We’d like to share our story
The year was 1831 and in Dedham, MA, a group of citizens interested in having a savings institution in town got together and established The Dedham Institution for Savings, as a mutual bank. Mutual banks were different from your typical bank as they were owned and run by and for the benefit of depositors; there were no stockholders. Prior to the introduction of mutual banks many people had a mistrust of banks. There was a perception that they only served the wealthy or that their hard earned deposits might be lost.
With creation of The Dedham Institution for Savings the average Dedham Citizen could, for the first time, find a place to make deposits and get loans. Today, we refer to our bank simply as Dedham Savings.
Our first depositor was a woman named Sophia Foord. We still have her original ledger book which shows the initial deposit made in 1831. By 1832, the Bank had almost $30,000 on deposit, which was significant for the times. Growth was gradual, reflecting the fact that the average depositor was a thrifty saver rather than a rich investor.
And we’ve been growing ever since. From that one small institution to what is today serving the community with 8 locations in Massachusetts.