Belmont Savings Records Quarterly Earning Record Despite Down Industry News

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Don’t tell Belmont Savings Bank you can’t make money taking in deposits and selling loans

Bucking a downward trend affecting the US financial sector where many banks are struggling with sluggish loan growth, BSB Bancorp, the holding company of Belmont Savings Bank, announced record quarterly earnings yesterday, Thursday, Oct. 23, as the Belmont-based state chartered savings bank doubled its net income compared to the same three-month period last year.

The bank, headquartered on Leonard Street in Belmont Center, saw net income in the third quarter of 2014 – in July, August and September – reach $1.2 million with an emphasis on commercial real estate lending and municipal banking. In the first nine months of 2014, the bank reported net income of $2.9 million as compared with $1.3 million in the first three quarters of 2013. 

Since the beginning of the year, the bank’s assets have grown by $281 million to total $1.3 billion on Sept. 30, nearly doubling the size of the bank from $688 million in June 2011 when Belmont Savings went public.

“I am so proud of the work of each of our colleagues. Few teams could accomplish this level of growth while maintaining credit quality and expense control,” said Robert Mahoney, the bank’s CEO and president, in a press release.

Belmont Savings’ stock price (BMLT), $18.40 a share at Friday, Oct. 24 at 1 p.m., is just off its 52 week high of $18.71.

Deposits totaled $931 million, an increase of $168 million or 22 percent from $764.8 million at Dec. 31, 2013. The 33 percent annual growth in deposits in the second quarter of the year, is nearly triple the growth rate of the other 58 Massachusetts banks and double the 17 percent growth among its peers with assets between $925 million to $1.4 billion.

 “We are very pleased that core deposit growth has remained strong. Customer counts and relationship expansion continue to increase in our retail and small business franchises,” said Hal Tovin, the bank’s executive vice president and COO.

But it’s in lending where the bank continues to take big strides. Since the beginning of the year, net loan growth increased by $255 million, up 30 percent. Residential one-to-four family loans, commercial real estate loans, home equity lines of credit, and indirect auto loans increased by $120 million, $63 million, $32 million and $23 million, respectively.

While the bank continues to churn out commercial and business loans – one example being a $18 million loan for Fresh Pond Circle, a 40 unit modular apartment complex in Cambridge – its portfolio is ranked first in lending safety with less than a quarter of one percent (.23 percent) of loans are non-performing. Statewide, the rate is 1.01 percent.

The bank’s lending activity was honored by winning the Best Commercial Real Estate Lending category in Banker & Tradesman’s Best of 2014 issue.

The bank is also increasing its community outreach. Since its creation as a result of the IPO (when it was initially infused with $2 million), the Belmont Savings Bank Foundation has given more than $400,000 to approximately 40 non-profits and educational institutions in Belmont, Watertown, Waltham, Newton and Cambridge. Last month, the foundation  provided a $200,000 matching grant that helped secure the contraction of the new Underwood Pool in Belmont.

Belmont Selectmen Ponder Cellar’s Request for Earlier Sunday Opening

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When is it too early to sell beer on a Sunday in the “Town of Homes”?

That’s the question before the Belmont Board of Selectmen after hearing a request from the owners of the Craft Beer Cellar to allow the wildly-successful Belmont Center store to swing open its doors at 10 a.m. on Sundays at its meeting Monday, Oct. 20 at the Beech Street Center .

Suzanne Schalow, Cellar’s co-owner (with Kate Baker), said the business, located at 51 Leonard St., is seeking a “Change in Hours” to its business license, from its current noon opening. The CBC operates from noon to 6 p.m. on Sunday and 10 a.m. to 10 p.m. Monday through Saturday.

Schalow said the change would be in keeping with modifications to the so-called state “Blue Laws” approved by the legislature and signed by Gov. Deval Patrick in July allowing retail businesses catering to alcohol and beer sales to seek an earlier opening. Nearby towns, such as Burlington, have approved such changes, according to news reports.

