Page 18 - BusinessWest March 18, 2024

“Profitability
may be reduced, but we have not reduced our commitment to our communities.”
PETER ALBERO
always so exciting,” said Michael Rouette, the bank’s executive vice president and chief operating officer. “As a locally oper- ated bank, Monson Savings has a great desire to support the residents, businesses, and nonprofits of the communities that we work in and live in.”
President and CEO Dan Moriarty added that “these organizations are worthy nonprofits that supply important resources to our communities. It is clear why they were cho- sen by our community members to receive support from Mon- son Savings.”
More Than Money
But community banks and credit unions in Western Mass. aren’t just giving money; many also emphasize a culture of volunteerism, even providing time for their employees to get involved in the community.
For example, employees at UMassFive College Federal Credit Union raised more than $18,000 for two local nonprof- its last fall — $13,677 for the UMass Cancer Center via par- ticipation in the UMass Cancer Walk and Run, and $4,800 for the Food Bank of Western Massachusetts via participation in Will Bike 4 Food.
A supporter of the UMass Cancer Walk and Run for more than 20 years — during which time it has raised more than $186,600 for the cause — UMassFive employees join togeth- er annually as Team UMassFive to raise funds, both person- ally and in branch locations. In 2023, fundraising efforts included raffle baskets, bake sales, candy sales, and art and jewelry sales, and the credit union’s corporate partners also pitched in.
Will Bike 4 Food is a more recent priority at UMassFive, as employees have taken part since 2020, raising a total of $17,500 in just four years, which equates to providing 70,332 meals to neighbors in need.
“We are so proud of our employees for supporting local causes that they care about,” said Cait Murray, Community
Outreach manager at UMassFive. “Together, our team can make a more significant impact than if we all participate in events on our own. These organizations make such a big dif- ference in our communities, and we are thrilled to support those efforts.”
Country Bank reported that its team members volunteered 1,255 hours of community service in 2023, while 37 team members served on 65 nonprofit boards and committees.
“Oftentimes, we can supplement or replace a monetary donation with volunteers, whether it’s picking vegetables at
a local farm to be donated out, or helping nonprofits clean
up the facility, or doing outdoor work like volunteering with Habitat for Humanity,” McGovern said. “We’re still putting the bank’s dollars to work, but the hands of our employees are helping to sustain some of these nonprofits as well.”
Liberty Bank reported 13,721 employee volunteer hours, including nearly 170 hours at Connecticut Foodshare, the aforementioned recipient of the bank’s holiday gift in 2023. The bank also actively solicits nonprofits to share information on what types of volunteer help is needed — whether working on a project or serving on a board or committee — and aims to meet those requests.
At PeoplesBank, employee volunteerism is considered part of the bank’s culture, Bannister said — part of its DNA, in fact, and something made clear to job applicants.
“We report volunteer hours to the bank examiners, and we were third in the state last year in hours volunteered per employee. It’s something that’s expected, and it’s something that builds camaraderie,” he said.
do.And it’s something that community banks simply should
“We’re more engaged in the community, where national banks are not known for that as much,” Bannister told Busi- nessWest. “And we consider it a competitive advantage. When you’re choosing a bank, hopefully the bank’s values are some- thing you consider, and hopefully that volunteerism reflects well on the brand.” BW
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