Published in the August 14, 2015 edition
MELROSE — Melrose Cooperative Bank has announced the Melrose Cooperative Bank Foundation, a new charitable foundation established to support the efforts of local 501(c)(3) non-profit charitable and other qualified community service organizations in communities in which the bank operates. The foundation is funded with shares of Melrose Bancorp (MELR) common stock and cash.
In completing the conversion to a stock bank in October 2014, the Bank enhanced its community ties by providing its customers and members of the wider community with an opportunity to acquire an ownership interest in Melrose Bancorp and Melrose Cooperative Bank through the offering of stock. The vast majority of shares were sold to the Bank’s long-term customers in the initial public offering period.
“We are extremely pleased to have established and funded the Foundation as part of last year’s conversion. With the resources we now have, we will be able to increase our support and commitment to worthy causes in the community,” stated Jeff Jones, president and CEO.
Several grants funded by the Melrose Cooperative Bank Foundation have already been presented to local non-profit organizations. Recipients include North Suburban Child and Family Resource Network, The Fitch Home, Stoneham Theatre and the Sally Frank Farmers Market. The donation to the Melrose-based farmers market allowed the market to double its weekly SNAP (Supplemental Nutrition Assistance Program) matching program from $5 to $10 each week for shoppers using a SNAP benefit.
“The Foundation prioritizes the needs of our growing community and is a valuable asset to the initiatives that local organizations lead. Ample opportunities are available for local organizations to receive financial support in their endeavors. There is much enthusiasm for what the Foundation has been able to support so far and what it will be able to do in the coming months,” stated Mary Beth McAteer-Margolis, community representative on the Foundation’s board.
For more information and to request a donation, visit the Melrose Cooperative Bank website: www.melrosecoop.com/mcb_foundation.
About Melrose Cooperative Bank: Founded in 1890, Melrose Cooperative Bank is a community bank dedicated to providing financial resources and support for the community. Products and services include residential mortgages, consumer loans, commercial real estate loans, retirement plans and full-service banking. All deposits are insured in full by the Federal Deposit Insurance Corporation and the Share Insurance Fund, up to legal limits. For more information, please visit melrosecoop.com or facebook.com/MelroseCooperativeBank.