BOSTON, May 5, 2020 /PRNewswire/ -- Eastern Bank Charitable Foundation (EBCF), the philanthropic arm of Eastern Bank, today announced an additional $5 million philanthropic investment to help address the impact of COVID-19 in the communities it serves. This is in addition to the $3 million in relief announced by the Foundation in March 2020, bringing the total COVID-19 philanthropic financial support in the community to $8 million. With this announcement, annual community support from EBCF is expected to reach $14 million, an all-time high, by the end of 2020.
The $5 million in funds will support organizations focused on the most vulnerable populations:
"On this #GivingTuesdayNow, we're doing what we can to inspire support, share our thanks, and stand with the most vulnerable populations in our communities," said Bob Rivers, Chair and CEO of Eastern Bank. "As we all go through this COVID-19 crisis together, Eastern is providing relief to where it's needed most locally and ensuring the people most impacted are not left behind. It takes a community of public and private partners working together to stave off the devastating and long-lasting impacts of this disease, and this philanthropic investment is intended to make a meaningful contribution to this effort."
Nancy Huntington Stager, President and CEO of Eastern Bank Charitable Foundation, added, "Evidence of the impact of this virus outbreak on our neighbors, families, and small businesses is everywhere. And, we also see the resiliency, sheer will, and hope of people across our region as they band together to help one another. The need for assistance continues to grow, and we will continue to do whatever we can to give back as well as encourage those who are able to do so to join us."
Early Childhood Development
Recognizing investments in high-quality, early childhood development programs are one of the most economically efficient ways to create greater upward mobility for adults and children, enriching early childhood development was a major focus of EBCF philanthropy and civic engagement in 2019 and continues in 2020. The COVID-19 crisis further stressed an already fragile early childhood development system of providers, professionals, families, and organizations. It is also clear that without significant relief and resources, the current state of the child care system will severely limit the ability of families and businesses to successfully recover from the economic impacts of the COVID-19 crisis.
EBCF is providing $2 million to organizations focused on:
The deployment of $3 million will support vulnerable populations in the following ways:
Grants will support organizations in Massachusetts, New Hampshire, and Rhode Island. Grant recipients will be pre-determined by EBCF so that funds are disbursed as quickly as possible. Additionally in March, EBCF's $3 million investment provided support to more than 150 local and regional nonprofit partners providing relief in food security and access to community healthcare as well as support to organizations helping small businesses, with a focus on small businesses of color.
In support of #GivingTuesdayNow, a global day of giving and unity on May 5, 2020 as a response to the enormous need caused by COVID-19, 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 (EBCF)
Created in 1994 through a contribution from Eastern Bank and funded annually by Eastern Bank, the Eastern Bank Charitable Foundation is the philanthropic arm of Boston-based Eastern Bank. Charitable giving remains central to Eastern's purpose to help people and our communities prosper, and EBCF has provided tens of millions of dollars to non-profit partners across the local region since its creation. Through philanthropy, employee volunteerism, advocacy, and collaborations with other businesses and community partners, EBCF responds to community needs and supports sustainable solutions to our society's most vexing challenges. Learn more at www.easternbank.com/foundation.
About Eastern Bank
Founded in 1818, Boston-based Eastern Bank is America's oldest and largest mutual bank, with over $11 billion in assets and more than 110 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. Eastern provides exceptional access to fairly priced banking, investment, and insurance products and services for consumers and businesses of all sizes. Eastern Bank, which includes Eastern Wealth Management and Eastern Insurance, is known for its outspoken advocacy and community support. An inclusive company, Eastern employs 1,900+ deeply committed professionals who value relationships with their customers, colleagues, and communities. Join us for good at www.easternbank.com and follow Eastern on Facebook, LinkedIn, Twitter, and Instagram.
SOURCE Eastern Bank