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Savings Bank brings financial education to residents of Salvation Army's shelter program

Posted by boston.com  September 6, 2013 10:00 AM

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The following was submitted by the Cambridge Savings Bank:

Cambridge Savings Bank (CSB) recently provided four financial education lessons to a group of men participating in Umoja, The Salvation Army’s residential recovery and transitional program in Cambridge. The lessons, taught by trained financial educators from the bank’s CSBsmart program, were custom-tailored for the adults in this group, focusing on budgeting and savings, checking account management, credit smarts, and fraud smarts.
 
“We are honored to support the life-changing help that the Salvation Army provides to the men of their Umoja group.   The bank appreciates having the opportunity to assist these members of our community by providing them with hands-on money management skills through our CSBsmart financial education curriculum,” said Wayne Patenaude, Cambridge Savings Bank’s president and chief executive officer.
 
Umoja, which means “unity” in Swahili, is a multi-phase program for men ready to address issues that have hindered their success, including homelessness and substance abuse. They are given shelter, food, and participate in a series of classes to help them work on maintaining employment, saving income, and paying off debts.  
 
“The Salvation Army is grateful to Cambridge Savings Bank for sharing the tools needed for these men to lead financially independent and self-sufficient lives,” said Salvation Army Lieutenant Michael Harper.
 
“This program taught us how to protect ourselves and how to be financially responsible,” said Nolan Bagley, a participant in the Umoja program. “It’s vital to take care of your credit when you are young, so it’s easier to buy a house or a car when you’re older.”
 
CSB began engaging men of the Umoja group in 2010 when it expanded its CSBsmart program.  To date, the Salvation Army is one of many organizations and schools that have benefitted from more than 575 live lessons that have included more than 8,700 community members. 
 
About Cambridge Savings Bank
Cambridge Savings Bank is a full-service financial institution with $2.5 billion in assets that is inspired by the communities it serves.  One of the oldest and largest community banks in Massachusetts, CSB offers a full line of individual and business banking services and has 16 banking centers located in Cambridge, Acton, Arlington, Bedford, Belmont, Burlington, Concord, Lexington, Newton Centre, Newtonville and Watertown. For more information about Cambridge Savings Bank, go to: www.cambridgesavings.com.
Media contact: Barbara Chambers, Cambridge Savings Bank, (617) 520-5356

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