The Institution for Savings has donated $10,000 to the Fishing Vessel Lily Jean Fund to support the families impacted by the Jan. 30 tragedy.
The 72-foot Lily Jean was returning to port early Jan. 30 to repair fishing gear when it sank in frigid Atlantic waters about 25 miles away from the historic fishing port of Gloucester with no mayday. The Coast Guard was alerted when an emergency position-indicating radio beacon, or EPIRB, was activated. The body of Capt. Accursio “Gus” Sanfilippo was recovered at the site. The other crew lost at sea were Paul Beal Sr., Paul Beal Jr., John Rousanidis, Freeman Short, Sean Therrien and Jada Samitt, a NOAA fishery observer.
The Institution for Savings announced the donation through its Charitable Foundation on Wednesday. The bank is also supporting the fundraising concert May 17 at The Cut, 177 Main St., where 100% of all proceeds will be donated to the fund. The concert will run from noon to 9 p.m. and is expected to feature 20 local artists, bands and storytellers. An entry wristband will allow attendees to come and go but seating will be first-serve. Tickets are $20 each. For more information, visit thecutlive.com.
“This was an unthinkable tragedy suffered by the families of the crew members who lost their lives and for the Gloucester community as a whole,” said Michael J. Jones, the president and CEO of the Institution for Savings. “While these funds will never make up for this heartbreaking loss of life, we are grateful to be part of a broader community effort to provide some support and comfort to those families who lost so much on that tragic day.”
At its annual meeting in March, the bank reported net income of $49 million for 2025, an increase of $10.2 million over the prior year, and a return on assets of 0.91%. Jones at that time said the bank’s financial strength allowed its charitable foundation to contribute over $2.3 million to local non-profit organizations last year.
On Cape Ann, the Newburyport-based Institution for Savings operates branches at 4 Parker St. in Gloucester, and 37 King St. in Rockport.
Fund organizers Cape Ann Savings Bank President Marianne Smith, Gloucester Fishing Community Preservation Fund member Vito Giacalone and Bank Gloucester President Patrick Thorpe recently appeared in a video to solicit donations as an anonymous donor pledged to match $40,000 in donations.
Other recent donations include $1,404 from Gloucester-based professional wrestling group Outlaw Championship Wrestling, $10,000 from the Gloucester Rotary Club and $11,613 from the St. Peter’s Club. New Gloucester, Maine, residents Kimberly Brusseau and Beverly Cadigan last week presented Mayor Paul Lundberg with a check for $3,282, all of which was raised by the town’s 6,000 residents. The donation also included sympathy cards and gift bags from Maine Fudge for each family affected.
The Fishing Vessel Lily Jean Fund was started by the Gloucester Fishing Community Preservation Fund which is accepting tax-deductible donations. All contributions to the FV Lily Jean Fund will be distributed equally among the seven families.
Anyone who wants to contribute to Fishing Vessel Lily Jean Fund can do so in the following ways:
- Online: Visit FVLilyJeanFund.org to make donations via credit or debit card, PayPal or Venmo. To maximize impact, donors are asked to increase their donation by one dollar because of processing fees.
- Checks: Checks can be made out to Gloucester Fishing Community Preservation Fund or GFCPF, with “Lily Jean Fund” on the memo line, and be mailed to Gloucester Fishing Community Preservation Fund c/o Cape Ann Savings Bank, 109 Main St., Gloucester, MA 01930.
- In person: Donations may also be made at any Cape Ann Savings Bank or any Bank Gloucester location.