WHAT DOES IT MEAN TO BE A

Mutual Bank?

It Means Mutual Respect. Interests. Understanding.

WHY DOES MUTUALITY MATTER?

As a mutual bank, we have no stockholders whose top priority is a return on investment. Instead, we have a long term vision and a measured approach to the growth of our business. We are not pressured by short term gains, but instead–focused on planning for a strong future.

At CSB, we are driven by what really matters to us–our employees, our customers, and our community and we are accountable for continuously improving the experiences that all of these groups have with us.

WE PUT PEOPLE FIRST, ALWAYS.

OUR EMPLOYEES

Our strength as a mutual allows us the freedom to be especially committed to investing in our employees – their career growth, their wellness, and their overall development.

10,000 hours of training delivered to employees over the last 12 months
17% of employees promoted over the last 12 months
Investment in a new operations center to enhance employee wellness and collaboration
Continual assessment and upgrading of employee benefits to support the well-being and culture for employees to thrive in

We are dedicated to making CSB an engaging, diverse, and collaborative work environment and support our employees in all aspects of their life.

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OUR CUSTOMERS

Our long-term view of the business allows us to make decisions that optimize the offerings and experiences that customers have with us.

Competitive rates offered across all products and services
Continual investments made in technology, process improvements, and products that allow us to deliver customer-centric experiences
Loan decisions are made locally – we have expertise in the markets we serve
Bankers that invest their time and expertise to helping customers and small businesses grow and prosper

We do not make short-term decisions that affect quarterly earnings, because as a mutual, we do not have to. We have real relationships with our customers – and pride ourselves on serving them and knowing them at a deep, personal level — for the long-term.

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OUR COMMUNITY

We are local, reliable, and responsive – and deeply committed to investing in the markets that support our customers and small businesses.

$9MM donated to our communities within the last ten years
Our employees have contributed over 25,000 hours of volunteer time to non-profit organizations in our communities over the last eight years
Since 2010, we have had dedicated Financial Education resources to support our communities – over 25,000 financial education program participants served
Many of our employees live in and are part of the very communities we serve

As a mutual bank, we choose to make these investments in our communities – investing locally builds a stronger society for which we all thrive.

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CSB HISTORY

We're very proud of our history, and we want to share a timeline of key moments that helped bring us to where we are today.¹

APRIL 2

1834

CSB’s story began when The Savings Institution in the Town of Cambridge secured its charter from the state of Massachusetts.

OCTOBER 27

1834

After Levi Farwell, William Whipple, and William Hilliard voted to “establish an Institution for Savings in Cambridge”, the first savings bank in Cambridge was born.

JANUARY 24

1835

With a ten dollar deposit, Mehitable Holbrook became the first customer. Shortly thereafter, the first loan was made to the First Parish Church in Cambridge.

MARCH 14

1868

The Bank’s name changed to Cambridge Savings Bank. At the time of the name change, there were 9,600 accounts with $3.3M in deposits.

1897

The bank set up its headquarters in Harvard Square, where the headquarters and the Harvard Square branch remain today. Advertised as only “40 paces” away from the subway, the location served as a convenient institution to community members—and still does to this day!

1947

The Bank’s growth continued, and there were $50M in deposits.

JUNE 10

1971

CSB acquired North Avenue Savings Bank. The Bank’s expansion continued through the 1970s and branches were opened in Kendall Square, Belmont Center, and Porter Square.

1984

150 years after our inception, CSB had 152 employees. These employees managed 74,000 accounts with $400M in deposits. The business expanded and included $435M in managed assets and held 7,500 mortgages.

1991

With the acquisition of Bank 5 for Savings in Arlington, CSB assumed an additional $401.7M in assets, deposits of $406.6M and 46,300 accounts.

DECEMBER 31

2018

We have over 350 employees, in 16 branches, who manage and support $3B in deposits,
$743M in mortgages and $3.9B in assets.

BY THE NUMBERS

295

non-profits
served over
the past
year

36,106

FINANCIAL
EDUCATION
PROGRAM
PARTICIPANTS

24%

OF OUR EMPLOYEES
HAVE BEEN WITH
US FOR 10 OR MORE
YEARS²

$1.4MM

GIVEN IN
SCHOLARSHIP
DONATIONS OVER
THE PAST 30 YEARS

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