NewburyportNews.com, Newburyport, MA

Local News

February 5, 2014

Eastern Bank donates to library building fund

SALISBURY — Eastern Bank Charitable Foundation has donated $10,000 to the building fund for Salisbury’s new public library, bringing the total of contributions pledged so far to more than $760,000.

“Salisbury Public Library is happy to have Eastern Bank become part of this wonderful and exciting project,” library director Terry Kyrios said in her announcement.

Last May, voters overwhelmingly approved at the polls and Town Meeting floating a bond to cover the funds needed to build the estimated $7.5 million new library. But with a $3.8 million state grant and private donations, it appears the town will have to borrow much less than expected to finalize the financing of the 17,000-square-foot new version of its current 3,000-square-foot library.

The Salisbury Library Board of Trustees pledged an aggressive fundraising campaign to reduce the amount of money the town needs to borrow — and taxpayers repay — to build its new library. Hoping to raise $400,000, it appears they’re making good on that promise and then some.

Two major donations have filled the construction fund coffers. Last July, the Institution for Savings announced a $500,000 gift to the cause, with the Arakelian Foundation adding $200,000 to the total in October. In addition to Eastern Bank’s most recent contribution, Century Bank contributed $2,500 and the Friends of the Salisbury Library also gave a $10,000 donation to get things started in early 2012.

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