Mutuality Fuels Millions of Dollars in Donations by PeoplesBank

Plant and Seed Giveaway

Bank tops $1.6 million in donations and over 8,000 volunteer hours in 2024

In 1885, a group of Holyoke citizens gathered on St. Patrick’s Day to start a new bank. The charter they chose was a mutual charter, which, for 140 years ensured that the bank would invest in the communities it served. Those investments have totaled $1.6 million annually for the past three years, and $16,364,028 over the past 12 years. Fourteen donations exceeded $15,000, with the average being $3,500. Further, 208 associates or board members participated in matching gift donations or workplace giving pledges for a total of $55,750.

“One of the beauties of PeoplesBank is our operating model as a mutual bank,” explains Matthew Bannister, Senior Vice President of Marketing and Corporate Responsibility. “Simply put, there are no stockholders. We don't have to divert profits every 90 days to our stockholders. We divert them to investing in the community.”

According to Bannister, the monetary donations are only part of the story, “Our associates volunteer in the community and sit on boards of directors and committees for nonprofits,” he says. In 2024, associates volunteered 8,500 hours. 

Xiaolei Hua, First Vice President of Commercial Banking at PeoplesBank and a board member of Tech Foundry underscores the impact of the bank’s charitable donations, saying, “As a board member and volunteer, I’m really proud of PeoplesBank for their financial support of Tech Foundry and its critical workforce development mission.” Tech Foundry was one of the 557 nonprofit grants PeoplesBank supported in 2024.

The bank is also committed to three longer-term capital campaigns for The Food Bank of Western Massachusetts, Square One, and The Behavioral Health Network for a total of $550,000.

 

 

The bank’s website provides more information on PeoplesBank corporate responsibility, and how to apply for a donation, including a link to the 2025 grant application. 

About PeoplesBank: PeoplesBank is a leader in innovation, corporate responsibility, environmental sustainability, and employee engagement. Our three LEED® certified offices are environmentally friendly, and we have financed more than $350 million in wind, hydroelectric, and solar energy projects.

As a community bank we have a unique ability to help the communities we serve through volunteer efforts and millions of dollars in donations to charitable and civic causes.

PeoplesBank is a mutual bank and therefore is responsible to our depositors, our employees, and the community. This organizational structure allows us to focus on the long-term viability of the bank and the best interests of our customers. We currently have 20 banking centers located in Massachusetts and Connecticut.

Media Contact
Matthew Bannister, Senior Vice President, Marketing & Corporate Responsibility, PeoplesBank
413.493.8704
[email protected]