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Cambridge Savings Bank Announces Successful Transition of Melrose Bank Acquisition

March 12, 2021, 07:15 AM
Filed Under: Banking News

Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, announced it has successfully transitioned Melrose Bank customers and added CSB’s 17th physical location. Following the acquisition of Melrose Bank into Cambridge Savings Bank on June 1, 2020, CSB has made it a priority to connect with the Melrose community, focusing on its relationship-centric and service-oriented approach to helping individuals, families and small businesses.

Recently recognized as one of the most desirable places to live by, Melrose is a city with a bright future and, in only a matter of months, CSB has already made an impact, both philanthropically and by way of providing value to customers and the community. The bank has made it a priority to invest in Melrose’s promising growth trajectory.

“Expanding into Melrose is an exciting opportunity for us to serve a diverse and growing community,” said Wayne Patenaude, President and CEO at CSB. “We are a relationship-centric bank driven by a passion for helping people – individuals, families and small businesses. It was important that we established a positive presence in Melrose and demonstrate the tangible value we bring to the community.”

While 2020 was a tumultuous year for most Americans, CSB addressed the disruption by doing what it does best: placing an emphasis on doing right by its customers and communities, and ensuring that their needs are prioritized. Recent CSB community-oriented and customer-focused initiatives include:

  • Donating $100k via its Charitable Foundation to local nonprofits chosen by Melrose customers (Beneficiaries included Melrose Family YMCA, Melrose Farmer’s Market, Melrose Alliance Against Violence, Bread of Life, Malden YMCA, Follow Your Art, Friends of Middlesex Fells, and Melrose Symphony Orchestra).
  • Consolidating online banking accounts for customers who had accounts at both CSB and Melrose.
  • Waiving fees to support customers throughout the COVID-19 pandemic
  • Sponsoring Melrose’s Small Business Saturday event in conjunction with the Melrose Chamber of Commerce.
  • Personalizing outreach to each customer to identify the optimal account type for their needs.
  • Continuing the Bank’s “First Stop Melrose” program - a local gift certificate program that supports Melrose residents via the purchase of gift cards to support local businesses.

“As a community bank, we pride ourselves on being intentional about giving and lending locally, and serving local residents and the business communities in which we operate,” said Carol Sexton, SVP – Head of Retail Banking at CSB. “Throughout each stage in this acquisition, we made it a priority to go the extra step for our customers and understand their life stage or where they’re at with their business. Our recent investments into the Melrose community illustrate those beliefs.”

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