January 2020
Bank Turns 200: Raises Anniversary Flag to Kick Off Yearlong Celebration
In early 1820, 34 prominent citizens of the City of Newburyport sent a request to the
Massachusetts General Court requesting to incorporate an institution "for the purpose of
receiving money on deposit and investing the same to the best advantage of the owners
thereof." On January 31, 1820, that charter was granted, creating the third savings bank in the
Commonwealth: the Institution for Savings. Opening deposits totaling $465.10 were collected
on the first day.
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