CAMBRIDGE, MASSACHUSETTS, June 24, 2004 … A commemorative gift celebrating the 150th anniversary of East Cambridge Savings Bank will support affordable housing initiatives in Cambridge and surrounding communities, according to William F. McGilvreay, the Bank’s chief executive officer.

The $150,000 donation was made by the Bank to the East Cambridge Savings Charitable Foundation at a special evening reception celebrating the Bank’s 150 years of service to the community and its residents. The gift was earmarked for affordable housing initiatives.

Arthur C. Spears, the Bank’s president and chief operations officer, also took part in the presentation of the $150,000 check to East Cambridge Savings Charitable Foundation representatives Albert M. Pacheco, board member, and Susan Lapierre, vice president of community relations.

East Cambridge Savings Bank has a history of helping to provide adequate levels of affordable housing opportunities, through both financial support and project financing.

"The Bank has always supported the goals of the community," said McGilvreay. "With $150,000 specifically dedicated to affordable housing initiatives, the Charitable Foundation will be able to provide additional assistance to help the community realize its objectives."

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