Cambridge Savings Bank Announces Community Partner Solutions Division
Press release (Feb. 13, 2012) — Cambridge Savings Bank today announced the launch of a new banking division designed specifically to meet the needs of local and regional nonprofit organizations. The new program, “Community Partner Solutions,” addresses the unique challenges NPOs face in managing their money, while adhering to their charitable objectives.
“At Cambridge Savings Bank, we believe it is our duty as a community institution to contribute to the social and economic good of the communities who bank with us,” said Robert M. Wilson, president and CEO of Cambridge Savings Bank. “In creating a division which will act as a financial partner for nonprofits, we allow these organizations to focus on what they do best, serving the community.”
More than a bank account, the CPS program will work collaboratively with nonprofits of any size — from two-person charities to major organizations like the Salvation Army of Massachusetts — to identify opportunities and solutions to fulfill their missions. This includes developing steady cash flow, planning for growth, and even offering a place to conduct formal business through new Business Resource Centers equipped with all the amenities of a modern office/conference room.
The new division will be led by Charles Van Hise, vice president of nonprofit solutions, who previously served as the head of the Cambridge Savings Bank’s business banking department. Van Hise will report to Karen Kindle, executive vice president, retail and business banking.
The CPS program also offers dedicated relationship managers for NPO customers; employs a street team to volunteer at individual NPOs’ events; and utilizes newly designed banking, financing, and investment products that take into account the different banking strategies of NPOs as compared to for-profit businesses.
Nonprofit organizations face unique challenges in managing their finances while adhering to charitable objectives. Specifically, NPOs are often restrained by irregular financial cycles, with cash flows sometimes coming only from once, or twice-a-year fundraising events.