GENERAL INFORMATION

One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank is a full-service banking institution with over $4.7 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. Cambridge Savings Bank offers a full line of individual and business banking services. It has branches located in Arlington, Bedford, Belmont, Burlington, Cambridge, Charlestown, Concord, Lexington, Newton, Watertown, and now Melrose.
Yes. As part of the merger, Melrose Bank is now part of Cambridge Savings Bank. The Melrose branch is the 17th branch location of Cambridge Savings Bank.
At this time, the branch will continue to be open with the same hours as they are currently.
You can use your debit card at Cambridge Savings Banks' network of ATMs and ITMs at no charge.
No. Please continue to bank as you have with Melrose Bank. Later this year, Cambridge Savings Bank will be sending additional information regarding the conversion from Melrose's current core banking system to the CSB system, customer accounts, online and mobile banking, bill pay and automatic transactions, and other important conversion-related dates with ample notification.
Yes. Many of the same knowledgeable and friendly staff members that have served you for years will continue to serve you now and in the future.
Not at this time. You can continue to use your current Melrose Bank online banking as you have. Later in the year, we will be sending you additional information regarding how to access Cambridge Savings online banking along with any specific actions you will need to take.

Account INFORMATION

Most customers will have no impact or change to their account numbers. A very small number of customer accounts may require a change in account number at the time of the systems conversion later this year. For those affected by a change, we will work directly with you to minimize any impact.
You can continue to use your Melrose Bank checks and deposit slips now and in the future. As mentioned in the FAQ above, in the rare situation of duplicate account numbers, new checks will be needed after system conversions occur in the fall. For the small number of customers impacted, we will proactively reach out to order new checks so that no disruption occurs.
Electronic transactions will still occur as usual. We will send out a Notification of Change regarding the new routing number directly to the company originating the ACH Transaction. This should be seamless for you.
At this time, please continue to use your debit card as you usually do. Before the system conversion takes place later this year customers will receive a new Cambridge Savings Bank debit card with a letter explaining when to activate and begin using the card.
No changes will occur to existing loan service schedules and agreements.
No changes will occur to existing CD rates or terms.
Yes. The basic FDIC insurance amount is $250,000 for each depositor. If you had money in both banks before the merger and the combined total (including accrued interest) is $250,000 or less, all of your money remains fully protected. If you have questions regarding deposit insurance, you should call the FDIC at 1.877.ASK.FDIC or 1.877.275.3342 and ask to speak to a deposit insurance specialist.
Please don't hesitate to reach out to us with any further questions or concerns you may have. As your local community bank, we are here for you. For more information, please contact the Cambridge Savings Bank Contact Center at 888.418.5626, Mon - Fri 9:00 am to 4:00 pm, and Saturday 9:00 am to 1:00 pm. You can also reach us via email at info@cambridgesavings.com.

Community & Charitable Foundation

CSB has a long history of supporting the communities we serve – we will remain committed to the Melrose community as well – supporting business development and charitable organizations that improve the financial well-being of the community.
The Melrose Bank Charitable Foundation will continue to exist as a separate entity, returning to its original name, the Melrose Cooperative Bank Charitable Foundation. Grant and application process information is available on an independent website, www.melrosecoopfoundation.org.
Several of the Cambridge Savings branch locations have community rooms that customers and non-profits can schedule to use. Please refer to www.cambridgesavings.com/locations to view the branches that have a collaboration room available and instructions on scheduling a meeting.

Miscellaneous

Each of your shares of Melrose Bancorp stock has been converted into the right to receive a lump-sum payment of $25.00 per share. At this point in time, you should have received detailed information from Melrose Bancorp for an explanation of your rights as a shareholder.

These FAQs are subject to change.

QUESTIONS YOU MAY HAVE