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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Cambridge Savings Bank Opens New Branch in Somerville’s Assembly Row

August 26, 2021 GMT

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Aug 26, 2021--

Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, announced the opening of its newest branch in Somerville, MA. Located at 475 Foley Street in Assembly Row, CSB opened the doors to its 18 th physical location on Tuesday, August 17 th.

CSB’s focus on meeting its customers where they are has led to the opening of a new location to offer even more convenience to the more than 3,800 individuals, families, and businesses that it serves in Somerville as well as new customers to whom CSB can extend its services.

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Giving back is part of CSB’s DNA and in 2021, they made the commitment to donate 6% of their total earnings to the community. Opening in Somerville enables CSB to continue its philanthropic efforts in a market where the bank has played a role for many years. CSB has active partnerships with several local nonprofits and over the past 10+ years has donated over $500,000 to organizations in Somerville and provided over $135,000 in scholarship awards to Somerville High School seniors.

“We are thrilled to be expanding into Assembly Row, which furthers our long-standing commitment to the Somerville community,” said Wayne Patenaude, President and CEO at CSB. “The Assembly Row branch is well positioned to offer substantial value to the community through our superior customer experience, innovative digital capabilities, and meaningful charitable giving. At CSB, we know that we’re only as strong as the communities we serve.”

Since 2011, CSB has provided financial education courses to over 5,000 participants, powered by collaborations with Somerville High School, the Argenziano School, Somerville Community Corporation, Somerville Homeless Coalition, and Mystic Learning Center. In addition to its community-focused efforts, the bank has been committed to sustainability as evidenced by its 35% reduction in energy usage intensity and 8-million-pound reduction in greenhouse gases over the past 20 years - a commitment it will continue in Somerville.

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In tandem with the opening of this new branch, CSB has made recent advancements to its digital offerings. Customers who bank with CSB can expect an online account-opening process that takes minutes, live-human phone, email, and chat support, and a modern digital experience, including its mobile banking app that has achieved a 4.8 out of 5 star rating on Apple’s App Store. CSB will also have an exclusive offer launching with the Assembly Row branch opening. Focused on helping customers save, the offer features a 0.65% Annual Percentage Yield (APY) on both a checking 1,2 and money market account 1,3 and can be opened by visiting the Assembly Row branch.

The opening of the Somerville branch is CSB’s second new physical presence within the past 14 months. In June 2020, CSB announced the successful acquisition of Melrose Bank in Boston’s Melrose suburb. To celebrate its new presence in Somerville, from August 27 through September 1, the branch will have several fun activities and giveaways, and will provide an opportunity to meet the CSB Somerville team. For more information, please visit cambridgesavings.com/expect-more.

1 This account earns interest. Minimum balance of $10 to earn Annual Percentage Yield (APY). APY of 0.65% is effective as of August 16, 2021, and is guaranteed through March 31, 2022, after which the account will pay a variable rate. New account must be opened at CSB Somerville – Assembly Row branch by 12/31/2021 to qualify for the offer. You must be a resident of or work in Massachusetts to take advantage of this offer. One account per household. $250,000 maximum deposit. New accounts must be opened with new funds, not previously on deposit at Cambridge Savings Bank. Offer may be withdrawn at any time.

 

2 The Performance Plus Checking account has a minimum opening deposit of $10. A monthly maintenance service charge of $20 applies if your average monthly combined deposit balances, and consumer loan balances, excluding mortgage balances, drops below $10,000. The average monthly combined balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. Fees may reduce earnings. All other terms and conditions for Performance Plus Checking accounts apply.

 

3 The Performance Plus Money Market Account has a minimum opening deposit of $1. This is a tiered rate account. If your balance is between $10 - $9,999.99, the interest rate is 0.65% and the Annual Percentage Yield (APY) is 0.65%. If your balance is between $10,000 - $29,999.99, the interest rate is 0.65% and the APY is 0.65%. If your balance is between $30,000 - $49,999.99, the interest rate is 0.65% and the APY is 0.65%. If your balance is greater than or equal to $50,000, the interest rate is 0.65% and the APY is 0.65%. Monthly maintenance service charge of $10 is waived if average monthly balance is $1,000 or greater. Fees may reduce earnings. All other terms and conditions for Performance Plus Money Market Accounts apply.

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 across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. To learn more about how we can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship.

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KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS

INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES

SOURCE: Cambridge Savings Bank

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PUB: 08/26/2021 10:11 AM/DISC: 08/26/2021 10:11 AM

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