BUSINESS BRIEF: Eastern Bank Charitable Foundation Donates $22+ Million, An All-Time High, In 2020

Below is a press release from Eastern Bank, which has a location at 370 Main Street in Wilmington:

BOSTON, MA — Eastern Bank Charitable Foundation (EBCF), the philanthropic arm of Eastern Bank, recently announced its annual community support is expected to exceed $22 million, an all-time high, by the end of 2020. This includes an additional $3 million philanthropic investment to help address the impact of COVID-19 in the communities Eastern Bank serves. Added to the $8 million provided earlier this year, EBCF’s total for COVID-19 philanthropic relief for the year now stands at $11 million. EBCF’s 2020 philanthropy also includes continued grassroots community support in a range of areas led by nonprofit organizations in the communities where Eastern Bank operates, as well as further philanthropic support to address economic inclusion and mobility, particularly at the intersections of equity for businesses of color, early childhood development, safe and affordable housing, and workforce development, all areas experiencing growing need during the pandemic.

Providing COVID-19 Philanthropic Support

The most recent $3 million in funds will support organizations focused on housing stability, homelessness, food security, and essential services and utilities for low- and moderate-income individuals and families.

“Housing, homelessness and food insecurity have long been challenges in our local communities that are being made worse by the double impact of the pandemic and approaching winter season,” said Nancy Huntington Stager, President and CEO of Eastern Bank Charitable Foundation. “Thank you to the organizations and people bravely working on the front lines to support our neighbors in need providing vital assistance during these times. The need for corporate philanthropic support of our nonprofit partners is as great now as it was earlier this year, and we invite those who can to join us in giving their support.”

The $3 million in funds will support:

  • $1.5 million to organizations addressing housing and homelessness and preventing evictions and foreclosures, rental assistance, shelters, and other services as a result of housing insecurities compounded by the pandemic;
  • $1.0 million to multi-service organizations providing fundamental social services in the communities Eastern serves and working on the front lines to help individuals and families across Eastern’s market areas with rental assistance/eviction prevention, emergency housing and affordable housing, foreclosure prevention, and food security; and
  • $500,000 in emergency assistance to organizations providing support for food security and emergency assistance for fuel and utilities, helping to ensure food stability and the availability of heat, light and the internet during the winter.

During the early days and weeks of the pandemic, Eastern Bank Charitable Foundation began to lend its support as quickly as possible, and it has steadily increased throughout 2020 the amount of unsolicited grants to nonprofit organizations:

  • In March of this year, EBCF’s $3 million investment supported organizations providing relief in food security and access to community healthcare, and helping small businesses, with a focus on small businesses of color.
  • In May, EBCF announced an additional $5 million philanthropic investment to help address the impact of the pandemic on the most vulnerable populations with a focus on early childhood development; immigrants, refugees, and asylum-seekers; individuals and families who are homeless; victims of domestic violence; elders in our communities; and people with mental and cognitive health challenges.

In total, $11 million in COVID-19 relief grants has been provided to hundreds of local and regional organizations in Massachusetts, New Hampshire and Rhode Island in 2020.

Enabling Grassroots Impact Through Ongoing Community Donations

EBCF continues to provide ongoing community donations to support the varied needs of the communities it serves, as it has for decades. Total community donations are estimated to be over $5 million to over 1,800 nonprofit organizations this year.

In addition, in 2020, EBCF donated over $5 million to organizations and causes addressing issues of economic inclusion and mobility.

As a response to the enormous need caused by COVID-19 and the philanthropic giving that often happens this time of year, Eastern Bank customers are also encouraged to use Eastern Give For Good, a new charitable giving account that makes fee-free donations right from an Eastern Mobile and Online Banking account.

About Eastern Bank Charitable Foundation

Created in 1994, the Eastern Bank Charitable Foundation is the philanthropic arm of Boston-based Eastern Bank. Through philanthropy, employee volunteerism, advocacy and collaborations with other businesses and community partners, Eastern Bank Charitable Foundation responds to community needs and supports sustainable solutions to our communities’ most vexing challenges across eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. In 2020, Eastern Bank Charitable Foundation doubled its donations to provide an additional $11 million in support for individuals and families in our communities during the COVID-19 pandemic. The Foundation’s assets, funded solely by Eastern Bank, include shares of common stock of Eastern Bankshares, Inc. which were donated in connection with its 2020 initial public offering.

About Eastern Bank

Founded in 1818, Boston-based Eastern Bank has more than 110 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of September 30, 2020, Eastern Bank had approximately $15.5 billion in total assets. Eastern provides banking, investment and insurance products and services for consumers and businesses of all sizes, including through its Eastern Wealth Management division and its Eastern Insurance Group subsidiary. Eastern Bank takes pride in its outspoken advocacy and community support that has exceeded $140 million in charitable giving since 1999. An inclusive company, Eastern employs 1,800+ deeply committed professionals who value relationships with their customers, colleagues and communities. Join us for good at www.easternbank.com and follow Eastern on FacebookLinkedIn, Twitter and Instagram. Eastern Bankshares, Inc. (Nasdaq Global Select Market: EBC) is the stock holding company for Eastern Bank. For investor information, visit investor.easternbank.com.

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