In addition, the new opening time will make the 10 a.m. opening consistent with the other six days.

“Customers are rattling the door” at 10 a.m., wondering why the business isn’t open, said Schalow. She said many customers this time of year are seeking to purchase beer for pro football viewing parties.

Since opening four years ago next month, CBC’s support of the rapidly growing US microbrewery industry with passionate and knowledgeable employees and managers has been a hit with customers, resulting in the Belmont-based business becoming a national retail trendsetter with 12 CBC stores in Massachusetts, Missouri, Florida, Maine and Vermont with another nine – including proposed locations in the Bay State, Colorado, Mississippi and California – in the planning stages.

For at least one Selectmen, the idea of an early opening is a bit off-putting. While praising the store as a great example of a small business doing good for the town, Selectman Mark Paolillo was hesitant to approve the application out-of-hand.

“I’m not so sure that is the right time for us,” said Paolillo.

While the full board delayed making a decision on the application, it wasn’t due to one town officials personal preference but rather if the board has any jurisdiction on the matter.

“I don’t know if we have the right to turn this application down,” said Selectmen Chair Andy Rojas as the new law could have legal sway over local authorities. Rather than a simple up-or-down vote, the board referred the matter to Belmont Town Counsel George Hall for review.

Football and other sports fans will have to wait until noon before stocking up for at least a few more weeks before a decision is known.

Belmont Savings Named Best Commercial RE Lender by Peers

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In 2010, the new leadership at Belmont Savings Bank – a small lender with $650 million in assets without much of a business presence in the area – made a decision that the institution’s future would be tied to lending. As larger regional and national banks tightened requirements or simply ignored the mid-sized borrower, Belmont Savings would fill the void by being, as CEO and President Robert “Bob” Mahoney said at the time, “the most admired bank in the Metro West.”

One of those lending area would be commercial real estate; from office space, retail sites and multi-unit housing. In 2011, the bank loaned $9.1 million in construction financing for a 37-unit apartment project, 7 Cameron, in Davis Square, Cambridge. While far from the biggest loan made that year, the bank was willing to work hard to complete the deal.

“[The bank] was a pleasure to work with,” says developer Paul Ognibene, president of Urban Spaces.

“They really took a sensible business approach to the loan,” he said, putting in language in the loan to enable the owner to convert the units to condominiums if the market switch in that favor.

Since then, the bank continues making loans – from a $1.6 million mortgage for a small multi-family on Columbus Avenue in Boston to making a $35 million loan on three office buildings in Waltham – seeing lending growth increase in double digits each year as the bank has doubled in size in less than five years.

That commitment to this core business resulted in the Belmont-based bank winning the “Best Commercial Real Estate Lending” category in Banker & Tradesman’s “Best of 2014” poll.

Banker & Tradesman, New England’s leading real estate and lending business publication, asked leading lenders and real estate pros to choose the best service providers to the real estate and industrial sectors in Massachusetts.

“It is a privilege to be recognized by Banker and Tradesman as their rankings underscore the immense strides we have made in our commercial lending services,” said Mahoney.

“The Best of 2014 distinctions are a clear signal that Massachusetts real estate companies prefer the personalized service offered by Belmont Savings over even some of the nation’s largest financial institutions.”

Earlier this year, Mahoney was honored by the Boston Business Journal as a “most-admired CEO,” an award voted on by BBJ readers in an online poll. The bank has also had recent success increasing its assets twofold over the past three years to $1.2 billion dollars and opening three new in-store branches in Shaw’s supermarkets.

Belmont Savings Bank is a $1.2 billion, full-service Massachusetts savings bank dedicated to quality, convenience and personalized service.

Cushing Square Developer Seeks Equity Partner, Buyer for Delayed Project

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After more than a year of promises and delays, the developer of Cushing Village – the nearly 167,000 square-foot, multi-use development in the heart of Belmont’s Cushing Square – is actively seeking an equity partner or is hoping to sell the project’s development rights to the highest bidder as financial constraints have plaguing the project.

