At Dedham Savings, our mission is to promote financial strength and success in the individuals, families, and businesses of our community.
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.
