Newburyport Five Cents Savings Bank
| Company type | Mutual savings bank |
|---|---|
| Industry | Banking |
| Founded | April 1854 |
| Headquarters | Newburyport , United States |
Area served | Essex County, Massachusetts; Portsmouth, Dover, Exeter, Hampton, New Hampshire |
Key people | Lloyd Hamm Jr. (President as of 2018) |
| Products | Financial services |
Newburyport Five Cents Savings Bank, known commercially as Newburyport Bank, is a financial institution based in Newburyport, Massachusetts, United States. The bank maintains a network of 11 branches, with six located within Essex County, Massachusetts, two situated in Portsmouth, New Hampshire, and additional offices in Dover, Exeter, and Hampton, New Hampshire.
The institution's name reflects its original founding condition in 1854, when the minimum deposit required to open an account was five cents.
History
Established in April 1854,[1] Newburyport Bank has undergone significant development through evolving leadership and strategic decisions. In March 2011, Janice Morse assumed the roles of president and CEO following the retirement of Richard Eaton.[2] Two months later, the bank sought approval to convert its charter to a mutual savings bank.[3]
In 2012, the bank introduced a $400,000 scholarship program aimed at supporting local athletes.[4] The subsequent year saw expansion with the opening of two branches in Portsmouth, New Hampshire.[5]
Janice Morse stepped down in March 2018, with Lloyd Hamm Jr. appointed as her successor in the president position.[6] A year later, in March 2019, the institution underwent a rebranding initiative, adopting the name Newburyport Bank along with a refreshed logo and corporate identity to signify its modernization and growth.[7]