BANKING
New Jersey Banks are Supporting the Communities They Serve as a COVID‐19 Pandemic Causes Widespread Need
From food insecurity to business interruption , the waves of economic damage extend from the home to the office .
Compiled by Miles Z . Epstein Editor , COMMERCE
While many New Jersey businesses and
individuals suffer from the effects of
COVID‐19 , banks are using their charitable foundations and community presence to lend a helping hand . From grants and loans to food and dollar donations to volunteer efforts , the core value of “ supporting the communities they serve ” is clearly inspiring worthy efforts from banks to give back and come to the rescue of people in need , nonprofits , first responders and hospitals . Here is a snapshot of how banks are making a difference in the Garden State .
Bank of America By Alberto Garofalo , NJ Market President
Since the start of the coronavirus pandemic , Bank of America ’ s top priority has been the health and safety of our teammates , clients and communities . We recognize the value of philanthropic giving and supporting local nonprofits that are on the frontlines making sure our neighbors have access to food , housing and other essential human needs , especially during this time of uncertainty . As part of the bank ’ s $ 100 million to support communities impacted by the coronavirus , we have deployed more than $ 2.5 million to nonprofits in New Jersey , — including the Community FoodBank of New Jersey , Fulfill and Millhill Child & Family Development to address the increase in food insecurity . Most recently , we provided a total of 450,000 masks to a number of organizations , including Bergen County ’ s United Way , HomeFront , Interfaith Neighbors , United Way of Greater Newark and Trenton Area Soup Kitchen , as part of a nationwide effort to provide personal protective equipment to vulnerable and underserved communities hardest hit by the coronavirus . This donation goes hand in hand with our $ 1 billion , four-year commitment to help local communities address economic and racial inequalities accelerated by the pandemic , such as by investing in entrepreneurship , healthcare and jobs initiatives and affordable housing .
Columbia Bank By Thomas J . Kemly , President and CEO
For more than 90 years , Columbia Bank has been fully committed to supporting its customers and communities , and during this pandemic was no exception . While our teams have been working tirelessly on providing continuous branch service , mortgage deferral programs , Paycheck Protection Program loans and more , Columbia Bank also leveraged its charitable foundation to do more . As one of the state ' s largest private giving foundations , the Columbia Bank Foundation has disbursed grants of nearly $ 600,000 to support various local organizations and hospitals . With an original pledge of $ 300,000 , the Foundation nearly doubled its support due to the overwhelming need . Grants funded school supplies and healthy snack kits for children , support for abuse victims , food replenishment , toiletries for those in need and the purchase of Personal Protective Equipment to assist with COVID‐19 operations . In total , nearly 60 non-profit organizations and 15 hospitals received funding . As an active member of the local community , our organization felt it was our duty
to step up and provide additional resources . We hope that these donations will lessen the burden of rising costs so local recipients can focus on the critical work they are performing .
Investors Bank By Kevin Cummings , Chairman and CEO
COVID‐19 had crept up on us and then pounced , knocking the wind out of everyone and changing the world as we knew it . To ensure that we could continue to serve our customers and care for our neighbors , we relied on our tradition as a community bank — driven by core values of cooperation , character , commitment and community . Actions make all the difference in challenging times . Investors ’ employees found ways — and continue to find ways — to help the vulnerable in the communities we serve . They checked on elderly customers , made food deliveries to those unable to leave their homes and distributed hundreds of lunches to front-line healthcare workers . Investors ’ employees embody the spirit of our core values . And that spirit of giving back will outlast any
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First responders and their families are getting donations and support from bank-led charitable efforts .
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