Question 1

What is Cambridge Savings Bank?

Accepted Answer

Cambridge Savings Bank is a full-service mutual bank headquartered in Cambridge, Massachusetts, serving customers throughout the greater Boston area. With approximately $7 billion in assets and 21 branch locations, the bank provides comprehensive personal and business banking services to individuals, small businesses, and commercial clients across Middlesex, Norfolk, and Suffolk Counties.

As a mutual bank, Cambridge Savings Bank operates without shareholders, allowing it to focus on delivering value directly to customers and investing in the communities it serves. The institution emphasizes a customer-first approach built on personal relationships and technology-forward solutions.

Question 2

When was Cambridge Savings Bank founded?

Accepted Answer

Cambridge Savings Bank was founded in 1834, giving it a 191-year history of serving the Cambridge community and surrounding areas. The bank was incorporated on January 1, 1834, during a period of economic growth in Massachusetts.

Throughout its history, the institution has maintained continuous operations under the Cambridge Savings Bank name, building a reputation for stability and community commitment. The bank has evolved from a traditional savings institution into a full-service mutual bank offering comprehensive financial services.

Question 3

Where is Cambridge Savings Bank headquartered?

Accepted Answer

Cambridge Savings Bank is headquartered at 1374 Massachusetts Avenue in Cambridge, Massachusetts. The bank maintains its primary operations in the Cambridge area, staying true to its roots in the community where it was founded nearly two centuries ago.

Question 4

Where does Cambridge Savings Bank operate?

Accepted Answer

Cambridge Savings Bank operates throughout eastern Massachusetts, primarily serving communities in Middlesex, Norfolk, and Suffolk Counties. The bank maintains 21 full-service branches across the Boston-Cambridge-Newton metropolitan area, with locations in Arlington, Cambridge, Concord, Belmont, Bedford, Burlington, Lexington, Newton, Watertown, and Somerville.

In addition to its branch network, the bank operates six stand-alone ATMs in strategic locations including Harvard Square, Kendall Square, Burlington, Somerville, and The Charles Hotel in Cambridge. While no ATMs are located directly in low- or moderate-income census tracts, ATM locations are positioned contiguous to 13 such tracts to ensure accessibility.

The bank serves customers in both suburban and urban communities within the greater Boston metropolitan area, with particular strength in the Cambridge and surrounding communities.

Question 5

What services does Cambridge Savings Bank offer?

Accepted Answer

Cambridge Savings Bank offers a comprehensive suite of banking services for personal and business customers. Personal banking products include checking accounts, savings accounts, money market accounts, certificates of deposit, credit cards, home mortgages, construction loans, home equity loans, home equity lines of credit, auto loans, and secured and unsecured consumer loans.

Business and commercial banking services include business checking and savings accounts, commercial real estate loans, term loans, working capital and asset-based loans, commercial construction financing, Small Business Administration (SBA) loans, and business overdraft lines of credit. The bank also provides specialized treasury management services for commercial customers, including remote deposit capture, lockbox services, zero balance accounts, escrow management, wire transfers, and payroll processing.

Wealth management and investment services are available through partnerships with SigFig Wealth Management for investment advisory services. The bank also offers term and whole life insurance options through the Savings Bank Life Insurance Company.

Digital banking services include comprehensive online and mobile banking platforms with mobile deposit capabilities, automated and assisted telephone banking, bill pay, card management through Card Control, and 24/7 account access. The mobile banking app is available on both iOS and Android platforms.

Cambridge Savings Bank's Asset-Based Lending (ABL) team provides specialized financing solutions, including revolving lines of credit for businesses seeking growth capital.

Question 6

What makes Cambridge Savings Bank unique?

Accepted Answer

Cambridge Savings Bank distinguishes itself through its mutual ownership structure, which eliminates shareholder pressure and allows the bank to prioritize customer value and community investment over quarterly profit maximization. This structure has enabled the bank to maintain a long-term perspective throughout its 191-year history.

The bank's tagline, "treat every customer like our only customer," reflects its commitment to personalized service and relationship banking. This philosophy combines the intimate knowledge and personal service of a community bank with the sophisticated products and technology of a modern financial institution.

Cambridge Savings Bank has earned recognition from the Independent Community Bankers of America for multiple years as a top-performing member bank and received the Scotsman Guide recognition as a Top 100 Lender. The institution has also been recognized as a Best & Brightest Company by the National Association for Business Resources.

The bank demonstrates strong commitment to the Community Reinvestment Act (CRA), providing impactful products and services to meet the credit needs of all communities it serves, including low- and moderate-income neighborhoods and individuals. Cambridge Savings Bank actively supports nonprofit organizations that benefit local residents and workers.

With 480 employees, the bank maintains a flat organizational structure that empowers staff to make decisions benefiting clients. The institution's longevity, financial strength, and community focus position it as a trusted partner in one of the nation's most competitive banking markets.

Question 7

What type of financial institution is Cambridge Savings Bank?

Accepted Answer

Cambridge Savings Bank is a Mutual Savings Bank, a form of financial institution owned by its depositors rather than external shareholders. As a wholly owned subsidiary of Cambridge Financial Group, Inc. (a mutual holding company), the bank operates under a structure that emphasizes stakeholder value over shareholder returns.

The bank is regulated by both the Massachusetts Division of Banks and the Federal Deposit Insurance Corporation (FDIC), which provides deposit insurance. This dual regulatory framework ensures the bank maintains strong capital positions and prudent lending practices. Cambridge Savings Bank's mutual structure allows it to focus on long-term community relationships and sustainable growth rather than short-term profit pressures common among publicly traded banks.

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About Cambridge Savings Bank in the United States