The Savings Bank

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The Savings Bank
Wakefield Savings Bank (1989)
IndustryFinancial services
HeadquartersWakefield, Massachusetts, United States
Number of locations
9 branches (2020)
Key people
Robert J. DiBella, CEO
  • Savings account
  • Checking account
  • Loan
  • mortgages
  • credit cards
  • online banking
Total assetsincrease United States dollar[1] (2019)
Number of employees
125 (2020)
SubsidiariesWakefield Bancorp, MHC

The Savings Bank (formerly Wakefield Savings Bank) is a state-chartered mutual bank headquartered in Wakefield, Massachusetts and founded in 1869. The Savings Bank became FDIC insured in 1985 and was assigned the FDIC certification number 90291.[2] A wholly owned subsidiary of Wakefield Bancorp, MHC,[3] The Savings Bank has over $610 million in assets, and 9 branches, serving residents of Wakefield, Lynnfield, Andover, Methuen, North Reading, and surrounding cities and towns.[1]


File:Wakefield Savings Bank building 1895.jpg|thumb|right|Postcard showing the Wakefield Savings Bank building, at the corner of Main and Chestnut Streets. Year of 1895.

The Savings Bank's heritage started in early 1869 with the idea of one man, Cyrus Wakefield, who along with other business leaders, petitioned for a charter to open a savings bank in Wakefield, MA.[4] Starting with one physical location in 1869, the Bank was chartered as the Wakefield Savings Bank. By 1871, the Wakefield Savings Bank had over $60,000 in deposits and over 500 depositors.[5]

In 1981, The Savings Bank earned national and international recognition with the opening of the first student run banking branch in the Nation, named the 1st Educational Savings Branch at Wakefield High School.

In 1989, the bank's name changed to The Savings Bank to reflect its broader geographic footprint.

In 1997 the Trust Department of the bank was established, and the bank expanded its services to include Wealth Management services.

In 2005, The Savings Bank acquired the First Financial Trust, N.A.

In 2019, The Savings Bank celebrated its 150 anniversary.[6]


Personal and business cheque|checking and savings, money market, Certificate of deposit|CDs, Individual Retirement Account savings, commercial lending, cash management services, auto loans, personal loans, mortgage loans, home equity loans, free online banking, electronic bill pay, electronic statements, free mobile banking access, free financial counseling, wealth management services, financial seminars, debit cards, and wiktionary:direct deposit|direct deposit.


Leadership team: Robert J. DiBella, President & CEO; Raichelle L. Kallery, Executive Vice President; Denise Carbone, Senior Vice President; Kathleen M. Conary, CRCM & CAMS, Senior Vice President; Jeff P. D'Alessandro, Senior Vice President; Peter W. Johnston, Senior Vice President; Maria F. Melo, Senior Vice President; Patricia A. O'Brien, Senior Vice President; Bruce G. Donovan, Senior Vice President.

Board of Directors: Michael R. Barrett, Chair; Mark J. Simeola, Vice Chair; Kelley A. Chapman; Karen S. Conard; Robert J. DiBella; Glenn D. Dolbeare; Anthony M. Gallugi; Scott C. Garrant; Ann E. Hadley; Thomas A. Mullen; Joanne S. Reilly; Daniel W. Sherman.[7]

Community involvement/ Charitable efforts

In 1997, The Savings Bank established the Charitable Foundation, Inc. The Foundation supports non-profit organizations whose primary focus is on homeless shelters, family services, the poor and the elderly.

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 between 1980 and 1992. The Foundation supports projects in public and private schools, grades K-12, and non-profit organizations that promote financial education - saving, investing, borrowing and credit, and economics.

Since their founding, The Savings Bank Charitable Foundation and the Donald E. Garrant Foundation together have given back more than $1 million to community efforts.[8]

External links


  1. 1.0 1.1 "US Bank Locations: The Savings Bank". Retrieved 2020-07-01.
  2. "Find Banks and Credit Unions - Office of Consumer Affairs and Business Regulation". Retrieved 2020-07-01.
  3. "WAKEFIELD BANCORP MHC Financial Reports". Retrieved 2020-07-01.
  4. Wulff, Jim (2016-11-30). "The Remarkable Mr. Wakefield". Retrieved 2020-07-08.
  5. "Annual Report of the Commissioner of Savings Banks, Including the Abstracts of Returns from the Savings Institutions in Massachusetts, 1871 - State Library of Massachusetts Electronic Repository" (PDF). p. 76. Retrieved 2020-07-08.
  6. "TSB Turns 150 Sunday - The Wakefield Daily Item". 2019-05-24. Retrieved 2020-07-01.
  7. "The Savings Bank: Board of Directors". Retrieved 2020-07-01.
  8. "Annual Report 2019 Wakefield Bancorp, MHC" (PDF). Retrieved 2020-07-01.

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