive rates (including 7-month CD at 4.00% APY) and Individual Retirement Accounts (Traditional, Roth, and Education IRAs) for personal customers.
• Student Accounts Checking and savings products for students with simplified account management designed for younger customers and their banking needs.
• Accounts for Veterans Specialized banking products and services tailored for military veterans and their specific financial needs.
• Mortgages Home mortgage lending for purchases, refinancing, and construction, including fixed and adjustable rate programs with rates as low as 5.842% APR, delivered through a digital online mortgage application platform.
• First-Time Homebuyer Program Specialized mortgage program and educational resources including online workshops for first-time homebuyers.
• City Town Employee Loan Program Preferential lending program with customized loan products and rates for municipal employees of local cities and towns.
• Home Equity Loans and Lines of Credit Home equity lending allowing homeowners to borrow against property equity with rates as low as 6.250% APR for various financial needs.
• Consumer Loans Personal lending including new and used auto loans, unsecured loans, and collateral loans for individual borrowers.
• Business Checking Business checking accounts for local businesses including Business Value Checking, Business Premier Checking, and Business Non-Profit Checking with specialized services.
• Business Money Market Business savings account with money market features providing competitive interest rates on business deposits.
• Small Business Banking Comprehensive banking services for small businesses including specialized checking and lending products tailored to local small business needs.
• Commercial Loans Commercial lending products for businesses including lines of credit, equipment financing, commercial mortgages, and construction financing.
• TSB Business Direct Streamlined small business lending platform providing easier financing access for local small businesses through simplified application and underwriting.
• SBA Lending Small Business Administration loan products including SBA 7A, Low Doc, and 504 loans for qualified small business borrowers.
• Wealth Management Wealth management and trust services delivered through a partnership with First Financial Trust, including investment management and financial planning for individuals and families.

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature4 records

Partnerships

One partnership is on record.

• Early Warning Services, LLC (Zelle)coreTechnology or IntegrationThe Savings Bank offers Zelle peer-to-peer payment services to customers. Zelle-related marks are wholly owned by Early Warning Services, LLC and are used by The Savings Bank under license. Zelle enables customers to send and receive money quickly through the mobile banking app.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Wakefield Co-operative Bank: Mutual co-operative bank headquartered in Wakefield, MA—the same town as The Savings Bank. Operates with a near-identical community banking model targeting households and small businesses in the same service area, making it the closest direct competitor.
• Reading Cooperative Bank: Mutual co-operative bank in Reading, MA, adjacent to TSB's Wakefield/Lynnfield/North Reading footprint. Competes directly on deposits, mortgages, and consumer lending with a similar mutual, community-focused model.
• Winchester Co-operative Bank: Mutual co-operative bank in Winchester, MA serving Middlesex County communities overlapping TSB's western footprint. Similar asset size, mutual structure, and product mix including mortgages, consumer loans, and business banking.
• Salem Five Bank: MA-based mutual savings bank with full-service community banking model across deposit products, mortgages, and commercial lending. Comparable mutual ownership, DIF coverage, and multi-branch retail distribution strategy.
• Middlesex Savings Bank: Mutual savings bank serving Middlesex and surrounding counties with personal/business banking and SBA lending. Similar mutual charter, full DIF coverage, and similar product breadth to The Savings Bank, but at larger scale.
• Cambridge Savings Bank: Mutual savings bank in Cambridge, MA providing consumer, mortgage, business, and wealth management services. Comparable mutual structure, DIF insurance, and full-service community banking offering tailored to Greater Boston markets.
• Enterprise Bank: MA-focused community commercial bank headquartered in Lowell, serving the same Middlesex/Essex County corridor as TSB. Several TSB management hires (SVP Marketing, SVP HR) previously worked at Enterprise, evidencing direct competitive and talent overlap.
• Brookline Bank: MA community bank offering deposit, lending, and cash management services across Greater Boston and MetroWest. Public company (BRKL) parent comparable in product breadth and customer segments, though larger and conversion-different in structure.

Broad incumbents

• Rockland Trust Company: MA's largest community bank (Independent Bank Corp) operating as a broad incumbent with 100+ branches across southeastern MA and Greater Boston. Competes in mortgages, business banking, and deposits but at much greater scale and with public-company discipline.

Regional players

• HarborOne Bank: Mutual savings bank headquartered in Brockton, MA with branches in southeastern MA and Rhode Island. Comparable mutual structure and DIF coverage but geographic focus is south of TSB's core, making it a regional adjacent rather than head-to-head competitor.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/the-savings-bank-159554897410762
• LinkedInlinkedin.com/company/the-savings-bank---tsb

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Savings Bank