Cambridge Savings Bank has provided a construction loan and line of credit to Catholic Memorial to help fund a renovation project at the private all-boys high school.
The loan will contribute to the $11 million project, which includes a new Center for Integrated and Applied Learning (CIAL), Cambridge Savings Bank said in a statement. The largest capital improvement project in Catholic Memorial’s history, the CIAL will have five studio classrooms, a series of collaborative workspaces and a black box theater.
Cambridge Savings Bank said it provided consulting services and strategic guidance on Catholic Memorial’s redevelopment, adding that the bank helped the school refinance existing debt to provide capital to invest in the student population and modernize their educational and extracurricular programs, including the creation of the CIAL.
“Our relationship with Catholic Memorial stretches far past the finances; Cambridge Savings Bank is invested in the school’s success,” Wayne Patenaude, president and CEO at CSB, said in the statement. “Our mission is to support the financial well-being of the community and customers we serve. Our mutual bank structure enables us with the flexibility to be there for Catholic Memorial when called upon. It’s in the fabric of our institution to support a school with a diverse student population that’s committed to providing better student outcomes.”
Cambridge Savings Bank said it has also provided guidance, charitable giving and resources to help the school increase student financial aid offering by $170,000 since September 2016. The school provides financial aid to 60 percent of its students.
Peter F. Folan, president at Catholic Memorial, was recently elected to serve on the board of corporators of the bank’s parent company, Cambridge Financial Group.
“The team at Cambridge Savings Bank rolled up their sleeves and got to work on day one,” Folan said in the statement. “In recent years, we have seen tremendous growth that has allowed us to consistently deliver excellence for our students and the working-class families in our community. I can confidently say we wouldn’t be here without our fantastic banking partner.”
