Page 23 - BusinessWest January 6, 2025

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More Than Writing Checks
Local Banks, Credit Unions Emphasize Corporate Responsibility
BY JOSEPH BEDNAR
[email protected]
Acommunity bank should be about, well, the community.
That’s the prevailing thought, anyway, among bank and credit- union leaders throughout the Western Mass. region when it comes to philanthropy, volunteerism, and other activi- ties under the broad umbrella of corporate responsibility.
“It’s identifying the needs of the communi- ties we serve. We’re very consistent with that mission,” said Matt Garrity, president and CEO of Florence Savings Bank, who was quick to name several areas of focus for the institution’s giving-back strategy, including affordable housing, food insecurity, financial literacy, education, substance abuse, health and human services, and community rede- velopment. “These are issues that impact the lives of people in the communities we serve.”
To that end, Florence funded close to 400 requests in 2024, and it’s far from alone in meet- ing those needs.
“For mutual banks and community banks here in Western Massachusetts, giving back to the community really is a core value,” Garrity said. “And it’s local — the overwhelming major- ity of the giving we do is centered on support- ing communities in Hampshire, Hampden, and Franklin counties.”
UMassFive College Federal Credit Union focuses on the word ‘wellness’ a lot, said Craig Boivin, vice president of Marketing.
“That can mean different things. Obviously, financial wellness is the biggest thing. We’re a credit union, so we’re making sure we educate people on financial matters, with webinars and workshops on budgeting, understanding credit, and paying down debt. But another bucket of wellness has to do with basic necessities.”
That’s why UMassFive works with local survival centers, helping them meet needs
and spreading the word to others, like through an annual coat and winter clothing drive that brought critical supplies to Amherst Survival Center, the Gray House in Springfield, and Net of Compassion in Worcester.
In fact, UMassFive partners with a host of area nonprofits on various giving and volunteer- ing initiatives, including Community Involved
in Sustaining Agriculture, the Food Bank of Western Massachusetts (through participation in Will Bike 4 Food), and health-focused organiza- tions like the UMass Cancer Center (through the UMass Cancer Walk).
Dan Moriarty, president and CEO of Monson Savings Bank, says his institution is dedicated to enriching lives in the cities and towns where it does business, and surrounding communities as well, helping organizations that serve a host of constituencies, from senior citizens to veterans to people in need of health services and basic needs.
“Obviously, a bank can’t solve all the area’s problems, but when we do things along with other good corporate citizens, we feel we make a difference in people’s lives,” he noted, noting that the bank has adopted “when we all give back,
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