In November of 2000, more than 600 representatives from nonprofit developers, social-service providers, banks, and municipalities attended the Federal Home Loan Bank of Boston's New England Community Development Conference in Worcester, Massachusetts. While attendees had diverse backgrounds and areas of expertise, they shared a common purpose: to join with their peers and learn the latest on how to build strong communities.

Larry McGoldrick, president and chief executive officer of Castle Bank and Trust Company in Meriden, Connecticut, was among them. His institution, a small commercial bank that opened its doors less than two years ago, became a member of the Bank last year.

In its heyday, Meriden was home to numerous manufacturing plants and factories. Now, the city owns many neglected and abandoned properties ripe for transformation into vibrant commercial or residential hubs. Castle Bank recently underwrote a $1.5 million loan to help a local business expand and build a new manufacturing plant. The project ultimately kept about 40 jobs in Meriden, and inspired Mr. McGoldrick to explore how his institution could otherwise spur economic development.

"We're new, and we're feeling our way along. I attended the conference to learn what the Bank is all about and how Castle Bank can bring the Bank's resources to our community," he says.

Mr. McGoldrick traveled to Worcester with a cadre of local experts, including representatives from the Meriden Economic Development Corporation, the Meriden Housing Authority, the Community Action Agency of Meriden, the city council's economic development committee, and the local chamber of commerce.

"I think it's important for groups to work together rather than working in their own little worlds — and possibly overlooking ideas or duplicating efforts," he explains.

Mr. McGoldrick and his companions each attended one of the conference's six workshops, the topics of which ranged from building and preserving affordable housing to arts and historic preservation as generators of economic development. The following week, the group and Federal Home Loan Bank of Boston staff held a follow-up meeting at Castle Bank to share what they had learned.

The group had met a host of professionals who have built affordable housing, revitalized downtowns, and found creative ways to transform neglected buildings into a combination of shops and apartments. Many of them had brought along examples of mixed-use and residential projects they had financed with low-cost loans and grants from the Bank.

"As a commercial bank, we have been concentrating on business-related, economic-development projects," says Mr. McGoldrick.

That could soon change, however, as the result of the conference. Since attending, Castle Bank has talked to local developers about possible affordable-housing projects, and will likely apply for both an Affordable Housing Program grant and an advance from the Bank to help finance any initiatives that move forward.

Though he heads a new institution, McGoldrick grew up in Meriden and can remember a time when many businesses and nine local banks thrived in the city. Thanks to these roots, he feels his bank is in a unique position to help the city reach its potential. "A key part of our mission is to focus our resources on the economic development of our community. We feel strongly that our partnership with the Bank will help us achieve that goal."

This article originally appeared in the Bank's Tools for Housing and Community Economic Development newsletter (issue 16, Winter 2001).