STAMFORD, Conn. – Webster Bank is expanding its Finance Lab collaborations with three new partners – including the Boys & Girls Clubs of Providence – to provide financial empowerment programs to hundreds of students in low- to moderate-income areas.
Webster is providing grants of $100,000 each to the Boys & Girls Clubs of Providence, and Boys & Girls Clubs of Dorchester, Mass., and SCO Family of Services on Long Island, N.Y.
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The Finance Labs are part of Webster’s multi-year, multibillion-dollar Community Investment Strategy designed to help nonprofit partners in low- and moderate-income communities create opportunities for young people to gain skills needed for economic empowerment and financial success.
The initiative launched in June 2022 and has invested $1.7 million through partnerships with nine nonprofits to date.
“We’re proud to work with organizations so deeply rooted in the communities we serve and whose missions align with ours,” said Chief Corporate Responsibility Officer Marissa Weidner. “These partnerships enable us to expand our Finance Lab initiative, supporting our commitment to creating economic vitality in the neighborhoods where we live and work.”
The grants come as Webster prepares to celebrate the opening of the Taunton Area School to Career Labor in Massachusetts. The location is scheduled to open in October.
Webster, which has about $363.1 million in deposits in seven branches in Rhode Island as of June 2023, said it launched the Finance Labs initiative in 2022 and has invested $1.7 million through partnerships with nine nonprofits to date in Rhode Island, Massachusetts, Connecticut, New York and New Jersey.
“Financial literacy is a crucial skill and an important step in preparing our members for success and supporting their economic stability in the future,” said Nicole Dufresne, CEO of the Boys & Girls Clubs of Providence. “We are thrilled to partner with Webster Bank to bring this opportunity to our teens and help foster the skills needed to achieve their financial goals. This is a great example of a local business investing in the lives of our youth and in their community.”
