Cambridge Savings Bank Recognized For Innovative Community Reinvestment Act Program With National Award

Cambridge, MA (December 3, 2012) – The Community Reinvestment Act (CRA) & Fair Lending Colloquium recently announced that Cambridge Savings Bank (CSB) has been recognized with its 2012 “Community Impact Award.”

The award recognizes CSB’s innovative CRA program, which is highlighted by the signature financial education program, CSBsmart.  The Community Impact award is awarded to the financial services institution whose community development program and compliance professionals demonstrate innovative community lending practices while playing an instrumental role in the improvement of low- to moderate-income communities.

The Community Reinvestment Act (CRA) & Fair Lending Colloquium formally presented Cambridge Savings Bank with the award during its annual meeting in San Antonio, TX during November.

Cambridge Savings Bank, which recently received the highest possible CRA rating from the Federal Reserve Bank, launched CSBsmart in 2010 as an integral element of its CRA program.

Inspired by the financial education crisis they saw in the communities, the bank hired a long-time bank employee to head its Financial Education Program Manager and proactively solicited local schools and nonprofits to provide a series of customized lessons from trained presenters. Since 2010, CSBsmart has conducted more than 400 financial education sessions for nearly 6,000 participants of all ages and background (from kindergarten children to homeless war veterans.)

In 2011, CSB added a signature component to CSBsmart financial education program, partnering with Central Square Theater’s Youth Underground to produce the play, Money Matters. The play, which engages teens and young adults on critically important issues related to finances, was written with script consultation from the CSB financial education team.

Money Matters includes topics related to budgeting, saving, managing bank accounts, credit, fraud, and more. The play runs for approximately 50 minutes and is followed by an audience “talk back” session with Youth Underground actors and staff.

Theater staff and cast members participated in financial education lessons with CSBsmart prior to developing the play concept and script, which is based on actual stories gleaned from nearly 100 interviews in the community with teens, adults, business owners, educators and other leaders. Since opening in January, Money Matters has visited local schools across Eastern Massachusetts to deliver important messages about financial education.

About Cambridge Savings Bank

Cambridge Savings Bank is a full-service financial institution with $2.3 billion in assets. As one of the oldest and largest community banks in Massachusetts, the bank offers a full line of individual and business banking services and has 16 banking centers located in Cambridge, Acton, Arlington, Bedford, Belmont, Burlington, Concord, Lexington, Newton Centre and Watertown.  For more information about Cambridge Savings Bank, go to: www.cambridgesavings.com.

About CRA & Fair Lending Colloquium

The 16^th annual CRA & Fair Lending Colloquium in San Antonio, Texas, is a consumer compliance event that provides attendees with an opportunity to speak with expert in the Community Reinvestment Act, Home Mortgage Disclosure Act, and fair lending about the latest trends, changes to the regulatory environment, and strategies for success.  Scheduled immediately following November’s election, the conference will also hear how the election’s outcome will impact the course of consumer compliance.

Media contact:     Jay Altschuler,  Mills Public Relations (617) 350-6200,  jay@millspr.com