Cassa di Risparmio di Jesi

Cassa di Risparmio di Jesi was an Italian savings bank established in Jesi, in the Marche region, in 1844 while the area was part of the Papal States. Initially operating as Cassa di Risparmio in Jesi, a joint-stock entity, it developed as a locally rooted savings institution serving households, businesses, and civic activity in Jesi and the surrounding territory. Like other Italian savings banks, it combined deposit-taking and lending with a public-interest and community-oriented role. Over time, the institution’s legal form changed. It later operated as a private statutory corporation without conventional shareholders. Italian banking legislation also led it to absorb smaller savings banks in the Marche region. During the 1980s it attempted to acquire the failed Cassa di Risparmio di Ancona, but that transaction did not proceed; Cassa di Risparmio di Verona, Vicenza e Belluno acquired the Ancona institution instead. A major restructuring took place in 1992. The bank was divided into a banking company organized as a società per azioni and a separate banking foundation, Fondazione Cassa di Risparmio di Jesi. The foundation succeeded to the original institution’s non-commercial and philanthropic role, while the newly formed limited company carried on the banking business. Cariplo, the Lombard savings bank that later became part of the lineage of Banca Intesa and Intesa Sanpaolo, subscribed to the 1992 capital increase with 66.67 billion Italian lire, including 30 billion lire in share capital and the balance as share premium. In 1995, the banking company was acquired by Banca delle Marche in an all-share transaction. Banca delle Marche had itself been created in 1994 through the merger of savings banks based in Macerata and Pesaro. This transaction ended Cassa di Risparmio di Jesi’s independent existence as a banking company, although the associated foundation continued as a separate local charitable institution. The foundation remained a shareholder of Banca delle Marche and, at the end of 2012, held approximately 10 percent of the bank. It subscribed to capital increases in an effort to preserve that ownership percentage, but this left its assets heavily concentrated in Banca delle Marche. Banca delle Marche entered administration in 2013 and failed in 2015. In November 2015, shareholders and subordinated bondholders were subject to the resolution process and bail-in connected with the bank’s failure, while the National Resolution Fund became the sole owner of the newly established Nuova Banca delle Marche. The foundation’s reported net assets fell sharply after its holding in the failed bank was written down. The commercial bank is therefore defunct as an independent brand. Its institutional legacy continues through Fondazione Cassa di Risparmio di Jesi, which has supported cultural and charitable initiatives in the Marche region. The foundation was associated with Palazzo Bisaccioni, a historic building in Jesi that served as the bank’s headquarters and later housed the foundation. The former bank also issued miniassegni, small substitute payment notes used in Italy during periods of coin shortage.

Cassa di Risparmio di Jesi originated in 1844 in Jesi, then within the Papal States. It was initially known as Cassa di Risparmio in Jesi and was organized as a società anonima, an early joint-stock form. Its purpose was consistent with the traditional role of Italian savings banks: gathering local savings and directing funds into loans and other forms of regional economic support. The institution later adopted the status of a private statutory corporation without shareholders. Its development was shaped by Italian banking legislation that encouraged or required the consolidation of smaller savings institutions. As a result, it absorbed some smaller savings banks in the Marche region. The bank remained closely connected with Jesi and its local civic environment. In the 1980s, Cassa di Risparmio di Jesi sought to expand through the proposed absorption of Cassa di Risparmio di Ancona, which had become insolvent. The attempt failed to produce a takeover by Jesi because the Ancona bank was instead acquired by Cassa di Risparmio di Verona, Vicenza e Belluno. The most important institutional change came in 1992, when the bank was separated into two entities. Its banking operations were transferred to a società per azioni, while the original legal and philanthropic heritage was represented by Fondazione Cassa di Risparmio di Jesi. This separation followed the wider transformation of Italian savings banks into banking companies and foundations. In the same year, Cariplo subscribed to the new company’s capital increase for 66.67 billion lire, of which 30 billion lire represented share capital and the remainder share premium. In 1995, the banking company was acquired by Banca delle Marche through an all-share deal. Banca delle Marche had been established in 1994 through the merger of savings banks associated with Macerata and Pesaro. The acquisition removed Cassa di Risparmio di Jesi as an independent banking operator, although its foundation continued to exist and to pursue local charitable and cultural purposes. Fondazione Cassa di Risparmio di Jesi retained a significant minority interest in Banca delle Marche. At 31 December 2012, it held approximately 10 percent of the bank and subscribed to capital increases to maintain its proportionate ownership. This strategy left the foundation’s asset base concentrated in a single banking investment. Banca delle Marche was placed under administration in 2013 and failed in 2015. In November of that year, the Italian resolution process imposed losses on shareholders and subordinated bondholders. The National Resolution Fund became the owner of the newly created Nuova Banca delle Marche. The failure materially affected the foundation. Its reported net assets declined from approximately €76.4 million to approximately €11.0 million year over year, primarily because the value of its Banca delle Marche shares was written off. The foundation also held other investments, including a very small interest in Cassa Depositi e Prestiti and Italian government securities, but these did not offset the loss of its principal banking investment. The former bank’s institutional successor, Fondazione Cassa di Risparmio di Jesi, continued to operate as a local charitable organization and organized art exhibitions in the Marche. Palazzo Bisaccioni, an historic building in Jesi, served as the bank’s headquarters and later became associated with the foundation. The former bank also issued miniassegni, small-denomination substitute notes circulated in Italy during periods when ordinary coins were scarce.

