The Savings Bank's heritage started in early 1869 with the idea of Cyrus Wakefield, who along with other business leaders, petitioned for a charter to open a savings bank in Wakefield, Massachusetts. Starting with one physical location in 1869, the bank was chartered as the Wakefield Savings Bank. By 1871, the Wakefield Savings Bank had over $60,000 in deposits and over 500 depositors.