Beginning this month, a big-time Boston commercial real estate search firm hired by Cushing Village’s developer Acton-based Smith Legacy Partners, Inc. has been actively shopping the three-block site to an array of experienced commercial development teams and investors in an attempt to convince one to take on Smith Legacy as a partner, or to purchase the right to build the future home of 115 residential units, 230 parking spaces and nearly 36,000 square feet of retail at the corner of Trapelo Road and Common Street.

In an advertisement distributed to the commercial real estate community, Boston Realty Advisors, the Boylston Street consultancy known for its deal-making prowess, has been or will soon conduct tours of the site – now occupied by abandoned retail and commercial spaces, a laundry and a Starbucks Cafe – as it seeks a “pre-sale or joint venture development opportunity” for the development it describes as “fully permitted and shovel ready.”

Jason Weissman, BRA’s founder and principal, told the “The Real Reporter,” which covers the New England commercial real estate industry, Smith Legacy will seek “creative proposals and will entertain innovative deal structures,” with the opportunity made available “[without] pricing guidance.”

While Chris Starr, the man who has shepherd the project for the past eight years, did not comment, a member of a PR firm working with Smith Legacy was adamant the development will stay with Starr.

“To be clear, Cushing Village is not for sale – Smith Legacy Partners is pursuing partnership opportunities because they realize that others might want to invest in Belmont but there’s no intention to sell the property,” Suzanne Morse, a vice president with O’Neill and Associates wrote in an email.

Yet in its pitch, BRA makes it clear that Cushing Village “represents a rare opportunity to acquire a 163,883 gross square foot mixed-use community, on a pre-sale or joint venture basis, in one of Metro Boston’s most affluent communities.”

Smith Legacy’s apparent need for a partner or buyer would, at first glance, appear unnecessary as the market for mixed-use projects is “ideal” given the advanced recovery is sparking interest in ground-up projects, especially those permitted and ready for launch, one commercial real estate insider told “The Real Reporter.” With interest rates at historic lows, Cushing Village’s residential segment “is especially attractive given the amount of capital chasing that asset class.”

Yet, according to numerous sources within real estate, business and government, the sense Smith Legacy – a first time development team attempting to build a large development – was over-its-head with the development was evident well before the town began the planning process. In the summer of 2011, Starr and his development partner, Cambridge-based Oaktree Development, parted ways, leaving Starr without an experienced hand to reach out to banks, investors and commercial brokers.

“This deal was going south when Oaktree left,” one industry insider told the Belmontonian.

One did not need to scratch the surface very hard to hear reports of Smith Legacy’s difficulties in both securing and then keeping its financing in place. One source indicated Smith Legacy had a tentative financing deal set, but the lender backed out for an unexplained reason.

A lending source told the Belmontonian while many debt providers would listen to the developer’s pitch; none would expand their hand in agreement.

“[Starr] would have placed the biggest sign on the [SS] Pierce Building (the abandoned building where the entry to Cushing Village will be built) announcing the bank doing the deal,” said a person with knowledge of the process. “Do you see one?” they quipped.

Another source said Smith Legacy was caught in a vicious vortex of an inexperienced developer: they lacked the wherewithal to attract financing, and so commercial tenants were leery of committing to long-term leases in a project without financing. Ironically, without tenants, lenders are unwilling to fund a financing deal.

But when Starr received the Planning Board’s final OK to build after a hard-fought design process, all appearance was that Cushing Village would be up and running in record time.

After receiving the Planning Board’s OK in July 2013, Starr announced he would break ground “in a few months” with the first of the three buildings – the “Winslow” which would be located on the municipal parking lot along Trapelo Road and – completed by summer or fall of 2014, with the third building and the parking finished by the spring of 2015.

But other than crews conducting test borings and limited work on preparing the site for development, no activity commenced at the site during the rest of 2014 and into the New Year. Nor would Starr present to town or elected officials a firm financial commitment from an investor or lender.

