Bank of America Rhode Island President William F. “Bill” Hatfield sees corporate citizenship “as a responsibility to the community … to invest through our resources in the community to make it strong, healthier and more vibrant.”
“To a great extent,” he continues, “these kinds of investments enable the corporation to be more successful. Fundamentally, we have a philosophy at the Bank of America: if our community is healthy, vibrant and strong, we will have the opportunity to prosper.”
Hatfield has been with the bank since 1981, when it was known as Industrial National Bank, before it became Fleet National Bank. He served during a decade of bank mergers before it was acquired by Bank of America in 2004.
When it comes to corporate citizenship, Hatfield clearly practices what he preaches.
He was both elated and surprised to learn he had won Providence Business News’ 2009 Business Excellence Award for “Corporate Citizenship.” Hatfield, who lives in Barrington, said he didn’t know an application had been sent in nominating him.
Married with three adult children, Hatfield has a list of volunteer community and board affiliations and leadership positions that fills four pages – including the Greater Providence Chamber of Commerce – where he is the chairman – the treasurer of the Providence Foundation, a member of the board of directors at United Way of Rhode Island, at which he chaired the 2007 and 2008 annual campaigns, a member of the board of trustees at Women & Infants Hospital since 2006, a member of the board of directors of Crossroads Rhode Island since 2007, and a member of the Rhode Island Public Expenditure Council’s board since 2003. He’s also been involved with the St. Georges School, Family Service of Rhode Island, Meeting Street School, the Nature Conservancy of Rhode Island, Trinity Repertory Company, Junior Achievement of Rhode Island, the Rhode Island Philharmonic Orchestra and the R.I. Economic Policy Council.
Both here in Rhode Island and across the nation, the current economic downturn has created a challenging environment. For Bank of America nationally, with the resignation of its CEO and chairman, Kenneth Lewis, by the end of 2009, as well as questions related to its takeover of Merrill Lynch and $3.6 billion in bonuses paid, the importance of corporate citizenship has taken on new meaning.
Hatfield frames what he considers to be the most important storyline: “The local news is really about a company that cares deeply about this community, is here for the long term and continues to invest heavily for success,” he said.
Hatfield acknowledges the challenges. “Today, clearly, there are unprecedented economic challenges, extending to social challenges and fiscal challenges,” he says. “Our state needs a strong framework to be prosperous and succeed.”
Voicing optimism, Hatfield says he sees “significant opportunities if we think and plan carefully, and confront these economic challenges head on, as the cycle turns, we can position ourselves” to take advantage of them.
Further, Hatfield predicts that as we “get out into 2010, we will see some evidence of strengthening of the national economy as well as the regional economy, creating a new ‘normal’ when we look at the opportunities that exist. The growth will be slower,” he continued, “than what we accustomed to before. The opportunity is there for Rhode Island to come out of this in a strong fashion.”
For Hatfield, there is “interconnectivity” between building a strong economic foundation in Rhode Island and being better positioned to deal with social challenges.
“The best social program is a full-time job,” he says.
The pressures on charitable organizations, he continued, are quite daunting. As chair of the United Way’s annual campaign, he acknowledged that in the last five years, the amount raised had dropped from $21 million to about $16 million, a 25 percent decline. A lot of those lost contributions, according to Hatfield, are donations that are “pass-through money, donor-advised.”
“The numbers you mentioned,” Hatfield says, “reflect a lower level of top-line giving by corporations and individuals. But what is very positive,” he continues, “is that the community-impact fund, which United Way oversees and controls, has not shrunk, even in a down environment. That indeed, is very positive. It’s an important fact for people to understand.”
That said, Hatfield continues, the level of need across the community has been increasing dramatically. “There is pressure on all nonprofits, pressure on both giving and endowments; it’s being felt everywhere,” he said. “In this time of greatest need, resources have been trimmed back. It forces organizations to be smarter, more efficient, and find ways to collaborate to continue their important missions. It forces creativity, and that can be good.”
He cites the proposed merger of Lifespan and Care New England as an example of such creativity. “It positions the hospitals to have a combined identity and to have the critical mass to really drive economic development within this community. And, certainly, health care, if not the primary economic engine, is near the top of the list in Rhode Island.”
On a more personal level, Hatfield sees his work as a corporate citizen as life-affirming, rather than life-changing. “I’m engaged. I believe in what I do, I really do. I believe in making Rhode Island a better place to live. I’ve lived here for nearly 30 years. Where I can be constructive and helpful, it’s important for me to commit to the time and try and move the dial.”
Hatfield continues: “I feel very fortunate to be a leader here in Rhode Island at Bank of America. When Bank of America acquired Fleet, it made a very strong commitment, adding a lot of new jobs. It also increased its giving through its charitable foundation,” he says, giving more than what Fleet had done.
With more than 3,500 employees in Rhode Island, Hatfield says, “Bank of America cares very deeply for Rhode Island.” •
