In 1858, Eliphalet Greely willed $27,500 to the town of Cumberland for the establishment of what would become Greely Institute and, much later, Greely High School.
Greely amassed a significant fortune over his life, having served as the president of Casco National Bank for 33 years and Portland’s mayor for five years. Although he had no children of his own, Greely wanted the children of his hometown, from age 12 to 21, to have free access to education.