Guilford Savings Bank Pledges $275,000 to Area Non-Profits
Apr 06, 2017 | Donations, Foundation, Community
As a community bank, GSB is committed to giving back to the community. In celebration of Community Bank Month this April, Guilford Savings Bank is announcing substantial support of 501(c)(3) non-profit organizations representing arts and cultural events and those that perform vital humanitarian services in our area.
This year, the Bank approved grants totaling $275,000 to over 200 non-profit organizations. This includes contributions to a GSB Fund at each of four Community Foundations in Guilford, Madison, Branford and Middlesex County. The GSB Fund supports education, the needs of low to moderate income residents, and the ongoing operations of the Foundations which is vital to ensuring the breadth and depth of their positive impact on our communities. The Bank also provides scholarships to eight high school seniors planning to attend college. Middlesex County received approximately 40% of the dollars, with New Haven County receiving 60%.
“Our philosophy is to try to give to as many non-profits as possible – meaning that the size of each grant varies but more organizations benefit,” explained Timothy Geelan, President and CEO. “For example, we supported causes throughout our footprint that maximize our Community Reinvestment Act (CRA) contributions that reach underserved populations through organizations such as Women & Family Life, LEAP, Raise the Roof/Habitat for Humanity and New Reach. We also collaborated with a variety of arts and cultural non-profits, and supported many Food Pantries with our ‘Green for Greens’ program that supplements the purchase of fresh produce in the winter months.”
In addition to providing non-profits with financial support, GSB has a corporate culture of volunteerism. Last year employees gave over 12,000 hours of personal time to organizations such as Habitat for Humanity, Walk-a-Thons and Spin-a-Thons that raise additional funds, and civic events. The Bank also provides an Employee Match Donation Program, making it possible for employees to increase the impact of their personal charitable gifts. According to Mr. Geelan, “If our communities thrive, we thrive. It’s the principle of mutual benefit that drives our values and makes these charitable gifts possible.”