As the new year began, Presidential Bank CEO Bruce Cleveland announced a dollar-for-dollar challenge grant of $20,000 to the Waterford Foundation in support of the restored Waterford Old School.

The bank will match all donations made before March 31 and the Waterford Foundation is looking for more donors.

Six years ago, a fire severely damaged the historic Waterford Old School, which had been an important part of the region's history for 100 years. The careful restoration of the damaged 1910 classroom portion of the Old School was completed in 2009, but insurance proceeds were not sufficient to rebuild the school's auditorium with 21st century safety, accessibility and needed improvements. By July 2011, the foundation had raised 80 percent of projected auditorium reconstruction costs and forged ahead to rebuild the gathering place. The auditorium reopened last spring as a home to community, cultural, social and educational programs.

The Waterford Foundation is accepting donations online, by phone and by mail to the Presidential Bank Challenge Grant.

All donations to the Presidential Bank Challenge will directly reduce the debt on the reconstruction of the historic Old School in the Waterford National Historic Landmark District.