City Taps Mt. Washington Bank to Develop New Codman Square Branch

Contact: Lauren Mann
Mt. Washington Bank
857-524-1155
lmann@MtWashingtonBank.com


Redevelopment of Vacant Talbot Avenue Site Gains Approval

The City of Boston’s Public Facilities Commission today approved a proposal by Mt. Washington Bank to open a branch on a city-owned parcel in Codman Square. The Department of Neighborhood Development (DND), the agency charged with managing development of city-owned property, selected the Mt. Washington plan from six proposals for the site. Today the Public Facilities Commission approved the tentative designation of the bank to buy and develop the site.

“I’m pleased to see another bank investing in our neighborhoods,” said Mayor Thomas M. Menino, who in his address to the Boston Area Chamber of Commerce earlier this week touted the planned opening of new bank branches in several Boston neighborhoods. “This is good for Codman Square and good for Boston.”

Mt. Washington Bank plans to open a 4,000-square-foot facility, tentatively scheduled for completion in the summer of 2007, at 305-319 Talbot Avenue. The facility will include a community room with a separate entrance for use by residents for community meetings and events. Total development cost for this project will be approximately $3.5 million.

“This is a terrific project, one that will bring jobs and commerce to the Codman Square community. This could be the signature project that jumpstarts development west of Washington Street,” said Charlotte Golar Richie, DND director.

Mt. Washington Bank is a full-service, mutual bank, which contributes 10% annual profits to local charities. It plans to break ground for the new branch on Talbot Avenue in the summer of 2006.

“We are honored to receive this designation and to be part of the Codman Square neighborhood,” said Ed Merritt, the bank's president and CEO. “The level of community support we have received in Dorchester since opening our Andrew Square and Gallivan Blvd. branches encouraged us to continue looking. Codman Square is a logical next step.”
Mr. Merritt, who has overseen the bank's expansion from South Boston, where there are three banks, to Dorchester, personally presented his plan to community residents at a DND-sponsored meeting earlier this month, where it received unanimous support.

The bank proposes to demolish the existing building at 305-319 Talbot Avenue and construct a new bank branch and a two-lane remote drive-through with a 24-hour ATM. The site will also include -ample customer parking. In addition, the vacant land located across the street at 332 Talbot Avenue and 18 Southern Avenue will be developed as employee parking and landscaped green space.

Mt. Washington Bank currently has four branches: three in South Boston (West Broadway, East Broadway, and Andrew Square) and one in Dorchester (Gallivan Boulevard). This will be the fifth full-service branch (and the second in Dorchester).

Mt. Washington Bank plans to continue to grow in Dorchester and intends for the Talbot Avenue branch to be the “Hub” of Dorchester branches.

Founded in 1893, Mt. Washington Bank has stayed committed to the promise outlined in its mission statement by being "full-service independent bank, offering financial services to meet the needs of its retail and small business community. Mt. Washington recently announced the opening of its new Gallivan Boulevard branch in Dorchester, representing the Bank's fourth branch location in addition to a stand alone loan center.

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