Page 16 - BusinessWest March 18, 2024

Freedom Credit Union President Glenn Welch (right) presents a check to John Beaulieu, president of the Westover Galaxy Community Council, one of the recipients of Freedom’s Month of Giving campaign.
So, outside of a few big splashes — like a major donation to help the Food Bank of Western Massachusetts build its new headquarters — spreading the wealth around is a guideline the bank tends to stick with.
“The overall philosophy for our funding is we want to level the playing field — give opportunities to those who are disadvantaged and need more help,” Bannister added. “We have funding areas — food insecurity, housing, economic development, etc. — and the overarch- ing principle of all these funding areas is to level the playing field.”
Many area institutions share their donation figures each year; Pittsfield Cooperative Bank donates nearly $200,000 — a striking number, considering it boasts around $385 million in total assets — through its charitable contributions to regional scholarships, youth mentorship programs, and nonprofit, economic-development, and health and human-service organizations.
Meanwhile, the Liberty Bank Foundation granted $1,453,742 to local nonprofits in 2023, including $10,000 as an annual ‘holiday gift’ from the bank, with the recipient chosen by bank customers. And Greenfield Savings Bank (GSB) gave more than $1 million in 2023 to more than 300 organizations.
Peter Albero, GSB’s chief financial officer and treasurer, noted that, while profits have been challenged over the past couple years by rising interest rates, the bank has not cut back on its financial sup- port in the community, or its level of employee volunteerism.
“Profitability may be reduced, but we have not reduced our com- mitment to our communities. I think we are a pillar of Greenfield and the broader community,” Albero said. “So we continue to reinvest in the community, and everyone benefits from that.”
A.J. Bresciano, first vice president and commercial loan officer at GSB, agreed.
“Even in a higher-interest-rate environment, we’re taking measures to ensure our impact in the community is not being impacted and not deteriorating. So many local organizations throughout the Pioneer Valley rely on contributions of time, talent, and treasure. We make supporting those organizations a priority at Greenfield Savings Bank, and we want our team members to invest going forward.”
“We give a little to a lot of groups. We don’t tend to do large capital campaigns. One big ‘yes’ often means a lot of little ‘no’s.’ So many nonprofits out there are doing good work, so it feels wrong to say ‘no’ to people.”
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