Cape Ann Savings Bank was founded by three people, a physician, a scholar, and a businessman. The Bank became incorporated on April 15, 1846, and was first located on the second floor at 56 Front Street (now 51-53 Main Street), near the spot where the lane led down to Boynton’s coal wharf.
The Bank opened for business on May 9, 1846, and its banking hours were limited to one hour per week in the Front Street space. The Treasurer did banking business at other times at his own office on Short Street.
Deposits had to be at least $3.00, but not more than $100.00 at one time. No depositor was to exceed $500.00. All deposits of $5.00 and more were put on interest at the rate of 4% yearly, and an extra dividend of profits was to be made every five years.
At the end of five months’ operation, there were 48 depositors, and the total amount on deposit was $1,355.00. By 1854 the deposits neared the grand sum of $40,000.00. Most of the depositors were people of slender resources and wage earners who needed a safe return on their investment in Cape Ann Savings Bank. The Bank continued to grow and became fixed in the minds of the public as a safe and sound institution for savings, wisely and economically administered for the depositors’ advantage.
Cape Ann Savings Bank moved to its present location in 1864 into a granite building which was originally located in Boston. It had been bought with the sole intention of taking it down, bringing the pieces to Gloucester, and re-erecting it here.
By 1993 the Bank had 35,000 customers and assets of more than $235 million as it moved ahead well into its second century of operation.
Today, after more than 170 years of operation, as we move forward into the 21st century, we have surpassed the $500 million mark in assets. The Bank continues to be respected in the Cape Ann community, still meeting the needs of its customers in providing a safe and sound institution for savings and also offering expanded products and services to current and new customers.
Trust & Financial