Institution for Savings

What Institution for Savings does

Institution for Savings is a mutual savings bank headquartered in Newburyport, Massachusetts, founded in 1820 and operating continuously for over 205 years under the IFS 1820 Bancorp mutual holding company structure. As of 2025 the bank reports approximately $5.5 billion in total assets, $668 million in total capital (12%+ of assets), and net income of $49 million, the third-highest annual earnings in its 205-year history. The bank serves individual consumers and small-to-medium-sized businesses across eastern Massachusetts through a 14-branch network spanning Newburyport, Beverly, Salem, Gloucester, Rockport, Amesbury, Rowley, Hamilton, Ipswich (two locations), Middleton, Topsfield, Salisbury, and Boxford, supplemented by a team of residential lenders deployed across Essex County. Deposits are dual-insured by the FDIC and the Depositors Insurance Fund (DIF), and the bank is designated an Equal Housing Lender.

Core products span a full personal banking suite — checking, savings, money market, CDs & IRAs, residential mortgages, electronic banking, and card services — alongside a business banking suite covering business checking, savings, money market, commercial loans, and business electronic banking. Revenue is generated primarily through net interest income on the lending portfolio (residential mortgages and commercial loans, with the commercial book posting three consecutive years of $100M+ growth) and deposit-gathering activities, supplemented by banking fees and service charges. Distribution combines the physical branch network with online banking (my.ifs.bank), a mobile app, 24-hour telephone banking, and a QuickBooks-compatible business banking offering. Competitive CD rates (4.10%-4.20% APY across 9-, 20-, and 30-month terms) serve as the primary deposit-acquisition lever.

Beyond core banking, the bank operates a distinct community-engagement and financial-education platform. The 16-year-running Credit for Life Fair hosted 1,200+ students from 12+ North Shore high schools in 2025, supported by the Credit for Life website co-developed with six other Massachusetts banks and FitMoney. Additional education programs include Get Smart About Credit, Be a Smart Saver, First-Time Homebuyer Program (with partner closing-cost credits), and Identity Theft Seminars for Seniors. The Institution for Savings Charitable Foundation, established in 1997, contributed over $2.3 million to local nonprofits in 2025 and over $6.5 million over the past three years, with the bank's #Giving for Good program allocating 10 paid volunteer hours per employee annually. Technology infrastructure is provided primarily through Jack Henry (JHA/Banno) for digital banking and ProfitStars for loan payments.

Name

Institution for Savings

Legal name

Institution for Savings

Website

https://rockportnational.com

Company type

Private

Founded year

1820

Operating status

Operating

Short description

Institution for Savings is a 205-year-old mutual savings bank headquartered in Newburyport, Massachusetts, operating 14 branches across eastern Massachusetts with $5.5 billion in assets. It serves consumers and small-to-medium businesses with full personal and commercial banking plus community-focused financial education.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (522180), 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), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

Keywords

• Community savings bank
• Residential mortgage lending
• Commercial lending services
• Personal banking deposits
• Business banking accounts

Headquarters

HQ city

Newburyport

HQ country

United States

HQ region

North America

Offices14 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Lending: Primary revenue stream from interest earned on residential mortgages, commercial loans, and other lending products. The bank reported strong loan growth with commercial portfolio marking third consecutive year of over $100 million in loan growth.
2. Deposit Interest Payments: Interest paid to depositors on checking, savings, money market, and CD accounts. The bank emphasizes competitive rates on deposits compared to big banks.
3. Banking Fees and Service Charges: Fee income from various banking services including overdraft fees, wire transfers, and other account services.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Institution for Savings is a 200+ year-old mutual savings bank headquartered in Newburyport, Massachusetts, offering a full range of deposit products and lending solutions. The bank serves both consumer and business customers across eastern Massachusetts through 14 branch locations, with $5.5 billion in total assets. Core offerings include checking, savings, money market, CDs and IRAs for personal and business clients, along with residential mortgages, commercial loans, and electronic banking services.

Product overview

Institution for Savings is a community bank headquartered in Newburyport, Massachusetts, offering a comprehensive suite of personal and business banking products. The bank's personal banking offerings include Checking, Savings, Money Market Accounts, CDs & IRAs, Residential Loans, Electronic Banking, and Card Services. For business customers, the bank provides Business Checking, Business Savings, Business Money Market, Commercial Loans, and Business Electronic Banking. The institution also operates a significant Financial Education division comprising programs including the Credit for Life Fair (an interactive budgeting simulation for high school students), Get Smart About Credit (high school senior presentations), Be a Smart Saver (elementary school education), First-Time Homebuyer Programs, and Identity Theft Seminars for Seniors. Supporting these programs is a Knowledge Bank Blog providing financial education content on topics ranging from managing money and buying homes to paying for college. The bank also provides digital banking services including online banking and mortgage payment processing through integrated platforms.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts

Quantifiable outcome

• Third highest earnings in 205-year history for 2025
• +4 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature1 record

Partnerships

13 partnerships are on record, tiered core and minor.

