Question 1

What is The Savings Bank (Wakefield, MA)?

Accepted Answer

The Savings Bank is a state-chartered mutual savings bank headquartered in Wakefield, Massachusetts, serving communities north of Boston. With approximately $849 million in total assets and nine branch locations, the bank provides personal and business banking services with a focus on personalized customer relationships and community involvement.

Founded in 1869, The Savings Bank is among the oldest banks in the United States. As a wholly owned subsidiary of Wakefield Bancorp, MHC, the bank maintains its mutual structure, operating for the benefit of its customers rather than external shareholders.

Question 2

When was The Savings Bank (Wakefield, MA) founded?

Accepted Answer

The Savings Bank was founded in 1869 when Cyrus Wakefield, along with other business leaders, petitioned the Massachusetts Legislature for a charter to open a savings bank in Wakefield. The acts of incorporation were approved and signed by Governor Alexander H. Bullock on May 26, 1869.

The bank held its first meeting on June 12, 1869, where Cyrus Wakefield was elected President. On June 30, 1869, the bank opened for business in a two-story building on Main Street, conducting business semi-weekly on Wednesdays and Saturdays. On that first day, 38 accounts were opened with $3,263 deposited, mostly by family members.

The bank was originally chartered as the Wakefield Savings Bank, a name it retained for 120 years. In 1989, the name changed to The Savings Bank to reflect the institution's broader geographic footprint beyond Wakefield.

Question 3

Where is The Savings Bank (Wakefield, MA) headquartered?

Accepted Answer

The Savings Bank is headquartered in Wakefield, Massachusetts, in Middlesex County. The main office is located at 357 Main Street, where the bank moved in 1923 after purchasing the entire building at the corner of Main and Chestnut Streets.

Question 4

Where does The Savings Bank (Wakefield, MA) operate?

Accepted Answer

The Savings Bank operates in communities north of Boston with nine branch locations serving Wakefield, Lynnfield, Andover, Methuen, and North Reading. The bank's geographic footprint encompasses communities within the Boston-Cambridge-Newton metropolitan statistical area.

Branch locations include the main office and Greenwood branch in Wakefield (opened 1975), Lynnfield (opened 1976), Lakeside in Wakefield (opened 1980), Andover (opened 1997), South Lynnfield (opened 2000), Methuen (opened 2005), and North Reading (opened 2005). The bank also operates the 1st Educational Savings Branch at Wakefield Memorial High School, the first student-run and student-operated banking branch in the nation, which opened in 1981.

Question 5

What services does The Savings Bank (Wakefield, MA) offer?

Accepted Answer

The Savings Bank offers comprehensive personal and business banking services. Personal banking products include checking and savings accounts, money market accounts, certificates of deposit, IRA savings accounts, residential mortgages, home equity loans and lines of credit, auto loans, and personal loans.

Business banking services feature commercial lending, business checking and savings accounts, and cash management services. Through First Financial Trust, N.A., a limited purpose trust company acquired in 2005, the bank provides wealth management and estate planning services.

Digital banking capabilities include online banking, mobile banking with mobile deposit, ATM access through the AWAKE24 network, and various electronic payment options. The bank emphasizes convenience through drive-through teller services, ATM locations, and 24/7 digital access while maintaining strong in-person customer service.

Question 6

What makes The Savings Bank (Wakefield, MA) unique?

Accepted Answer

The Savings Bank has earned national and international recognition for pioneering financial education. In 1981, the bank opened the 1st Educational Savings Branch at Wakefield Memorial High School, the first student-run and student-operated banking branch in the United States. Business leaders and legislators from across the country and internationally have visited to emulate this innovative program. In 2004, the branch received a Certificate of Recognition from the U.S. Department of the Treasury for its financial literacy efforts.

The bank has demonstrated exceptional community commitment through two charitable foundations. The Savings Bank Charitable Foundation, established in 1997, has donated over $1 million to support non-profit organizations serving local communities. The Donald E. Garrant Foundation, created in 2001 to honor a former president, focuses on financial education projects in schools and non-profit organizations.

In 1997, the bank purchased, renovated, and restored the historic Odd Fellows building after it suffered extensive fire damage, preserving an important Wakefield landmark from 1895. The bank has remained independent throughout its 155-year history, serving customers rather than shareholders and making all decisions locally.

The Savings Bank elected Frances (Addie) Mansfield as its first Assistant Treasurer in 1922, demonstrating progressive leadership decades before such appointments became common. In 2013, the bank reorganized into Wakefield Bancorp, MHC, a mutual holding company structure that preserves its customer-focused mission.

Question 7

What type of financial institution is The Savings Bank (Wakefield, MA)?

Accepted Answer

The Savings Bank is a state-chartered mutual savings bank supervised by the FDIC. As a mutual institution, it operates without shareholders, allowing it to focus exclusively on customer and community interests.

The bank became FDIC insured in 1985 and maintains dual insurance through both the FDIC and the Depositors Insurance Fund (DIF), providing comprehensive protection for customer deposits. This mutual savings bank structure has enabled The Savings Bank to preserve its independence, maintain local decision-making authority, and prioritize long-term customer relationships over short-term profit maximization throughout its long history serving Massachusetts communities.

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