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Date: 2/21/2023
HOLYOKE — PeoplesBank continues to stress the importance of giving back to the community as for the second year in a row the bank has set a new annual record for donations to civic and charitable causes totaling $2.3 million in donations in 2022, $1 million more than the prior year’s record.
Since 2011 the bank has donated well over $13 million to area causes and pride themselves on their corporate responsibility line of thinking.
“Supporting the community is essentially what we were set up to do,” President and CEO of PeoplesBank Tom Senecal said in a release of the announcement. “We are a mutual bank, chartered to serve our customers and the communities they live in. As a mutual bank, we do not have stockholders who would divert profits. Therefore, we are able to significantly support nonprofits and other community causes.”
Senecal added that as a large regional employer whose values include community service, PeoplesBank is able to increase its support to the community and social service organizations through volunteerism.
“We have a lot of talent in our organization and because of that we have a significant presence on area nonprofit boards of directors,” Senecal added. “We also look for opportunities to roll up our sleeves and serve, and we spend thousands of hours each year doing that.”
Senior Vice President of Marketing and Corporate Responsibility at PeoplesBank Matthew Bannister spoke with Reminder Publishing to reflect on the bank’s accomplishment and their commitment to helping the community. He noted the bank’s history and how this part of their identity came to be.
Bannister said he thinks this has always been a part of the bank’s history but nowadays being a community bank — what was once so common — is something they continue to pride themselves on as things change.
“We’re a mutual bank and those banks have been disappearing over the years by mergers and acquisitions of larger banks,” Bannister said. “I guess it wasn’t so unique when we started but it is more unique now because there are so many fewer community banks.”
Bannister added because of this change in the landscape, nonprofits have less options for assistance for funding. With this change, Bannister says the expectation of places like PeoplesBank goes up to make up for the absence of funding assistance.
“Ultimately I think its part of our DNA and we’re still doing it now because we’re one of the few mutual banks left in the area,” Bannister said.
Bannister said through the company’s Strategic Plan they are able to identify their yearly profits and found a structure to take a percentage of yearly profits and donate it back to the community. Depending on how the bank does each year and if earning increase, they have decided to add when they can each year to the donation fund available. This is how the bank was able to set this record for a second straight year.
With the addition of the coronavirus pandemic, more funding was focused on causes related to that and less available for nonprofits over the last couple years. With the growth for organizations needing assistance, this was even more of a reason for the bank to look to expand on their donations as another year has passed, according to Bannister.
The record setting $2.3 million for PeoplesBank is spread out through many grants varying in range from $1,000 up to $15,000-$20,000 according to Bannister. These funds go toward a multitude of different things for nonprofits and provide small to moderate aide how the nonprofit sees fit.
In cases for larger projects, the bank uses bigger donations to go along with overall larger projects such as the construction of a new building wing or an office, but almost always the giving in these yearly donation totals is on the other spectrum of cost, according to Bannister. He noted of the $2.3 million given out in 2022, it went to 475 different charities or nonprofits — an average of about $5,000 per grant.
“Our philosophy is to give a little to a lot of groups rather than giving a lot to very few groups,” Bannister said. “If you give any group $50,000 toward a $2 million project, that’s a drop in the bucket. But with a nonprofit that has one employee and four volunteers, when you give them $5,000 that makes a huge, huge difference…We don’t care if they go toward operating expenses or direct services to patients or you’re buying meals to feed the hungry. Our philosophy is the nonprofit knows what it needs and what it needs the most.”
Different organizations across Holyoke have seen the generosity on behalf of PeoplesBank including Girls Inc. of the Valley, Square One and Revitalize CDC.
Girls Inc. of the Valley was recently on the receiving end of a $2.275 million financing package done through MassDevelopment and PeoplesBank to help the construction of a new headquarters and program center for the nonprofit. The money from PeoplesBank in this financing project was separately related to the $2.3 million record set this year but is an example of other work the bank does with nonprofits in the area.
“Over 15 years I can’t think of a way that PeoplesBank has not been there for us,” said Executive Director of Girls Inc. Suzanne Parker. Girls Inc. serves girls 5-18 through critical after-school and summer programs that looks to have a positive and lasting impact on the growth of the children.
Square One provides a range of family-friendly education and support services that are unique to each child and every family served. They focus on providing opportunities for children and families to build the foundation for lifelong learning, to make smart choices and to grow strong cognitively, emotionally, socially and physically.
Square One Vice President of Development and Communications Kris Allard said he cannot point to anything Square One does that doesn’t have PoeplesBank’s stamp on it.
Revitalize CDC President and CEO Colleen Loveless underscored the bank’s volunteerism and impact.
“PeoplesBank has been a tremendous sponsor over the course of these many years. They are the first to get a wheel barrel, and get paint brushes,” Loveless said.
Revitalize CDC performs critical repairs, modifications and rehabilitation on the homes and nonprofit facilities of low-income families with children, the elderly, military veterans and people with special needs.
Reflecting on another record-setting year, Bannister said it is great for all involved with the bank to be able to be a foundational partner in the community and being able to assist those who need it. More information on PeoplesBank Corporate Responsibility and how to apply for a donation can be found at bankatpeoples.com/support.