Move Your Money: a Letter from Cambridge Local First

November 2, 2020

Dear Cambridge Local First Members and Friends,

We hope that you and your staff are safe and well. As you know, Cambridge Local First has spent the last year working tirelessly to better support our local businesses, and has built capacity to respond meaningfully and with impact during the ongoing COVID crisis. We are proud of our response to COVID, and we thank you for your support in this effort. 

Cambridge Local First has been encouraging residents to shift their shopping to local businesses for many years and we continue to promote the many benefits of patronizing our local Cambridge businesses. 

You know the value we all gain by shopping locally. Cambridge is fortunate to have several outstanding local banks.  They are located close to our homes and businesses and they can absolutely do everything the big national and multinational banks can.

With the start of the calendar year, it’s a perfect time to Move Your Money.  If you have any bank accounts with non-local banks, why not make it one of your New Year’s Resolutions to shift and open up an account at one of our local and independently-owned member banks?  

Here are four solid and practical reasons why you should Move Your Money to our local banks and encourage your friends and neighbors to do the same:

  1. Receive the same services at a lower cost!   

Most locally owned banks offer the same array of services, from online bill paying to debit and credit cards, and often at much lower cost than big banks. 

  1. Put your money to work growing our local economy. 

Small businesses create the majority of new jobs and depend heavily on local banks for financing. Small and mid-sized banks control less than one-quarter of all bank assets, yet they account for more than half of small business lending.

  1. Keep decision-making local.

At local banks loan approvals and other key decisions are made by people who live in the community, have face-to-face relationships with their customers, and understand local needs. Because of this personal knowledge, local banks are often able to approve small business and other loans that big banks would reject.

  1. Support businesses that share a commitment to our Cambridge community.

The fortunes of local banks are intimately tied to the fortunes of their local communities. The more the community prospers, the more the local banks benefits. This is why local banks are so supportive of Cambridge nonprofits in general and Cambridge Local First in particular!

Our three local bank partners are Cambridge Savings Bank, Cambridge Trust Company, and East Cambridge Savings Bank. We encourage you to consider setting up an account with them today! To do so: 

  • You can open a business account with Cambridge Savings Bank here, and a personal account here.
  • To open your account with Cambridge Trust Company, email Jason Solomon (, Relationship Manager, today! Include your personal name, company name, title, and detailed interest In Cambridge Trust’s Services.
  • You can open a personal account with East Cambridge Savings Bank here. To open your business account, email Catia Aruda (, Business Development Officer.

Please let us know if we can help you with this process. 

Also, see our online banking resources page for CSB, CTC, and ECSB.

Locally yours,

Theodora Skeadas, Executive Director

Susan Labandibar, Board President

John Griffin, Board Clerk

Daniel Kane, Board Treasurer

Frank Kramer, Co-Founder

Rachael Solem, Co-Founder

Michael Kanter, Co-Founder

Cambridge Local First