Independent Banker - April 2023 - 66

CONNECTIONS TRAILBLAZER
" [The Boys & Girls Club's]
mission is for youth to have
productive futures, and we
know financial literacy is very
important to that. "
-MARGARET REYNOLDS, WAKEMAN BOYS & GIRLS CLUB
" At the end of the day, however,
the fundamentals are the same, "
Weidner notes. " What we're trying
to achieve remains the same. We're
trying to make sure our young people
make financially sound decisions
for themselves and their families in
the future. "
" [The Boys & Girls Club's] mission
is for youth to have productive
futures, and we know financial
literacy is very important to that, "
Reynolds says.
These kinds of initiatives are
especially critical, as financial
literacy isn't always taught in school,
adds Weidner.
" It's one of those things where, as
a bank and financial institution, we
can really make an impact, " she says.
For example, high school juniors and
seniors can learn more about college
loan terms and also get help at a
finance lab when making important
life decisions.
Community improvement
When Webster Bank merged with
Sterling Bancorp in early 2022, the
community bank created the Webster
Bank Charitable Foundation, says
Weidner. Webster Bank allocates
stock to the foundation and then sells
that stock to provide funds. In 2022,
the foundation funded $4.5 million
worth of grants, and Weidner says
it expects to fund up to $5 million
in 2023, including more finance
labs throughout the communities
the bank serves. Each finance lab
recipient has received a $100,000
grant from the foundation.
To develop its community
investment strategy, Webster Bank
met with and gathered input from
more than 100 nonprofit leaders in its
local communities. The community
bank was able to determine areas
of critical need and how it can
make the most impact as a financial
institution-and that consultation
bolstered the financial labs.
" We don't operate in a vacuum,
and our operation is not a silo, "
says Weidner. " Giving money is one
thing, and it's important, but what
can you layer onto it to truly make
a difference? "
The community bank is providing
the nonprofit with more than just
monetary support. " We're handing the
Wakeman Boys & Girls Club a check,
but at the end of the day, we're saying,
'We'll be there with you,' " Weidner
says. " We'll bring our colleagues
there, we'll do mentorships, we'll do
66 // ICBA Independent Banker // April 2023
job shadows ... Our colleagues want
to make an impact on these kids' lives
and be more tangible in the process. "
The extras beyond funding will
make a critical difference with the
youth the Wakeman Boys & Girls
Club and other organizations serve,
adds Reynolds, especially with
today's circumstances.
" Teens have probably been hit
hardest as a result of the pandemic, "
she says, " so the timing is very
important and will make a big
difference, being able to get them into
the clubhouse and provide service
that helps them in moving forward
with their lives. " 
Jen A. Miller is a writer in New Jersey.
QUICK STAT
$5M
The predicted amount of grants
that the Webster Bank Charitable
Foundation will fund in 2023
Independent Banker - April 2023

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