Cape Ann Savings Bank was founded by three local residents: a physician, a scholar, and a businessman to serve their neighbors in Gloucester and throughout Cape Ann. The founders of Cape Ann Savings believed in the right of all individuals in the community to prosper, to be independent, and to build a strong community for generations to come.
The Bank opened its doors for the first time on May 9, 1846. At that time, our first “branch” was located on the second floor of 56 Front Street (what is now 51-53 Main Street) in Gloucester, near the spot where a lane led down to Boynton’s Coal Wharf. Most of our early depositors were hard working people of limited resources and wage earners who needed a safe return on their investment.
We had 48 customers during our first five months of operation and $1,355.00 on deposit. In those days, the Bank was only open one day a week; but, when we weren’t open, the bank treasurer could easily be found at his office on Short Street where he was known to welcome customers when they had need of banking services.
The Bank continued to grow; and through careful management and thoughtful service, became fixed in the minds of the community as a safe and sound banking institution. Then, as it is now, the goal was to manage the bank wisely and economically for our depositors’ advantage. By 1856 our deposits had grown to $40,000 – the equivalent of over $1.2 million today.
Less than ten years later, we moved into our current building in Gloucester. But most people don’t realize that the original granite structure initially stood in Boston. Our forefathers purchased the building; then, as was common practice at the time, moved it piece by piece to its present location where it has remained steadfast and strong for over 160 years.
Today, with close to $700 million in assets, the Bank continues to meet the needs of its customers. We still stand as a safe and sound mutual savings bank, and continue to strive to offer the modern and convenient products and services our customers require.