Friday, May 24, 2024

Cambridge Savings Bank 18th branch location opens Thursday in Somerville’s Assembly Row. (Photo:  Cambridge Savings via Facebook)

Cambridge Savings Bank opened its 18th branch location Thursday in Somerville’s Assembly Row at 475 Foley St.

The bank’s most recent prior expansion was in June 2020, when it acquired Melrose Bank at 638 Main St., Melrose.  In July it launched Ivy Bank, a digital-only division. Cambridge Savings Bank, now 187 years old, reports more than $5 billion in assets.

Until the Assembly Square opening, the bank had only one Somerville location: an ATM in a Wilson Square strip mall. But with branches in Somerville-adjacent locations such as Porter and Inman squares, it said it already had more than 3,800 customers in Somerville including  individuals, families and businesses. The bank also has a presence in Arlington, Belmont Charlestown and as far out as Bedford and Burlington.

But CSB said Thursday that ii is paving the way to a greater role in Somerville though partnerships with several local nonprofits and by donating more than $500,000 to organizations in Somerville over the past 10-plus years, as well as by providing more than $135,000 in scholarship awards to Somerville High School seniors. It’s provided financial education courses to more than 5,000 participants through collaborations with Somerville High School, the Argenziano School, Somerville Community Corp., Somerville Homeless Coalition and Mystic Learning Center, bank officials said.

To celebrate its new presence in Somerville, the Assembly Square branch will offer activities and giveaways for six days starting Friday, bank managers said.