Eastern Bank Honored With The American Bankers Association (ABA) Foundation Community Commitment AwardOctober 23, 2018
Addressing Wealth Disparities Through The Business Equity Initiative Is Recognized
BOSTON, October 23, 2018 – Eastern Bank, America’s oldest and largest mutual bank, is pleased to announce that it has been nationally recognized by the American Bankers Association (ABA) Foundation with a 2018 ABA Foundation Community Commitment Award for its Business Equity Iniatitive (BEI). The award will be accepted by Nancy Stager, Eastern’s Executive Vice President of Human Resources and Charitable Giving and Chief Diversity and Inclusion Officer, and Glynn Lloyd, the bank’s Executive Director of the Business Equity Initiative, during the ABA’s Annual Convention in New York on October 23.
Launched in July 2017, BEI was developed to mitigate wealth and income inequality by helping accelerate the growth of local enterprises of color in Massachusetts and Southern New Hampshire. BEI focuses on Black and Latino businesses because that is where the wealth disparity is greatest. It has built out an ecosystem that leverages Eastern’s networks and philanthropic dollars while providing local enterprises of color with targeted, customizable growth tools, including trusted strategic advisors, operational support, growth capital through a business equity fund housed at the Boston Foundation, and access to companies interested in building their supplier and corporate procurement diversity through the Greater Boston Chamber of Commerce’s Pacesetter Initiative. BEI’s impact includes stronger balance sheets, expanded and deeper supplier relationships, job creation and wealth creation in local neighborhoods, and greater civic engagement by minority business owners and their employees.
Eastern and BEI were selected as the award winner in the Economic Inclusion category by a field of nationally-recognized experts. They evaluated the creativity and thoughtfulness of programs — traditional or innovative in nature and structure — that embody the ideals of corporate social responsibility and demonstrate success in measurable terms.
“The Business Equity Initiative demonstrates Eastern’s strong and passionate commitment to bettering the lives of its customers and local community,” said Rob Nichols, ABA president and CEO. “Their work embodies the mission of the Community Commitment Awards and they are a truly well-deserved recipient.”
“Capacity, Capital, and Contracts—combined with Commitment and Collaboration—are what we believe underlies BEI’s potential for broad impact and long-term success,” said Bob Rivers, Chair and CEO of Eastern Bank. “We are humbled by this recognition of our early efforts, and honored to accept this award on behalf of the entire BEI team, the participating enterprises, and our community partners. Thank you to the ABA and congratulations to this year’s other honorees.”
To learn more, visit the Business Equity Initiative at https://www.easternbank.com/BEI or the ABA Foundation Community Commitment Awards at aba.com/awards.
About Eastern Bank
Founded in 1818 and celebrating its 200th anniversary in 2018, Boston-based Eastern Bank is America’s oldest and largest mutual bank, with $11 billion in assets and over 120 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire and Rhode Island. Eastern provides exceptional access to fairly priced banking, investment and insurance products and services for consumers and businesses of all sizes. Eastern Bank, which includes Eastern Wealth Management and Eastern Insurance, is known for its outspoken advocacy and community support that has exceeded more than $110 million in charitable giving since 1999. An inclusive company, Eastern employs 1,900+ deeply committed professionals who value relationships with their customers, colleagues and communities. Join us for good at www.easternbank.com and follow Eastern on Facebook, LinkedIn, Twitter and Instagram.
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