Banker & Tradesman file photo
Eastern Bank’s philanthropic foundation has changed its name and increased its commitment to economic inclusion initiatives as part of an expansion of the foundation’s work.
The Eastern Bank Charitable Foundation has been renamed the Eastern Bank Foundation. The bank said in a statement this week that removing the word “charitable” reflects a growing movement in the philanthropy sector to partner with communities, as well as a recognition that the foundation’s work is not charity but an “investment in systems change for and with our communities.”
“We believe the way to achieve sustainable change is through listening and responding to the lived experiences of people in our communities, trusting their priorities, and partnering on innovative ways to dismantle centuries-old social and economic hierarchies that produce and reinforce inequities,” Nancy Huntington Stager, president and CEO of the Eastern Bank Foundation, said in the statement.
The foundation said it would commit a significant portion of its giving to sustaining and advancing the work of organizations focused on economic inclusion and mobility. The foundation said it has identified areas where philanthropy, volunteerism and advocacy could have the greatest impact. These areas include equity in the small business ecosystem, early childhood development, safe and affordable housing, workforce development, and innovations in economic inclusion and mobility.
“We are more committed than ever to economic inclusion and mobility, as a set of strategies that we know are far too under-resourced in our region, and vital to our purpose to help people prosper,” Stager said. “Our communities, particularly our Gateway Cities, are facing enormous challenges: the racial wealth gap is widening, economic opportunity is declining, and economic mobility – which has historically been fleeting for communities of color – is stalled. Housing and career opportunities are limited especially for people of color, women, members of the LGBTQ+ community, veterans and people who are disabled.”
The move came the same week Boston-based, $12.8 billion-asset Berkshire Bank announced that, as part of a strategic shift meant to boost its performance versus rivals like Eastern, it would seek to become the leading socially responsible community bank in its footprint.
Initiatives related to economic inclusion that Eastern Bank and the foundation have undertaken in the past include the 2017 creation of the Foundation for Business Equity, a $5 million commitment over five years to the New Commonwealth Racial Equity and Social Justice Fund, and the launch, in partnership with the Massachusetts Business Roundtable, of the Massachusetts Business Coalition for Early Childhood Education.
The foundation also said it would continue its longstanding program providing donations to community organizations within the bank’s Massachusetts, New Hampshire and Rhode Island footprint.
The Eastern Bank Foundation will also donate another $2 million toward COVID-19 relief, bringing its total contributions supporting organizations responding to the pandemic to $15 million.
“As widely reported, the COVID-19 vaccine rollout across our region has exacerbated significant disparities in communities of color, with many Gateway Cities being most impacted by the virus,” Stager said. “We are working with community organizations, community health centers, foundations, companies and others to learn where the gaps persist, and how we can help efforts to move quickly to address them.”
