Webster Bank Expands Financial Empowerment with $100K Grants
Webster Bank recently announced the expansion of its Finance Lab collaborations through the awarding of three $100,000 grants. Among the recipients is the Boys & Girls Clubs of Providence, a move aimed at strengthening financial literacy and economic empowerment in low- to moderate-income communities.
Empowering Communities Through Financial Literacy
Stamford, Conn. – Webster Bank has taken a significant step in its mission to provide financial education by partnering with key community organizations. Grants of $100,000 have been awarded to the Boys & Girls Clubs of Providence, Boys & Girls Clubs of Dorchester, Massachusetts, and SCO Family of Services on Long Island, New York. These grants are part of a broader Community Investment Strategy that aims to equip youths with essential financial skills for future success.
The Impact of Webster's Finance Labs
Launched in June 2022, Webster's Finance Labs initiative has so far invested $1.7 million in collaboration with nine nonprofits across several states. The initiative is designed to deliver programs that empower students by enhancing their understanding of financial concepts and practices. As part of this effort, Webster Bank is working to create more opportunities for economic empowerment by teaching skills needed for financial success.
Partnership with Community Organizations
According to Marissa Weidner, Chief Corporate Responsibility Officer at Webster Bank, these partnerships are crucial because they align with the bank’s mission to foster economic vitality in local neighborhoods. “We’re proud to work with organizations so deeply rooted in the communities we serve and whose missions align with ours,” Weidner stated. These collaborations are not only about grants but also about building a sustainable pathway for youth development and financial literacy.
Preparing Youth for Financial Success
Nicole Dufresne, CEO of the Boys & Girls Clubs of Providence, emphasized the importance of financial literacy, noting, “Financial literacy is a crucial skill and an important step in preparing our members for success and supporting their economic stability in the future.” With Webster Bank's support, they aim to give teens the tools needed to achieve their financial goals, thus investing in the lives of the youth and the community at large.
A Broader Vision for Community Development
The initiative aligns with Webster Bank's larger goals of community development and economic stability. With approximately $363.1 million in deposits across Rhode Island branches as of June 2023, Webster Bank continues to play a pivotal role in the financial empowerment of communities in Rhode Island, Massachusetts, Connecticut, New York, and New Jersey.
As Webster Bank prepares to celebrate the opening of the Taunton Area School to Career Labor in Massachusetts, slated for October, the financial institution remains committed to its community-driven approach, ensuring young people are better prepared for economic challenges and opportunities.