Suddenly in March, Smith Legacy’s attorney, Mark Donahue, requested the selectmen grant a 30-day extension for the closing date of the purchase and sale agreement for the municipal parking lot until June 27. The pre-approved price for the lot is $850,000.

“We’re working diligently on a number of different fronts,” Donahue told the board, saying Smith Legacy was firming up the Starbucks relocation plans and deciding the site for temporary construction parking. Additionally, Donahue advised the board the construction would “begin between August and October.”

In addition, Donahue sought and was given the right to extend the closing date by 30 days but only by paying the town a $20,000 fee. Since that agreement was in place, Smith Legacy has deposited $80,000 into the town’s coffers.

Starr’s lack of movement on the project had tried the patience of Rojas and the other selectmen who were prepared to set a fall deadline for the municipal lot’s purchase. Only after meetings with town officials was the ultimatum shelved.

This summer, Smith Legacy attempted and failed to convince the Zoning Board of Appeals to allow Starbucks to move from its current location adjacent to the municipal parking lot to a temporary location near the corner of Belmont Street and Trapelo Road.

The future of Smith Legacy holding ownership of the property is not as crystal clear as Starr is telling people. A source told the Belmontonian an established and seasoned development team would not enter into such a deal as a “junior” partner, reducing its involvement to simply being a lender without a say in the development.

This will be at least a 60/40 deal, said a real estate source.

The real value, according to nearly everyone who discussed the project, is in the development rights; the permitting and design agreements with the town.

Smith Legacy’s current predicament – without an finalized financial package, a single new commercial tenant in 14 months (a “tavern” to be managed by a Washington Street resident to open in 2017) and few options – is now being seen as inevitable by many in town.

“This is not a complete surprise,” said Andy Rojas, chair of the Belmont Board of Selectmen who sat on the Planning Board during the majority of the 18 months it took for the town and Starr to cobble together a development deal in July 2013.

“Many involved in the process have for years thought and anticipated that Mr. Starr would need to bring in an experienced equity and development partner,” he said. “I believe that it finally has dawned on Mr. Starr that this is the only way forward for him.”

The need for an experienced hand to build what many would consider a moderate-sized suburban multi-purpose project has become critical in today’s commercial environment said one real estate observer.

“I think a lot of the reasons have to do with lenders being more demanding of higher-equity levels in a project and the developer either finds selling out a better route or if they want to stay in, they can spread the risk some and or use that capital for something else,” said Joseph Clements, founder and editor of the “The Real Reporter”, which covers the New England commercial real estate industry.

Scary Businesses at Belmont’s Second Halloween Window Painting Contest

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Leonard Street businesses will have their windows transformed into pumpkin patches, witch covens and scenes of specters and ghouls as the second annual Belmont Center Halloween Window Painting Contest will be held on Saturday, Oct. 25 from 9 a.m. to 2 p.m.

The contest is open to artists in second to eighth grades.

Sponsored by the Belmont Center Business Association, the event’s proceeds are being donated to the Foundation for Belmont Education.

Rain date Sunday, Oct. 26, 9 a.m. to 3 p.m.

Register at: A Chocolate Dream, 68 Leonard St., 617-484-4119.

Register before 6 p.m. Friday, Oct. 17, the fee is $10 per child per window After the deadline, the fee is $15 per child per window. Checks can be made payable to: BCBA or cash

Window Painting Contest Rules:page1image10232 page1image10392

  • Each artist will be assigned a 20″ x 36″ space on the outside of a merchants window in Belmont Center.
  • Sill, wall, and sidewalk areas below window MUST be covered and taped with newspaper.
  • Each artist supplies his or her own tempera (NOT ACRYLIC) paints, brushes, newspaper, rags, and masking tape. All work needs to be done freehand and have a “Halloween” theme.
  • Official rules and regulations will be given out when you register and must be followed closely to avoid disqualification.
  • Windows will be painted on Saturday, October 25th, any time between 9:00 am and 3:00 pm. all work must be finished by 3 p.m.
  • The rain date for painting will be Sunday, October 26, 9am – 3pm. You will receive an email by 8am on Saturday, Oct. 25 if the event will be postponed because of weather-related conditions.
  • Windows are assigned on a first come, first served basis. One window will be assigned to each participant. Due to the popularity of this event, we cannot honor requests for specific windows.
  • Prizes will be awarded for each grade.
  • Winners will be notified by e-mail.

