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About Us

Cape Ann Savings Bank is a mutual savings bank, meaning we are owned by our depositors, not by stockholders. We intend to remain an independent, local community bank as we have been since 1846. We live in the community with you and have a highly trained and educated staff to serve your financial needs.

To learn more about Cape Ann Savings Bank call us at 978-283-0246, toll free 888-283-2272 or visit one of our office locations in Gloucester, Manchester-by-the-Sea or Rockport, MA.

It’s good to work locally with people you know and trust. How can we help you?

A Message from Our President

Robert J Gillis Jr
Robert J. Gillis, Jr. President

At Cape Ann Savings Bank we appreciate every individual and business that depends on us for financial guidance. In1846, Cape Ann Savings Bank was founded by community leaders with the vision of providing a safe place for hard earned money, plus interest. Since that time, through wars, depression, or natural disasters - our stability has helped us provide the community with a safe and sound banking institution. Expert service delivered to you securely and confidentially is job one.

When you walk into any of our conveniently located offices, or visit our website, you will experience the service and comfort of a local bank with the benefits you might expect from a big bank.

Every day you will experience the long-term commitment of our staff, many of whom have been with us for over 20 years. We believe that their dedication says as much about our commitment to the community as it does about the stability of the Bank.

We offer the accounts, products and services that support your everyday and long term finances. Visit or contact us at one of our branch locations in Gloucester, Manchester-by-the-Sea, or Rockport, MA to discuss your needs, your goals, and how we can help. We realize there are many options for your banking and financial business, and we sincerely appreciate the opportunity to work with you.

History

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 over $600 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.

 

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