The Yerwood Center in Stamford welcomed back its first group of children Monday after being closed for months due to financial problems.

The Yerwood Center board says it's happy to be back in business. It says the reopening is bittersweet because although the Yerwood Center sign still stands on the building, the name no longer remains on the property's lease.

The Boys and Girls Club took over the center as a result of an agreement that was hashed out a few months ago.

The deal was the quickest way to reopen the center, which the board says the community needs.

Center officials say more than 300 children have signed up for the Boys and Girls Club.

Employees and the board of directors say they are proud to have the opportunity to serve the children and community once more.

The Boys and Girls Club will be responsible for the cost of keeping the building open. It hopes to defray some of the cost by renting rooms out to community groups for meetings, programs or other needs.