Members of the Belmont Center Business Association: Alchemy, A Chocolate Dream, Bells and Whistles, Belmont Citizens Forum, Belmont Dramatic Club, Belmont Farmer’s Market, Belmont Historical Society, Belmont Orthodontics, Belmont Savings Bank, Bessie Blue, Brugger’s Bagels, Cambridge Savings Bank, Champions, Coldwell Banker, East Boston Savings Bank, Hammond Real Estate, Henry Frost Children’s Program, Ingram, Rettig & Beaty, Inc., Irresistibles, Kashish, Lawndale Realty, Leon & Company, Nicks, Paprika Kids, Patou Thai, Pilates, Ponte & Chau Consulting, Inc., Rancatore’s Ice Cream, Refresh Therapeutic Massage, Revolve, Robert’s Salon, Rotary Club of Belmont, Subway, Thirty Petals,The Toy Shop of Belmont.

 

Saving Underwood: How a Big Push and Small Donations Preserved a Belmont Amenity

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On a sunny autumn afternoon this week, a mom and a banker proudly stood before a fundraising message on a sandwich board to complete a small community miracle.

Sandrick Road’s Ellen Schreiber (the mom) and Robert “Bob” Mahoney (the banker) met in front of the Belmont Savings Bank in Belmont Center on Wednesday, Oct. 8, to place a final sticker to the chart showing the level of support for a fundraising appeal to build the new Underwood Pool.

“We Did It!” read the sticker.

In less than four weeks, the persistence of a master fundraiser and the welcomed kick-off contribution from the home-town bank resulted in $400,000 being raised from residents and businesses to allow a well-loved town amenity to continue at the corner of Concord Avenue and Cottage Street.

It wasn’t all that long ago when, for a few days in late August, it appeared the future of Belmont’s new Underwood Pool was far from certain.

After Woburn-based Seaver Construction withdrew its $3.8 million offer on Aug. 28 to construct the $4.16 million new two pool complex on the site of the historic 102-year-old “swimming pond,” the Underwood Pool Building Committee – the public group that coordinated the new facility’s final design and its detailed budget – was faced with one of two prospects to save the project.

One was to find an extra $400,000 in less than a month (the town was required to select a winning bid on Sept. 26) to match the $4.55 million offer from new low bidder, New England Builders and Contractors, Inc.,

The other, take its chances and resubmit the design to bid with the outside chance a contractor would take on the job at or below budget.

If a solution could not be found, it was likely the pool’s design would need to be greatly altered, or the entire process scrapped, a situation Committee President Anne Paulsen described as “grim news.”

The only certainty was that there wouldn’t be a summer swimming season at the Underwood for the first time since 1912. By the first week of September, the new Underwood Pool – which Town Meeting members and residents voted to support with $5.2 million in public funds – appeared to be hanging on a thread.

In the end, the committee decided to toss the dice and see if it could raise the nearly $400,000 in just under four weeks.

A pair of fortunate choices

As the project’s fate appeared sketchy, two fortunate decisions were made that would change the pool’s destiny. The first was selecting Schreiber to lead the fundraising task.

After a career as a software engineer, Schreiber was co-founder of the Boston Children’s Chorus, campaign manager for State Senator Will Brownsberger, and is now the finance director for a non-profit organization. Schreiber is best known around these parts as being the driving force with Diane Miller in rebuilding Joey’s Park adjacent to the Winn Brook School, raising more than $450,000 and recruiting more than 2,000 volunteers for a nine-day community build.

