Webster Bank Enhances Community Impact with Finance Labs

Webster Bank Launches New Finance Lab Partnerships

Webster Bank is thrilled to announce an expansion of its Finance Lab initiative, collaborating with three nonprofit organizations to deliver essential financial empowerment programs tailored for students in low- to moderate-income (LMI) areas.

Investing in Communities

The latest support from Webster features $100,000 grants allocated to pivotal partners: the Boys & Girls Clubs of Providence and Dorchester, along with the SCO Family of Services located on Long Island. This is part of a broader strategy to help enhance the educational experiences and financial literacy of youth residing in under-resourced communities.

The Purpose of the Finance Labs

The Finance Lab initiative represents a significant element of Webster’s multi-year, multi-billion-dollar Community Investment Strategy. This ongoing strategy is dedicated to working closely with nonprofit organizations to cultivate opportunities for young individuals, ensuring they acquire the skills necessary for financial success.

Commitment to Economic Vitality

Launched in 2022, Webster’s Finance Labs have already delivered an impressive $1.7 million through partnerships with nine nonprofits. Marissa Weidner, Chief Corporate Responsibility Officer at Webster, expressed pride in these collaborations, stating, “We’re proud to work with organizations so deeply rooted in the communities we serve and whose missions align with ours.” She highlighted that these partnerships are vital in bolstering Webster's commitment to fostering economic vitality.

Expanding Partnerships for Future Success

The initiative has already partnered with various organizations, including Yonkers Partners in Education, Eagle Academy Foundation across New York and New Jersey, and local clubs within Connecticut like the Wakeman Boys & Girls Club. This collaboration reflects the bank's dedication to not only uplift marginalized communities but also to empower the youth within them.

Voices from New Partners

As these new Finance Lab partnerships take off, leaders from the respective organizations are enthusiastic about the transformative potential of these grants. Bob Scannell, President & CEO of the Boys & Girls Clubs of Dorchester, shared, “We are so grateful to Webster Bank for this transformational grant to establish a Finance Lab for our members.” This robust investment facilitates the teaching of crucial financial skills to foster responsible adulthood.

Looking to the Future

Nicole Dufresne, CEO of the Boys & Girls Clubs of Providence, reiterated the importance of financial literacy, stating it is vital for the success and future stability of youth. Moreover, Suzette Gordon, President and CEO of SCO Family of Services, emphasized the empowerment that financial literacy provides to the youth they serve.

About Webster Bank

Webster Bank stands as a leading commercial bank in the Northeast, providing an extensive range of digital and traditional financial solutions across three primary sectors: Commercial Banking, Consumer Banking, and Healthcare Financial Services. With $77 billion in assets, Webster is committed to values-driven operations as a member of the FDIC and equal housing lender. The core footprint of Webster spans from New York to Massachusetts.

Frequently Asked Questions

What is the Finance Lab initiative by Webster Bank?

The Finance Lab initiative aims to empower young individuals in low- to moderate-income areas through financial literacy and educational programs.

How much is Webster Bank investing in these partnerships?

Webster Bank has committed $100,000 grants to each of its three new nonprofit partners to foster financial educational opportunities.

Who are the new partners of Webster's Finance Lab?

The new partners include the Boys & Girls Clubs of Providence, Boys & Girls Clubs of Dorchester, and SCO Family of Services.

When did the Finance Lab initiative start?

The Finance Lab initiative was launched in June 2022 as part of Webster's broader Community Investment Strategy.

What is Webster Bank’s overall mission?

Webster Bank's mission is to provide financial solutions that enhance the economic vitality of the communities they serve.

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