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Melrose Bank Donates $30,000 to Two Local Community Organizations

Learn about what's new at the bank and what we've been up to in the community.

November 12, 2005

Melrose, MA – Melrose Bank has donated $30,000 to two local area community groups. A $20,000 donation was made to the Milano Senior Center to finish off needed space in the basement and $10,000 was donated to the Melrose Affordable Housing Corporation toward purchasing a multi-family house for moderate-income tenants.

Jeffrey Jones, president, Melrose Bank stated, “as a local bank, we believe it’s important for us to be a part of the community and to contribute to its well-being in every way we can. So, we are pleased to be able to give significant donations to two very worthy causes.”

The Milano Senior Center 
Melrose Bank’s $20,000 donation was given to the Milano Center as part of the $175,000 capital campaign by the Council on Aging and the Melrose Friends of the Aging to finish the lower level. The funds will be used to create much needed space and furnish the area. The basement will be divided into three main areas: a computer classroom, a health office, and a drop-in/multipurpose area. A Melrose Council on Aging survey of senior citizens found that the most requested activity was computer training and access. The computer classroom, named after Melrose Bank, will include an eight-station computer classroom with a printer, scanner, and free high-speed internet access. The drop-in/multipurpose room will provide a setting for seniors to participate in unstructured activities. In addition, the health station will provide services in a private setting.

“We’re thrilled that the bank stepped up once again and contributed so generously,” said Jack Beckley, executive director, Melrose Council on Aging. The bank was a major contributor toward the Center in 1995 when the facility was developed from an historic carriage house. He continued, “the donation has really infused our fundraising efforts and most importantly, it will allow the Milano Center to expand its services to seniors in our community.”

The Milano Senior Center provides a place for seniors to come together and enjoy a wide variety of programs including social and recreational activities such as dancing, arts, games, and crafts, along with health and educational programs and daily lunches. Approximately 900 senior citizens use the Center each month.

The Melrose Affordable Housing Corporation
The $10,000 donation by Melrose Bank to the Melrose Affordable Housing Corporation will facilitate the organization’s mission to create affordable housing. Donation monies were added to a fund used to place a down payment on a multi-family house in Melrose. The house was renovated and rented out at below-market rates to moderate-income families. The goal is to use any income generated from the house as a down payment on another house. Then the process will be repeated.

Frank Giso, corporation president states, “As a result of Melrose Bank’s contribution, and also the very favorable mortgage financing terms provided by the bank to MAHC, we were able to purchase and renovate our first affordable housing property in Melrose. Through continued support of the community we will achieve our long-term goal of raising the level of affordable housing in Melrose.”

The Affordable Housing Corporation was formed in 2001 by Melrose citizens to raise the mark for affordable housing in Melrose from less than 7% to 10% in order to avoid the construction of denser developments that can circumvent local zoning regulations. The work of the Housing Corporation will not only help families secure affordable housing, but will also assist residents in the city protect their property value by stopping the construction of these dense developments. The Melrose Affordable Housing Corporation can be reached at 781-665-1622.

About Melrose Bank
Established in 1890, Melrose Bank offers a broad range of banking services for residents and businesses with conveniences such as online and telephone banking as well as a new drive-up ATM. The bank has assets of $118 million. Deposits in Melrose Bank are fully insured. The FDIC insures the first $100,000 per depositor; the Share Insurance Fund (SIF) insures all deposits above this amount. Melrose Bank is located at 638 Main Street in the historic district of Melrose and can be reached toll free at (866) 665-2500.

For More Information Contact:
James Oosterman 

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