Photo: The members of the Belmont Public Library building committee, the Belmont Savings Bank Foundation and the Belmont Select Board during the presentation of a $2 million donation
As the first steel beams are reaching skyward at the building sites of the Belmont Public Library and Community Skating Rink, each were recipients of two of the largest dollar donations in the town’s history.
At its Monday night meeting, Nov. 4, the Belmont Select Board accepted checks from the non-profit Belmont Savings Bank Foundation for $1 million directed towards the construction of the community skating rink and recreation center, and $2 million for the building of the new town library. The $3 million in total grants is the largest philanthropic contributions ever given to the town, as well as the largest grants provided by the foundation.
“I want to … extend our deepest thanks to the Belmont Savings Bank Foundation,” said Select Board Chair Elizabeth Dionne as she and the other board members stood with the building committees of each project and the foundation’s leadership for celebratory photographs. Dionne identified the four members of the foundation’s board – Robert J. Morrissey, Patricia Brusch, Hal R. Tovin, and S. Warren Farrell – “for their dedication to Belmont, and the projects and organizations that so significantly improved our community.”
Speaking for the library building committee, Kathy Keohane noted the foundation is sponsoring two prominent spaces in the new building: the Commons which will serve as the building’s “hub” located at the center of the facility, and the events space which will be named the Robert J. Morrissey Hall, dedicated to the former Chair of the Belmont Savings Bank.
For the past 13 years, the BSBF has contributed $4 million in philanthropic giving solely focused on donations to Belmont organizations and projects. Some include the new Underwood Pool, the Veteran’s Memorial at Clay Pit Pond, the renovated Belmont Police Station, the construction of numerous playgrounds while supporting the Foundation for Belmont Education, Belmont Boosters, and the Belmont Farmers Market’s SNAP program and numerous additional groups and projects.
“These unprecedented donations for Belmont’s library and rink honor the history of the bank and serve as a lasting legacy of the Belmont Savings Bank Foundation’s commitment to the town of Belmont and its residents,” according to a BSBF press release.
The foundation was created when Belmont Savings Bank, founded in 1885 as a mutual savings bank, went public in 2011, raising $2 million in seed funding. When the bank was acquired in 2019 by People’s United Bank, the foundation remained independent, which is unusual in the aftermath of a bank merger.
