CAMBRIDGE, MASSACHUSETTS, June 14, 2004… East Cambridge Savings Bank recently commemorated the 150th Anniversary of its incorporation with a VIP Reception at its Main Office/headquarters at 292 Cambridge Street, Cambridge.

(Pictured from left to right) The Honorable Michael A. Sullivan, Mayor of Cambridge, Susan LaPierre,vice president of East Cambridge Savings Bank, and William F. McGilvreay, CEO of East Cambridge Savings Bank.

Approximately 200 people attended, including the Bank’s Board members, officers and employees; several Cambridge city officials; executive directors of local community groups; members of local housing associations; state banking officials; and financial services industry representatives.

Speakers included William F. McGilvreay, chief executive officer of East Cambridge Savings Bank; The Honorable Michael A. Sullivan, Mayor of Cambridge; and Steven L. Antonakes, Commissioner of Banks for the Commonwealth of Massachusetts.

Mayor Sullivan
Mayor Sullivan noted that East Cambridge Savings Bank has played a number of roles in the history of Cambridge over the past 150 years, whether through expanding the housing opportunities for low-to-moderate income individuals and families, charitable giving or the individualized attention to customers toward growing their businesses or personal finances.

The Mayor presented a Proclamation issued by the Cambridge City Council, honoring the Bank’s history of charitable giving and its commitment to the City, its people, and its businesses. The Council declared April 29, 2004 as "East Cambridge Savings Bank Day" in the City of Cambridge.

Commisioner Antonakes
Commissioner Antonakes noted that 15 savings banks were chartered by the State Legislature in 1854, and that East Cambridge Savings Bank (chartered originally as East Cambridge Five Cents Savings Bank) is one of only five remaining today. He reported that, in its first year of business, the Bank had 247 depositors holding a combined $4,767.50 in deposits, and $263.33 in cash on hand!

"As a mutually owned bank, it allowed people of more modest means who may not have had access to commercial banks with the opportunity to pool their resources and create a financial institution which would focus on customer satisfaction and their community," Antonakes said.

"In this era of significant bank consolidation and resulting behemoth financial institutions, a significant role remains for our mutual community banks some 150 years later," he added. "They remain as viable banking alternative for consumers seeking superior personal service and a steep commitment to the communities in which they are based.

"Given the substantial change our banking industry has seen, to have been in business and committed to your community for 150 years is no small achievement."

\Commissioner Antonakes presented McGilvreay with a proclamation from Governor Mitt Romney, celebrating East Cambridge Savings Bank’s 150th anniversary and its continuing commitment to the City of Cambridge.