We want to thank Claremont Savings Bank the check they just issued to our schools in the amount of $10,563.11. This is the exact amount of money the Claremont School District paid in interest on the $4 million dollar loan the community bank extended to us last fall. Donating this amount of money to the schools makes the loan effectively interest-free.

“As a community bank, extending this loan was always about answering the question: ‘how can we help?’” said CSB president Dave Finnerty. “We wanted to be able to give the students, teachers, and staff a more secure start to the year. And now, donating the equivalent of the accrued is a way we can further support Claremont’s schools. It’s the right thing to do.”

We have repaid the $4 million CSB loan in full and our cash balance at the bank is almost normal for a district of its size. The community bank’s loan was at a 2% interest rate. We always expected to pay interest on this loan, and CSB went above and beyond in giving us the interest back.”

Special thanks to CSB president Dave Finnerty, Terri Decker, the account manager for day-to-day deposit activity, and Jim Lynch, the loan officer for the transaction, who were instrumental in the loan processing, approval, and payments.

“When one part of our community succeeds, we all succeed,” said Finnerty. “And when a part of our community needs help, it’s up to all of us to step in and do what we can.