Celebrating 175 Years!
51 Main st. Gloucester, where it all started..
Two strong local businesses tied together by history and the love of our community.
On April 15, 1846, The Cape Ann Savings Bank first opened for business at 51 Main Street, Gloucester, MA which is currently the location of the restaurant Bishco. The building's architecture has remained the same with the original Bank vault still present on the premises, door and all. The Bishco owner uses the vault as a food prep and staging area. the stone that appeared above the arched doorway was removed years ago and brought to the Cape Ann Savings Bank's current location in the 38 Rogers Street entrance vestibule to the Bank where it has been reimagined into a counter height table for customers to use. Because more space was needed as the Bank and its customer base expanded, the Bank moved from 51 Main Street to its current home at 109 Main Street in Gloucester in 1868.
In 1846 James K. Polk was the eleventh U S President, and Florida, Texas, and Iowa were newly added to the Union, and the Cape Ann Savings Bank laid its foundation in Gloucester, MA. In 1846 the Bank's depositor base consisted of forty-eight depositors, with deposits totaling $1,355.00. Gloucester harbor was lined with tall ships from the Surinam trade markets, and great fishing schooners "which would give Gloucester its world-wide reputation as a fishing port and provide the backbone of its economy for nearly two hundred years".
John Woodward Lowe was the first President of Cape Ann Savings Bank, serving from 1846-1868. Because business was booming in Gloucester in 1846, there was a clear need for a savings bank. Prosperity was to be found in the bountiful cod fishing industry, with growing international trade and a developing national economy. This led fishermen to seek a place to save their money in a place that was stable and secure. "They found it in small savings banks where their savings could grow and become their foundations for the future". With that, Cape Ann Savings Bank became a reality as a Mutual Savings Bank, owned by its depositors with the focus and care of its community in mind.
Historical attributes courtesy of the Cape Ann Savings Bank 150th Anniversary Book (David R. Ellis and committee). Historic photo courtesy of Cape Ann Museum.
Special Anniversary Gift announcement for our 175th!
To commemorate our175th Anniversary, we are pleased to make the following Special Anniversary Gift. We wanted to make an impact that would help many, not just a few, and are proud to announce that the Bank will gift a total of $175,000.00, split equally between approximately one hundred 501(c)(3) charitable organizations that the Bank has given to over the past two years! This is unique, because these funds are offered, no strings attached, and above and beyond what the Bank provides in contributions and sponsorships on a yearly basis. In 2020 the Bank gave over $275,000.00 to approximately one hundred 501(c)(3) organizations.
But wait, there's more.......
This website, month to month, will take you through a historical journey of the Bank and local commerce from our founding time through current times; old and new. You will learn more about Cape Ann Savings Bank and its devotion to the community and our unique, dedicated, incredible team of employees (who are a history lesson in themselves). *Teaser: Some have over 40 years of service at Cape Ann Savings Bank! We also will update this page with some other fun "initiatives" that we are working on throughout our anniversary year!