If you’re looking to get something done, Schreiber will be a good person to head it.

“Ellen is the perfect person for the job,” said Paulsen.

But even for someone who is accustomed to cultivating funds, the initial time limit and amount required was a challenge, said Schreiber.

“It was a lot of money to raise and we had a very short deadline. It was very intimidating, at first,” she said.

Schreiber and the committee caught a break early on when New England Builders agreed to keep its $4.55 million bid open for an additional month, until Oct. 30, providing some breathing room needed to raise the money.

The next fortunate decision was who Schreiber decided to visit first. Following the advice of Willie Sutton, Schreiber headed to where they keep the money. In Belmont, that’s 2 Leonard St., to talk to the man in charge of Belmont’s oldest and one of its largest institutions.

Since becoming President and CEO in June 2010, Bob Mahoney has transformed Belmont Savings Bank from a sleepy depositors-owned institution to a growing stock-issuing regional institution, doubling its asset size to $1.2 billion while expanding its retail operations into three nearby communities through its Star/Shaw’s supermarket branches.

Mahoney had read news reports about the pool committee losing its low bidder and the predicament it and the town found itself.

“I started thinking about it and even sent a note to the town’s Treasurer [Floyd Carman] with some ideas to bridge the gap,” said Mahoney.

Then in a moment of Kismet, Schreiber called Mahoney the next day.

“She said they were trying to pass the hat to raise $400,000, and she wanted to come over and talk to me,” Mahoney recalled.

In another coincidence, the board of the bank’s community and charitable entity, the Belmont Savings Bank Foundation, was meeting the next morning. When he brought up his conversation with Schreiber and the position the town was facing, many on the board began recalling their memories of visiting the pool. A senior member told how his father, who was a lifeguard, and mother, a swim team member met at the Underwood.

“That’s where I said, ‘I think we need to take a leadership role because [the pool] effects so many people.’ Then we started talking numbers,” said Mahoney.

How about $25,000? Somebody raised the figure to $100,000.

Going all in

As a poker player sitting on a good hand, Mahoney decided to go “all in” by upping the ante to $200,000.

“I said if we want to be serious about getting this done, we needed that amount because there was not enough time to raise $300,000,” said Mahoney.

But $200,000 is something that can be done,” said Mahoney, noting the foundation – which receives its funding from stock shares it holds bought at bank’s initial public offering in 2011 – could contribute the amount since the bank stock has risen significantly.

“It’s a way of sharing the bank’s success with the town,” he said.

In one fell swoop, the fundraiser goal facing Schreiber was cut in half.

“The bank came through for us,” said Schreiber. “From my experience, this amount was unprecedented, unheard of.”

Just as important, the bank’s contribution was seen by many donors as a vote of confidence in the Underwood project and the fundraising campaign.

“It got us half way there and so people immediately became excited. It was a powerful statement because [reaching the $400,000 goal] was now a possibility,” said Schreiber.

With Belmont Savings’ financial and business backing, Schreiber did what she does best; convincing people to join “something special.”

The money started rolling in from all directions, more than 400 donations ranging from $10 to $25,000.

“No one gives money to something they don’t care about and clearly they cared about the Underwood pool. People sent notes with their checks and told about their memories, how their children learned to swim there, how they love the fact that the town has a facility anyone can come to,” said Schreiber.

Within three weeks after the bank’s contribution, Schreiber and Mahoney were able to come together to put their stamp (or sticker) on the success of their collaboration.

“It turned out to be a perfect fit for the bank,” said Mahoney. “The donation is what we are about and what the town needed, all coming at right time and the right amount.”

Schreiber looked back at the effort preserving outdoor summer swimming in Belmont more succinctly.

“People just gave from their hearts.”

