Page 22 - BusinessWest July 7, 2021

BANKS IN WESTERN MASS.
RANKED BY ASSETS (LATEST INFORMATION AVAILABLE)
1
3
5
7
9
CITIZENS BANK NA
www.citizensbank.com
SANTANDER BANK
www.santander.com
WEBSTER BANK
www.websterbank.com
COMMUNITY BANK NA
www.communitybankna.com
INSTITUTION
ASSETS
DEPOSITS
NET INCOME
NET LOANS
PRESIDENT/CEO
BANK OF AMERICA NA
www.bankofamerica.com
TD BANK NA
www.tdbank.com
KEYBANK NA
www.key.com
PEOPLE’S UNITED BANK
www.peoples.com
BERKSHIRE BANK
www.berkshirebank.com
NBT BANK, NA
www.nbtbank.com
ReevX
Continued from page 17
with how to display a product properly, market the product, and drive foot traf- fic to a physical location, in this case
a pop-up retail shop at the ReevX site, Molina-Brantley explained. “They can actually open a storefront in downtown Springfield to see if the concept works.”
That process runs for three weeks every other month, and the center also offers space for artists to use as a pop-up gallery; Art for the Soul Gallery is currently taking advantage of that opportunity.
“Berkshire Bank is really commit- ted to community and trying to give back the best they can,” he added. “The Reevx Labs program is one way we can do that with a targeted audience.”
Jim Hickson, the bank’s regional president, noted that, by being strategi- cally situated adjacent to VVM, whose mission is to help entrepreneurs turn their ideas into thriving, scalable busi- nesses, ReevX Labs is part of an evolv-
2
4
6
8
10
305,690,950
120,138,756
44,971,909
10,184,939
7,917,688
ing ecosystem that supports entre- preneurship as an economic driver through strategic partnerships, finan- cial resources, and education.
“We are thrilled to open ReevX Labs in Springfield as we emerge from this pandemic to provide small businesses and entrepreneurs with the tools and resources they need to succeed during this challenging time,” Hickson said
in announcing the center’s opening
on June 9. “We look forward to col- laborating with our nonprofit partners in working with members of the Pio- neer Valley community to help them build businesses, generate wealth, and prosper.”
Besides establishing these spaces where entrepreneurs and nonprof-
its can connect with their peers and access Berkshire Bank’s financial ser- vices, ReevX Labs also maintains a website, reevxlabs.com, where non- profit organizations, small businesses, and entrepreneurs can access a variety of resources to improve their financial
138,176
214,598
136,724
-17,280
9,476
159,417,603
104,759,559
43,969,401
9,319,642
7,153,858
Greg Braca
Chris Gorman
John Barnes
Sean Gray (interim)
John Watt Jr.
$2,031,940,000
355,767,822
135,416,597
35,663
128,672,895
Bruce Van Saun
176,632,580
154,993,507
61,672,769
-78,766
54,512,563
Scott Powell
87,569,232
60,206,875
24,931,944
45,607
20,581,461
John Ciulla
31,658,041
13,204,374
9,576,029
32,894
6,813,713
Mark Tryniski
11,614,035
9,881,107
$1,670,332,000
$3,498,000
1,029,545,000
Brian Moynihan
well-being.
“ReevX is a collaborative space that’s
been designed to help those who have been disproportionately underserved financially,” Molina-Brantley said, referring to not just the co-working and entrepreneurship aspects, but
the financial-literacy and financial- wellness education that goes on both in person and online. “We’re trying to help underbanked and unbanked communities, with financial literacy for individuals and technological assistance for small businesses and entrepreneurs.”
In fact, all ReevX Labs members can work with a Berkshire Bank relation- ship manager who will focus on their specific needs, and a bank employee
is posted in the space to offer financial counseling. There are tablets available for people to conduct online banking, and the bank also plans to issue micro- loans of up to $20,000 to entrepreneurs of color.
All these services are free, and ReevX
Labs also offers an event space in back that community groups can use.
“I’m really excited about this proj- ect, to see it cultivated from an idea all the way to fruition,” Molina-Brantley told BusinessWest. “I want to see if it works. And I do feel like there’s a need. I’ve talked to entrepreneurs and busi- ness owners who really feel passionate about this space.”
Again, it comes back to that idea of connecting ecosystems to enhance the overall economic vitality of the city and the region, he added.
I think it will be great for the city. It’s going to be a welcoming environ- ment, not just for entrepreneurs, but for small businesses and consumers. I’m working in a place that helps the average person with financial literacy and access to capital, so I’m excited about it.” u
—Joseph Bednar
22 JULY 7, 2021
BANKING & FINANCE
BusinessWest