CAMBRIDGE, Mass.--(BUSINESS WIRE)--Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, today announced it has provided a construction loan and line of credit to Catholic Memorial, a college preparatory school for boys in West Roxbury, MA. The loan will contribute to the school’s $11M renovation project which includes the development of the Yawkey Center for Integrated and Applied Learning (CIAL). The CIAL is the largest capital improvement project in the history of Catholic Memorial and features five cutting-edge studio classrooms, a series of collaborative workspaces, and a black box theater.
CSB’s relationship with Catholic Memorial is unique. Since the outset of the relationship, CSB served as a consultant delivering strategic guidance to aid in Catholic Memorial’s redevelopment and reinvigoration efforts. The Bank has helped the school refinance existing debt, which provided capital to invest in its student population and modernize their educational and extracurricular programs, culminating with the creation of the CIAL.
“Our relationship with Catholic Memorial stretches far past the finances; Cambridge Savings Bank is invested in the school’s success,” said Wayne Patenaude, President and CEO at CSB. “Our mission is to support the financial well-being of the community and customers we serve. Our mutual bank structure enables us with the flexibility to be there for Catholic Memorial when called upon. It’s in the fabric of our institution to support a school with a diverse student population that’s committed to providing better student outcomes.”
CSB has provided guidance, charitable giving and resources that helped to increase the financial aid offering for the students by $170,000 since September 2016. This includes activities such as the construction loan and fundraising in support of the campus expansion.
“As a community-driven educational institution dedicated to transforming students' lives, it is a priority for us to partner with organizations that share similar values,” said Dr. Peter F. Folan, President at Catholic Memorial, who was recently elected to serve on the Board of Corporators of CSB’s parent company, Cambridge Financial Group. “The team at Cambridge Savings Bank rolled up their sleeves and got to work on day one. In recent years, we have seen tremendous growth that has allowed us to consistently deliver excellence for our students and the working-class families in our community. I can confidently say we wouldn’t be here without our fantastic banking partner.”
Catholic Memorial stayed opened throughout the 2020 school year and leaned heavily on CSB’s expert guidance and coaching to make strategic decisions during the pandemic. With 60% of Catholic Memorial’s students receiving financial aid, CSB has remained diligent in ensuring the school continues to have ample financial resources at its disposal.
“We take pride in enabling the growth and prosperity of our local partners, and we’re proud to call Catholic Memorial one of them,” offered Barbara Crystal, SVP – Senior Corporate Banking Officer at CSB. “Supporting Catholic Memorial’s vision to cultivate a space that encourages collaboration and creativity for their students is important to us at CSB. Time and time again, we’ll show up to invest in the education of bright young minds in our community.”
About Cambridge Savings Bank
Cambridge Savings Bank is a full-service banking institution with over $5 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services and has branches located in Arlington, Bedford, Belmont, Burlington, Cambridge, Charlestown, Concord, Lexington, Melrose, Newton, and Watertown. To learn more about how we can meet your needs, visit us at cambridgesavings.com, or better yet, stop by one of our branches.