Newburyport, MA – Continuing its growth along the North Shore, the Institution for Savings plans to open a full-service retail office at 6 Paradise Road in Salem, announced President and CEO Michael J. Jones today. Pending approvals by the Federal Deposit Insurance Corporation (FDIC), the Massachusetts Division of Banks and the City of Salem the new office is tentatively scheduled to open in the spring of 2019.
“This location is in the heart of the busy retail and restaurant corridor of Vinnin Square which serves the businesses and residents of Salem, Swampscott, Marblehead and Lynn,” said Mr. Jones. “Our attractive loan and deposit rates will be very beneficial to the residents and business in the area.”
The 3,000 square foot stand-alone brick building was previously occupied by Beverly National Bank, followed by Danversbank. The branch subsequently closed in 2011 when Danversbank was acquired by People’s United Bank. The new Institution for Savings office will be renovated to include a new lobby and teller line, private retail and lending offices, two full-service drive-up lanes, a 24-hour drive-up ATM and considerable onsite parking.
“As a mutual savings bank, our true commitment to our communities extends far beyond profits,” Mr. Jones continued. “Our number one priority is to provide the very best products and customer service in our market. We are excited to bring this same pledge to Salem, Swampscott and the surrounding area, not just by offering competitive rates and the lowest fees for businesses and individuals but by also becoming an integral part of the community through our charitable giving and community support.”