• FitMoneycoreStrategic or Co-development Partner · 1 January 2020Non-profit financial education organization that collaborated with Institution for Savings and six other Massachusetts banks to develop Creditforlife.org website. This collaborative platform provides interactive financial education tools used by tens of thousands of students throughout Massachusetts and beyond.
• Cape Cod 5minorStrategic or Co-development PartnerOne of seven Massachusetts banks that collaborated to develop the Credit for Life website (creditforlife.org) in 2020.
• Rockland TrustminorStrategic or Co-development PartnerOne of seven Massachusetts banks that collaborated to develop the Credit for Life website (creditforlife.org) in 2020.
• HarborOne BankminorStrategic or Co-development PartnerOne of seven Massachusetts banks that collaborated to develop the Credit for Life website (creditforlife.org) in 2020.
• BayCoast BankminorStrategic or Co-development PartnerOne of seven Massachusetts banks that collaborated to develop the Credit for Life website (creditforlife.org) in 2020.
• Country BankminorStrategic or Co-development PartnerOne of seven Massachusetts banks that collaborated to develop the Credit for Life website (creditforlife.org) in 2020.
• Westfield BankminorStrategic or Co-development PartnerOne of seven Massachusetts banks that collaborated to develop the Credit for Life website (creditforlife.org) in 2020.
• The Savings BankminorStrategic or Co-development PartnerOne of seven Massachusetts banks that collaborated to develop the Credit for Life website (creditforlife.org) in 2020.
• Massachusetts Bankers AssociationcoreStrategic or Co-development PartnerTrade association representing community banks in Massachusetts. Institution for Savings President & CEO Michael J. Jones co-authored testimony with Mass Bankers President & CEO Kathleen Murphy urging state lawmakers to require personal finance courses as graduation requirements.
• Merrimack Valley Housing PartnershipminorImplementation/ SI/ Consulting PartnerFirst-time Homebuyer Education provider partner. Offers online courses and live Zoom classes. Institution for Savings provides $500 closing cost credit to applicants who complete approved CHAPA certified courses.
• Gloucester Housing AuthorityminorImplementation/ SI/ Consulting PartnerFirst-time Homebuyer Education provider partner. Contact: Home Ownership Coordinator Mary Matthews.
• Lawrence Community WorksminorImplementation/ SI/ Consulting PartnerFirst-time Homebuyer Education provider partner. Contact: Homeownership Advisor Edward Alcantara.
• Massachusetts Office of Economic EmpowermentminorStrategic or Co-development PartnerDivision of Massachusetts Treasurer's Office that provided $6,900 Financial Education Innovation Fund Grant to support Credit for Life fairs in Lynn Public Schools.

Scale indicators15 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• East Boston Savings Bank: Mutual savings bank chartered in Massachusetts with a similar community-focused retail and commercial banking model. Operates branches across greater Boston with comparable product set (deposits, residential mortgages, business banking) and serves a similar mutual-bank customer base.
• Cambridge Savings Bank: Mutual savings bank headquartered in Cambridge, MA, offering personal and business banking, mortgages, and commercial lending. Closely comparable to IFS in mutual structure, community orientation, and Massachusetts footprint, though serving a more urban Cambridge customer base.
• Salem Five Bank: Community bank with a strong North Shore presence (Salem, Peabody, and surrounding communities) that overlaps with IFS's eastern Massachusetts branch territory. Offers a comparable mix of consumer deposits, residential mortgages, and commercial lending, making it a direct in-market competitor.
• Rockland Trust: Massachusetts-based community bank and Credit for Life website co-development partner with IFS. Provides a similar mix of deposit, mortgage, and commercial products across eastern and southeastern Massachusetts; serves as both a collaborator and direct in-market competitor.
• Brookline Bank: Massachusetts community bank offering consumer and business banking products through a branch network in Greater Boston and surrounding areas. Comparable in scale, mutual/community orientation, and product mix to IFS.
• Cape Cod 5: Massachusetts mutual savings bank and Credit for Life website co-development partner. Operates consumer and business banking across Cape Cod and southeastern Massachusetts with a community-led model directly analogous to IFS's North Shore approach.
• HarborOne Bank: Massachusetts community bank serving southeastern New England with consumer deposits, mortgages, and commercial lending. Credit for Life website collaborator with IFS; comparable in mutual/community orientation and product breadth.
• Country Bank: Massachusetts-based community bank and Credit for Life website collaborator offering personal and business banking products. Compares to IFS in mutual-style community banking approach and product breadth.
• Bristol County Savings Bank: Mutual savings bank headquartered in Taunton, MA, serving southeastern Massachusetts and northern Rhode Island. Comparable mutual structure, deposit and lending product mix, and community-bank orientation to IFS.

Regional players

• Westfield Bank: Western Massachusetts community bank and Credit for Life website collaborator. Offers consumer and commercial banking across a different (western) geography but with similar community-bank positioning and product mix to IFS.

Market position

Strengths1 record

Weaknesses1 record

Competitive moat5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCX2RPSK6pwSlbYELoINm3-w
• Facebookfacebook.com/institutionforsavings
• Instagraminstagram.com/institutionforsavings
• LinkedInlinkedin.com/company/rockport-national-bank

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

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 Institution for Savings