New Eatery Hopes Belmont Loves ‘Oven Range’ BBQ

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The corner of School and Belmont street is changing from Cuban ropa vieja to Texas-style barbecued pulled pork and Memphis dry-rubbed ribs as a person associated with Pho & Thai Restaurant in Waverley Square is bringing “casual and easy going” barbecue eatin’ to Belmont.

Sasirat Wyckoff of Winslow Road in Quincy filed an application with the Office of Community Development to open “Tony G’s Barbecue” in the former location of Gustazo Cuban Restaurant at 289 Belmont St. on the Watertown line.

Wyckoff will be before the Zoning Board of Appeals on Monday, Oct. 6 at 7 p.m. to discuss the transfer of a special permit. The meeting is being held on the third floor Belmont Gallery of Art in the Homer Building in the Town Hall complex.

The proposed eatery would be open for lunch and dinner serving “BBQ chicken, pork, ribs and beef brisket” along with side orders of salad, vegetables and rice.

Yet despite a menu loaded with a wide array of BBQ favorites, there will be “no deep frying or grilling” at the location; rather, the food will be barbecued via an “oven range.”

See a proposed menu below.

While the restaurant will have seating for 14, “[t]his will not be a full-service restaurant,” Wyckoff said in the application. Rather, she predicts that service will mainly be “to go” while on-site customers will use a “self-serve dining area.”

The currently proposed schedule call for the restaurant to be open Monday through Thursday, 11 a.m. to 10 p.m.; Friday and Saturday, 11 a.m. to 11 p.m. and Sundays, noon to 10 p.m.

According to an online business registry, Wyckoff is “the president and treasurer and director of Pho & Thai, Inc.” located on White Street. In a 2006 Boston Globe profile, Wychoff was name a partner in Montien Cambridge, a sister site of Montien Boston, a well-known Thai/Asian restaurant in the Theater District. 

BTW: the photo is from Memphis BBQ Ribs Recipe: LoveThatFood.com

IMG_0707 IMG_0706

Belmont Savings: Six Weeks to Show Support for ‘Beloved’ Piece of Belmont

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Belmont Savings Bank Foundation announced on Thursday, Sept. 11 that it will match dollar for dollar contributions to the Underwood Pool project up to $200,000. Specifically, the bank foundation has committed to contributing $200,000 which – if matched – would fully fund the remaining $400,000 needed to complete the project.

Recently, plans to rebuild Belmont’s Underwood Pool stalled after the winning bidder dropped out, potentially leaving the Belmont community without a public swimming area next summer.

“As a child, I used the pool and, subsequently, my children did as well, which is why I take pride in announcing this matching grant through our Foundation,” said Robert Morrissey, chairman of the board of directors of Belmont Savings Bank as well as the Belmont Savings Bank Foundation.

“With six weeks to go until the October deadline, it is imperative our community shows its support for this beloved piece of Belmont’s history.”

The Underwood Pool was originally constructed in 1912, and is believed to be the first public outdoor pool in the United States. Belmont had approved debt exclusion for a new pool to be built, with the grand opening originally scheduled for June 2015.

“We are grateful to our partners at Belmont Savings Bank, who understand how much Belmont residents care about the Underwood Pool, and have demonstrated a true commitment to making a positive difference in the community,” said Ellen Schreiber, who is helping lead the campaign.

“We urge businesses and individuals alike to join Belmont Savings Bank in donating by Oct. 31.”

Under the current circumstances, the Underwood Pool Building Committee was faced with redesigning and rebidding the project, in effect cancelling the pool’s summer 2015 season. The involvement of the Belmont Savings Bank Foundation enables supporters to raise the necessary funds in order to accept the current lowest bid before the upcoming October deadline.

“Supporting the rebuilding of Underwood Pool, the oldest municipal pool in the country, is one of those rare opportunities to truly help the community, and improve the quality of life for Belmont citizens,” said Bob Mahoney, president and CEO of Belmont Savings Bank.

“I am thrilled that our Foundation agreed to support the Underwood Pool, which has long been a touchstone in our town.”

