Charity Begins At Your Bank

Kristen Paulson
Newton Magazine

October 2007

Newton benefits from diverse investments

We invest banks with our trust. What we may not realize is that local banks play a constructive, often major role in supporting local activities. One of the most active banks in community activities in Newton Village Bank, whose commitment is "to help enhance the quality of life in the villages it serves." Another, Watertown Savings Bank, contributed $500,000 to an arts center this year; a third, Wainwright Bank, notes that it has supported non-profits over 20 years to the tune of $600 million. Here is an overview of the approaches and philosophies of various local and area institutions that drive their charitable giving programs.

Wainwright Bank

IT IS GOOD BUSINESS. EVERYONE WINS," said Steven F Young, Senior Vice President, referring to the fact that none of he non-profits has ever defaulted on a loan throughout the bank's history. According toYoung,Wainwright Bank over the years has committed more than $600 million to non-profits for such purposes as community development loans, homeless shelters and breast cancer research. Their portfolios for such organizations represent more than 50 percent of the bank's portfolio. The bank executive also noted that Wainwright dedicated 2.5 percent of its pre-tax income annually to non-profit causes, reflecting the institution's philosophy that focuses on issues of social justice such as contributing to causes including civil liberties, health, homeless and gay rights.

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