1. 2015Resolution of Banca delle Marche

   The bank failed and was resolved through a process involving shareholder and subordinated-debt-holder losses and the creation of Nuova Banca delle Marche.

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2. 2013Banca delle Marche placed under administration

   The successor banking group entered administrative control before its later resolution.

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3. 1995Acquired by Banca delle Marche

   Banca delle Marche acquired the banking company in an all-share transaction.

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4. 1992Banking company and foundation created

   The institution was divided into a società per azioni and Fondazione Cassa di Risparmio di Jesi.

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5. 1980Attempted acquisition of Cassa di Risparmio di Ancona

   The bank attempted to absorb the failed Cassa di Risparmio di Ancona, but the target was acquired by another Italian savings bank.

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6. 1844Savings bank founded in Jesi

   Cassa di Risparmio in Jesi was established in Jesi in the Papal States.

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A locally embedded savings bank serving Jesi and the wider Marche region, with a traditional community-banking and savings-institution role.

• Savings accounts and depositsRetail banking

  As a traditional Italian savings bank, Cassa di Risparmio di Jesi accepted household and local-business deposits and provided savings-oriented accounts. Specific branded account names and product terms are not identified in the available reference material.

• LoansLending

  The bank’s core banking role included lending to customers and the local economy. The available sources do not provide sufficient detail to identify particular mortgage, consumer-credit, or business-loan brands.

• MiniassegniPayment instruments

  Cassa di Risparmio di Jesi issued miniassegni, small substitute payment notes that circulated in Italy during periods of coin scarcity. They were a historical payment instrument rather than a continuing banking product.

• 1995Sell the banking company to Banca delle MarcheM&A

  Regional consolidation was reshaping the Italian savings-bank sector, including the formation and expansion of Banca delle Marche.

  What changed. Banca delle Marche acquired Cassa di Risparmio di Jesi in an all-share transaction.

  Aftermath. Cassa di Risparmio di Jesi ceased to operate as an independent banking company, while its foundation remained active.

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• 1992Separate the bank from its charitable foundationStrategy

  Italian banking reform led traditional savings banks to separate commercial banking operations from their institutional and philanthropic functions.

  What changed. Cassa di Risparmio di Jesi was reorganized into a società per azioni alongside Fondazione Cassa di Risparmio di Jesi. Cariplo subscribed to the company’s capital increase.

  Aftermath. The banking company continued as a commercial institution, while the foundation preserved the original entity’s local charitable role.

  Cariplo capital subscription. 66.67 billion Italian lire subscribed, including 30 billion lire in share capital (1992)

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• 2015Banca delle Marche is resolved and the foundation’s investment is written down

  Shareholders and subordinated bondholders were subject to the resolution and bail-in process following Banca delle Marche’s failure. The National Resolution Fund became the sole owner of Nuova Banca delle Marche, while Fondazione Cassa di Risparmio di Jesi suffered a substantial reduction in reported net assets because of the write-off of its bank shares.

  BankruptcyRegulation
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• 2013Banca delle Marche enters administration

  Banca delle Marche, the successor banking group that had acquired Cassa di Risparmio di Jesi, was placed under administration.

  BankruptcyRegulation
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• 1995Banca delle Marche acquires Cassa di Risparmio di Jesi

  Banca delle Marche acquired the banking company in an all-share transaction, ending its independent operation as a bank.

  M&A
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• 1992The banking company and foundation are separated

  The institution was reorganized into a società per azioni and the separate Fondazione Cassa di Risparmio di Jesi. Cariplo subscribed to the banking company’s capital increase.

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• 1980The bank attempts to absorb Cassa di Risparmio di Ancona

  During the 1980s, Cassa di Risparmio di Jesi attempted to take over the failed Cassa di Risparmio di Ancona. The transaction ultimately went to Cassa di Risparmio di Verona, Vicenza e Belluno.

  M&A
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• 1844Cassa di Risparmio di Jesi is established in Jesi

  The savings institution was founded in Jesi in the Papal States under the name Cassa di Risparmio in Jesi.

  Other
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1. Cassa di Risparmio di Jesi