Checks can be dropped off at each Belmont Savings branch. Checks should be payable to “Winn Brook PTA for the Underwood Pool” which serves as the non-profit (501c3) fiscal agent for Belmont Partners in Play.

Belmont Partners in Play is coordinating the fundraising campaign, with the total amount used exclusively for the new pool. Each donation is tax-deductible.

Checks can also be mailed to Ellen Schreiber, 49 Sandrick Road, Belmont, MA 02478.

If you have any questions, please contact Ellen at ellensch@verizon.net or 617-290-6216.

To donate online, please visit www.underwoodpool.com.

A New CVS Coming to … Watertown

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CVS Pharmacy, the Woonsocket, RI-based nationwide drug store chain, has announced it will be opening a new store they see serving the retail and pharmacy needs of a good portion of Belmont residents.

But the second largest US pharmacy concern will be locating its newest store across the border in Watertown, on Mt. Auburn Street, not in the Town of Homes.

The announcement made on the Watertown News website will please Belmont residents in the southeastern part of town (precincts 6 and 7) who have store located at the corner of Mt. Auburn and Arlington streets, across from the Tufts Health Plan offices. Watertown’s Arlington Street intersects with Belmont Street at Grove Street.

The new store will be 14,000 sq.-ft. with approximately 70 parking spaces, replacing a gas station, the city’s Elks Club and another commercial building.

How the new Watertown store will affect the long-standing rumor of CVS looking to move from its current cramped location at 60 Leonard St. – the store has a total of 8,000 sq.-ft. with a smaller retail footprint – to a larger outcrop in the former Macy’s site at 75 Leonard St. remains up in the air.

After serving Belmont for more than 70 years, first as a Filene’s and later Macy’s, the department store closed in January 2013. Somerville-based Locatelli Realty Trust owns the Macy’s site as well as a good portion of eastern Leonard Street.

A second Belmont CVS is located at 264 Trapelo Rd. between Cushing and Central squares.

Under CVS criteria for new stores, the company requires locations to be free-standing sites with the store being roughly 100 by 140 feet with approximately 13,000 square feet of retail and pharmacy space. It must also be in a high traffic location, have easy access from the street for customers and have between 75 to 85 parking spaces.

The second store in Watertown – the chain has a 24-hour store in Watertown Square – will have the draw of plenty of parking spaces and easy access, both which the Belmont Center store lacks. CVS has a second 24-hour store down Concord Avenue at Fresh Pond in Cambridge.

About Time: Belmont’s Craft Beer Cellar Named ‘Best of Boston’

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Each August, Boston magazine publishes its annual list of what’s “best” around Boston; the “best” new restaurant, sticky bun, bikini wax (?!) and what not.

There is a lot to quibble about the concept and how and who the magazine selects as the “best” – the magazine’s universe appears to be limited to a few miles emanating from its “axis mundi” at the border of Boston’s South End and Back Bay neighborhoods – the 2014 edition will be known for one selection Belmont residents have known since 2011: the Craft Beer Cellar is the “best” beer store in Boston.

“Much to the delight of local hopheads, this shop – opened in Belmont four years ago by Cambridge Common alums Suzanne Schalow and Kate Baker – is now spreading its sudsy gospel to new locations in Newton, Winchester, Braintree(,) and Westford,” says the magazine of the business that opened its doors on a cool November day at 51 Leonard St.

“In addition to offering tastings and classes, staffers take their inventory of ales and lagers quite seriously, regularly updating the varieties available at each store online (the newly open Newton Centre outpost alone carries more than 1,000 beers) and cataloging them by brewery, provenance(,) and style.”

And what Boston magazine acknowledges for eastern Massachusetts will soon be known around the US: the Cellar is opening stores in two new states – Maine (Portland) and New York (Warwick in Westchester county) – and is looking to Long Island and Los Angeles for possible locations.

Maybe we will see this headline in a few years: Best Beer Store in the US.