The Savings Bank
State-chartered mutual bank headquartered in Wakefield, Massachusetts
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The Savings Bank (formerly Wakefield Savings Bank) is a state-chartered mutual bank headquartered in Wakefield, Massachusetts, and founded in 1869. It is among the oldest banks in the United States.[2] The Savings Bank has over $870 million in assets, nine branches, and operates in Wakefield, Lynnfield, Andover, Methuen, North Reading, and surrounding communities in eastern Massachusetts.[1] It is a wholly owned subsidiary of Wakefield Bancorp, MHC.[3]
| Formerly | Wakefield Savings Bank (1989) |
|---|---|
| Type | Bank |
| Industry | Financial services |
| Founded | 1869 |
| Headquarters | Wakefield, Massachusetts, United States |
Number of locations | 9 branches (2025) |
Area served | |
| Key people |
|
| Products | Savings; checking; consumer loans; mortgages; online banking |
| Total assets |  US$ 870M[1] (2026) |
Number of employees | 119 (2025) |
| Subsidiaries | Wakefield Bancorp, MHC First Financial Trust, N.A. |
| Website | tsbdirect.bank |
History
Wakefield Savings Bank was established in 1869 when Cyrus Wakefield and other business leaders petitioned for a state charter to open a savings bank in Wakefield, Massachusetts.[4] By 1871, the bank had over $60,000 in deposits and more than 500 depositors.[5]
In 1981, Wakefield Savings Bank opened the first student-operated bank branch in the United States, named the 1st Educational Savings Branch at Wakefield Memorial High School.[6] In 2004, this branch was awarded an honorary Certificate of Recognition by the U.S. Department of the Treasury for teaching financial literacy.[7]
In 1985, Wakefield Savings Bank became FDIC-insured under certification number 90291.[8] The institution changed its name to The Savings Bank in 1989 to reflect its increased geographic scope.[9]
The bank established a trust department in 1997 to offer wealth management services.[10] In 2005, The Savings Bank acquired First Financial Trust, N.A.[citation needed]
In 2013, the bank petitioned state regulators to reorganize into a mutual holding company structure.[11] On April 30, 2013, it transitioned into a mutual holding company, Wakefield Bancorp, MHC, with a mid-tier holding company named Wakefield Bancorp, Inc.[12]
In 2023, the bank completed a two-story expansion adjacent to its main office at 357 Main Street to house its commercial banking, human resources, training, facilities, and IT departments.[13]
Community involvement
On January 24, 1997, after the Odd Fellows building (one of Wakefield's landmarks constructed in 1895) suffered extensive fire damage, The Savings Bank purchased and restored the structure.[14][15] The Savings Bank also established the Charitable Foundation, Inc. in the same year.[16]
In 2001, The Savings Bank established the Donald E. Garrant Foundation, Inc. in tribute to the memory of Don Garrant, former president and chief executive officer of The Savings Bank during 1980–1992.[17] The foundation supports projects in public and private schools, grades K-12, and non-profit organizations that promote financial education in saving, investing, borrowing and credit, and economics. Since their founding, The Savings Bank Charitable Foundation and the Donald E. Garrant Foundation together have funded more than $1 million to community efforts.[18]
In 2018 and 2019, The Savings Bank provided a temporary location to the Tall Spire preschool, previously located in Wakefield's First Baptist Church, that suffered extensive fire damage on October 24, 2018.[19][20] The bank also collected monetary donations to help support the First Baptist Church.[21]
Recognition and awards
In 2006, The Savings Bank was presented with a Friend of Public Education Award by The Massachusetts Association of School Committees based on nominations from the individual School Committees throughout Massachusetts.[22]
In March 2021, The Savings Bank was recognized as runner-up for two regional awards at the New England Financial Marketing Association.[23]
In 2020, The Savings Bank received the Winner #2 Choice award in the category Community Bank / Credit Union in the Wicked Local Reader's Choice Awards.[24]