Ipswich Co-operative Bank

Since 1913, Ipswich Co-operative Bank's mission has been to profitably grow for the benefit of its customers, employees and community. Recently our loans and deposits have reached all time highs as we have offered you the best service, products and rates in the marketplace. We have recruited and retained some of the most knowledgeable and dedicated employees in the industry to assist you with your banking needs. Finally, Ipswich and the surrounding communities have benefited from our donations to many local charities and scholarships. We solidified this commitment in 2005 by establishing our Charitable Foundation. Now, we are preparing to take a momentous step to further our mission. I am very pleased to inform you that we have signed a definitive letter of intent to combine two of the area's strongest mutual banks: Ipswich Co-operative Bank and the Institution for Savings in Newburyport. Both banks share a common commitment to customers, community and employees. Our union will create a bank with assets approaching $800 million, with offices in Newburyport, Salisbury, Ipswich and Rowley. Some important points to consider: We are not striving to become a BIG bank; rather, we want to continue to be a GREAT bank. By combining with Institution for Savings, we will have greater resources, more offices and employees, yet the same unwavering pledge to provide the very best in personal service. Unlike some bank mergers, this union is very much about two strong and profitable community banks deciding that we can better serve the financial needs of our customers and our communities together rather than separately. We will not lessen our support and commitment to Ipswich and the surrounding communities. As part of the merger agreement Institution for Savings has generously made a pledge of $2,000,000 to our Charitable Foundation. We will not abandon our commitment to remaining a mutual or non-stock bank. We will be joining the second oldest mutual bank in the country, and the oldest in Massachusetts, which shares our passion and pledge to remaining mutually owned and independent.