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Dedham Institution for Savings

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Dedham Institution for Savings

History:

The Dedham Institution for Savings was founded in 1831 by a group of Dedham citizens interested in having a thrift institution in the town. Mutual savings banks (ones which have no stockholders, but are owned by and run for the benefit of the depositors) were taking hold in America, copied after a few similar banks in England. There was a mistrust of commercial banks then because of so many failures and the perception that such banks were only for the wealthy. Consequently, many mutuals avoided the word "bank" entirely, preferring instead "Institution for Savings" or "Savings Fund Society" in their names.

The bank's first depositor was a woman named Sophia Foord. The bank still has the original ledger book which shows this deposit. After a year, the bank had almost $30,000 on deposit. Growth was gradual, reflecting the fact that the average depositor was a thrifty saver rather than a rich investor.

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