Dana Neshe featured in the Boston Business Journal on the Impact of Community Bank's Charitable and Philanthropic Efforts

In a recent article by the Boston Business Journal, Financial services sector remains stalwart in charitable giving, Dana Neshe, Chair, President and CEO of Middlesex Savings Bank spoke to the importance of the bank's philanthropy and it's impact on the community. 

“We consider it part of our mission,” said Dana Neshe. “As a mutual, we’re here for our customers, our employees and our community. And one of the best ways to support the community is through our nonprofit support.”

In 2023, Middlesex distributed $1.7 million to Massachusetts-based charitable organizations. Through the bank’s philanthropic entity — the Middlesex Savings Charitable Foundation — it issues grants to about 70 organizations a year. Since 2000, the Foundation has issued more than 700 grants and a maximum of $20,000 per grant.

With the goal of making communities a better place to live and work, community banks have a well-established track record of providing for and supporting the people in the areas that they serve. "According to recent data gathered by the Boston Business Journal, financial institutions made up nearly 28% of charitable giving in Massachusetts among the top 96 companies surveyed, giving a total of $101 million in charitable contributions. That's nearly on par with the prior year, even as overall corporate giving fell by 14%."

Additionally, the Community Reinvestment Act (CRA) requires federal banking regulators to encourage financial institutions to "help meet the credit needs of communities where they operate, including low- and moderate-income neighborhoods."
Middlesex's most recent CRA rating from November 2023 was “outstanding,” which denotes an exceptional record of meeting community credit needs.

Middlesex addresses its CRA duties through charitable giving, but it doesn’t completely influence all decisions. “If there’s a great … art-related program or camp-related program that we think makes sense to fund, we’ll fund it. Even if it’s not CRA-related,” Neshe said.