Independent Banker - October 2020 - 50

even more nonprofit organizations.
Altogether, it was over a half a
million dollars that we were able to
fund nonprofits for emergency relief
during the pandemic. "
That additional round of grant
money was distributed in increments
of $20,000 to each of the bank's 10
markets. Lowther played the role of
the overseer, ensuring a variety of
organizations across each community
received funding.
" About 60% of grants were for food
banks, emergency housing [and]
building emergency shelters for the
homeless so they could practice social
distancing and wash their hands, "
Lowther says. " It was very eyeopening
and rewarding. I've been at
the bank for 40 years, and this was
one of the best projects I've ever been
involved in. "
Top: Tina Norton, Jeff Coslett and Wendy Davis of Union Bank stand outside a repurposed
development in which the community bank made an equity investment with the Lamoille
Housing Partnership and Housing Vermont (now Evernorth). Bottom: Michael Claflin,
executive director of affordable housing nonprofit AHEAD, with Union Bank's Erica Antonucci,
assistant vice president, commercial and residential loan officer; and John Malm, senior vice
president, commercial and municipal loan officer.
50 applications, " Lowther says.
" That just shows you the amount
of need that was out there during
this pandemic. "
Despite the overwhelming demand,
the community bank was able to
fund 137 organizations before the
pool of funds ran dry. But that didn't
stop the team. " This year is the
150th anniversary of the bank, so we
were going to have a big celebration
and do different activities in each
community, but the pandemic kind
of put things on hold, " Lowther
says. " So, the employees decided to
reallocate those funds and provide
an additional $200,000 to fund
" If the CRA was
not in place, we'd
be doing the same
activities. The only
difference is now we
document them. "
-Tricia Hogan, Union Bank
Union Bank redoubles its CRA efforts
Bankers realize the rewards that
come from serving the community.
Because, as $870 million-asset
Union Bank in Morrisville, Vt.,
learned, CRA ratings can come and
go. After receiving a " Satisfactory "
rating in its previous review, the
bank doubled down on its efforts to
capture an " Outstanding " in 2020.
(Coincidentally, this was the first
virtual CRA evaluation completed
during COVID-19 in the Northeast.)
" [In the exam prior to the most
recent exam], we had a 'Satisfactory'
for the first time, and part of that was
that we had entered new geographies
and hadn't had enough time to really
gain traction in some of those new
geographies, " says David Silverman,
Union Bank's president and CEO.
" But we've always taken great pride
in being 'Outstanding,' and maybe
getting dropped to 'Satisfactory' was
a challenge that refocused [us]. We
redoubled our efforts. "
In 2019, the community
bank invested $1.1 million in
the Jeudevine Limited Housing
Partnership to fund the rehabilitation
of 18 affordable multifamily housing
50 Q ICBA Independent Banker Q October 2020

Independent Banker - October 2020

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