Lee Bank Announces Community Impact Dividend
Lee Bank recently announced the formalization of its Community Impact Dividend, which totaled $93,617 in 2017. That amount is approximately 5% of the bank’s net income. The dividend represents a commitment by the bank to strengthen the community by contributing financially to local non-profit organizations. The bank will continue to set aside 5% of its net income each year as a community impact dividend.
Bank President and CEO Chuck Leach commented: “I’d like to stress that Lee Bank has always given back to the community, and always will. This is simply a formalization of that practice. Because we are not beholden to shareholders with varying agendas in far-flung geographies, we are free to return capital to our communities. In addition, our headquarters is in Berkshire County so decisions are made here and with a heavy focus on and understanding of what is good for our fellow stakeholders in this area code. Underpinning all of our decisions is our long-term commitment to Berkshire County, so it only makes sense that we pay a share of our earnings back to the community. This concept is in complete alignment with our mission and our strategic objectives. Our success is inextricably tied to the strength of Berkshire County and the Community Impact Dividend signifies Lee Bank’s 100% commitment to galvanizing and strengthening our ecosystem.”
While Lee Bank contributes to a wide spectrum of groups, events and organizations, it gives priority to organizations that provide social services to low and moderate-income residents, and those involved in economic development activities. Secondary consideration is given to organizations that provide cultural and recreational opportunities to residents of Berkshire County and do not have the ability to raise significant funds outside of Berkshire County.
In addition, Lee Bank supports the Berkshire United Way’s annual campaign by matching employee contributions. In 2017, 100% of the bank’s employees donated to the United Way.
About Lee Bank
Established in 1852, Lee Bank is a leading community focused bank in Berkshire County. As one of the few remaining local and independent full-service banks in the area, Lee Bank provides premier financial services to businesses and individuals in Berkshire County and upholds a superior level of simple, direct and exemplary personal customer service. Lee Bank has branch offices in Lee, Stockbridge, Great Barrington, Pittsfield, and Lenox and a mortgage loan office in West Springfield.