Independent Banker - May 2020 - 67

mission became a way to provide people in the area with a
way to buy homes. The same principles of service, excellence
and trust continue to be at the core of what we do here. "
To organize the process of donating many thousands of
dollars each year, a committee of StonehamBank employees
receives funding requests, researches new organizations
and underserved groups, and then makes donations. The
community bank has an informal mission to serve three
categories of need: seniors, such as local care facilities and
groups dedicated to thwarting elder fi nancial abuse; children,
such as schools, spelling bees and reading programs;
and fi nancial literacy, because there's a considerable demand.
Doherty wagers one in two customers don't know
what it takes to save for retirement.
There's also a framework of focus areas to further guide
StonehamBank's charitable giving. These areas include affordable
housing, community service, economic development,
fi nancial stabilization and underserved groups. Of
these, the bank prioritizes organizations that are either local
or have some sort of connection to its 18-city community
in the greater Boston metro. " We really tried to put some
structure to the [charitable giving] program, " Doherty says.
But local needs change, he says, and so StonehamBank's
approach does, too. For example, when the Spartans football
team at Stoneham High School won its fi rst state title, the
Division 6 Super Bowl game in December 2018, the community
bank presented players with their own Super Bowl rings.
Attracting the next generations
StonehamBank's eff orts have touched hundreds of organizations
over the years. In fact, when it marked its 130th
anniversary in 2017, charitable giving was at the core of the
celebration. The community bank gave $130 each to 130
local civic and charitable organizations, from
food pantries to scholarship funds, during a
period of 130 days.
Even with-or because of-StonehamBank's
consistent giving over the years, it receives up
to 30 requests for donations each month, says
Doherty. With so much need, it has to turn
down some requests. However, its goal is to
do the most good. " We know that to really
make a bigger impact for the organizations
that we've been [supporting] for years, we
have to say no [to some], " Doherty says.
" [Community] banks are so vital in the areas
they serve, and it's very diffi cult to say no. "
StonehamBank's focus on giving has become
an integral piece of its internal culture.
Doherty says employees donated roughly
" Not only do we encourage
[volunteering], we also
reward employees. "
-Edward Doherty Jr., StonehamBank
1,900 hours of their time in 2019-much of it on bank time-
to senior centers, schools and other charitable partners of
their choice. In fact, StonehamBank has a program in place
that pays employees bonuses when they spend several hours
volunteering. " Not only do we encourage [volunteering], we
also reward employees, " Doherty adds.
A culture of caring has attracted young people who want
to work at a socially conscious business that off ers them not
just a job, but also a way to help others. " [Young people]
want to be able to align themselves with an organization
that cares, " Doherty says. " Where we've been successful,
and where we've gotten feedback, is that when they look
at our website, they see that the way we conduct ourselves
aligns with what they think they'd like to [see in] a future
employer. It's a recruiting tool. It's a retention tool. "
While StonehamBank doesn't do much shouting about its
charitable eff orts, Doherty says the community bank's reputation
precedes it among customers and community groups.
" We don't market around it, because people recognize
what we do, " he says. " We've been doing this for 130 years,
and if you think for a second that we have plans to stop doing
this for another 130 years, you're crazy. "
Eric Best is deputy editor of Independent Banker.
StonehamBank recently
donated 3,000 bottles
of hand sanitizer to
Malden Public Schools.
independentbanker.org Q 67
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