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History of North Shore Bank - In April 1888 a meeting of citizens was held at the Peabody Institute and addressed by the Lieutenant Governor of the Commonwealth of Massachusetts John Q. A. Brackett, later to become Governor of Massachusetts. Governor Brackett was one of the foremost advocates of the new form of cooperative savings and loans.
As a result of that meeting the Peabody Cooperative Bank was formed on May 12, 1888, with fifteen directors. The first President of the new institution was George F. Sanger, who operated a glue factory. Patrick H. O’Conor was named Vice President, and the Secretary and Treasurer was Henry F. Walker. Peabody Cooperative Bank was the last bank established while Peabody was still a town.
The bank was first located in O.B. Chadwick’s insurance office, rent free. As the business increased the bank moved to a suite of rooms located at 12 Peabody Square, which was also known as Thomas block. Later the bank moved to the street floor in that building when an addition was put on.
In 1952, a colonial brick building, and the site of the bank's present Main Office, was erected at 32 Main Street. The bank assets grew from $13,160 in 1888, to over $7 million in 1952.
In 1970, it was announced that the Peabody Cooperative Bank and the Danvers Cooperative Bank proposed to consolidate into a single co-operative bank, with the Peabody bank being the continuing corporation, under the name of the George Peabody Co-operative Bank, honoring the name of the world famous philanthropist who the city was named after. The terms of the consolidation were agreed upon by the Board of Directors of each bank. The resources of the George Peabody Co-operative Bank were in excess of $31 million at the time of the consolidation, making it one of the largest in Massachusetts at that time.
In 1982, George Peabody Co-operative Bank merged with The Roger Conant Co-operative Bank in Salem, Massachusetts. At that time, assets of the bank had grown to over $100 million.
In 1996, under the leadership of President Francis J. McCormack, the bank’s name was officially changed to North Shore Bank in recognition of its growth and the offering of a full range of services indicative of a modern community financial institution. That year, the bank also formed North Shore Bankcorp, a bank holding company, and established the George Peabody Community Loan Fund which provided affordable loans to credit-worthy small businesses, real estate owners, and first time home buyers in the community.
In 2007, a new Corporate Headquarters was built on Andover Street, Route 114 in Peabody, and later that year David J. LaFlamme was named President of the bank .
For over 120 years, we have provided quality banking services to families and businesses throughout the North Shore. As a well capitalized community bank, we are committed to developing strong customer relationships by providing quality products along with outstanding customer service. Supported by a growing network of offices, our customers find convenience in dealing with a local institution willing to meet their needs.
George F. Sanger 1888 – 1896
Patrick H. O’Conor 1896 – 1938
Daniel C. Manning 1938 – 1953
William J. D. Ratcliff 1953 – 1974
Edward E. Fuller 1974 – 1988
Neil F. Gallagher 1988 – 1993
Francis J. McCormack 1994 – 2007
David J. LaFlamme 2007 - Present
All Deposits Insured in Full
At North Shore Bank, every deposit is insured in full. FDIC insures each depositor up to $250,000. All deposits above the FDIC limit are insured in full by the Share Insurance Fund (SIF). No one provides better deposit insurance.
If you have any questions about our products and services, please use our Information Request Form, or call (978) 538-7000 to speak with one of our Customer Service Representatives. We will be happy to answer your questions and assist you in selecting the products and services that best meet your financial needs.
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