NewburyportNews.com, Newburyport, MA

Local News

July 23, 2013

Bank donates $500K to Salisbury library project

SALISBURY — The Institution for Savings is donating $500,000 to the building fund for Salisbury’s new library, the first of what supporters hope will be a number of pledges for the $7-plus million project.

A member of the Institution for Savings Board of Trustees, Selectman Freeman Condon said the donation is an example of the bank’s solidarity with the Salisbury community.

“I’m very grateful to the bank; we all are,” Condon said. “The Institution for Savings made a commitment to Salisbury early on when it built its branch here. This donation goes along with its mission to make a positive impact on every resident in town.”

With its current 3,000-square-foot library bursting at its seams, Salisbury officials have been hoping to build a larger, more modern library for more than five years. Engaging in resident surveys, growth projections and community needs assessments, the community received two grants to help with planning and design. The work paid off when a state building grant for $3.8 million was received, cutting in half the local cost to build the estimated $7.5 million, 17,000-square-foot library.

Voters overwhelmingly agreed for the town to bond for the remaining funds in two separate votes at the polls and at May Town Meeting. The Salisbury Library Board of Trustees pledged an aggressive fundraising campaign to reduce the amount of money the town needed to borrow to build its dream library.

The first major contribution attempt came about a month after May Town Meeting, Condon said, when Town Manager Neil Harrington and Dianne M. Masiello, chairman of the library’s fundraising committee, sat down with Institution for Savings’ President and CEO Michael J. Jones.

“He was impressed with the project and the committee’s commitment,” Condon said. “He put the project on the agenda for the next bank board of trustees meeting, which took place last Tuesday.”

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