Photo: (center) Arthur C. Spears, President & C.E.O of
East Cambridge Savings Bank, (left) Susan Lapierre Vice President & C.R.A. Officer; (right) Steve Swanger of the Cambridge Housing Authority.

CAMBRIDGE, MASSACHUSETTS, March 18, 2005 --- East Cambridge Savings Charitable Foundation has donated $1,000 to the Cambridge Housing Authority’s Adult Training Fund (ATF). Since 2002, the ATF has awarded scholarships to nearly 100 low-income residents, allowing them the opportunity to attend programs that would be financially out of reach without this assistance.

According to Arthur C. Spears, president and chief executive officer of East Cambridge Savings Bank, "Like the Cambridge Housing Authority, our Bank is dedicated to the needs of our community and we are proud to contribute to this important program."

Since 1935, the mission of the Cambridge Housing Authority has been to develop and manage safe, good quality, affordable housing for low-income individuals and families in a manner that promotes citizenship, community and self-reliance. The CHA fulfills that mission through the ownership and management of over 2,700 units of housing, the administration of over 2,300 Housing Choice vouchers, continued development of affordable units and a wide range of tenant services.

"The Cambridge Housing Authority is extremely grateful to East Cambridge Savings Bank for its generous donation to our Adult Training Scholarship Fund," said Steven Swanger, Director of Tenant Services. "This donation will work for housing authority residents in two ways. Most directly, it will help our low-income residents – most of whom are among the working poor – to access the skills training they need to move up the economic ladder. Beyond that, however, we anticipate that the community spirit of the East Cambridge Savings Bank will serve as an inspiration to other local businesses and charitable organizations, helping us to leverage the additional funding required to meet this urgent need."

East Cambridge Savings Bank, incorporated in 1854, provides both businesses and individuals with a full line of banking services. The Bank is headquartered in Cambridge with additional full service offices in Cambridge, Belmont, Somerville, and Waltham, MA, and an educational training facility at Cambridge Rindge and Latin School, Cambridge, MA. Through East Cambridge Savings Charitable Foundation, thousands of residents in our communities have received support. East Cambridge Savings Bank is observing its 150th year. Visit www.ecsb.com for more information.