Fall River’s BankFive has established a charitable foundation, setting aside $100,000 to support local nonprofits.

Launching the foundation was the first executive order by new President and CEO Bill Eccles. The foundation will help fund nonprofits and continue to serve the citizens of the SouthCoast community. The new organization will operate as a partnership with the Community Foundation of Southeastern Massachusetts, according to a statement.

"Since starting my 40-year career at BankFive, I have been proud of the bank’s commitment to the community," said Eccles. "I wanted my first act as president and CEO to expand that commitment, and this foundation will serve as a vehicle for BankFive and its employees to support community services for many years to come."

Eccles also said BankFive chose to partner with the Community Foundation of Southeastern Massachusetts because of its strong history of recognizing organizations that serve the greatest need and being able to directly aid those groups.