Banks are traditionally known as repositories for savings and checking accounts, business and personal loans, and financial advising services. So, when a financial institution and its employees embrace a mission centered on local philanthropy, the industry takes notice.
In October, the American Bankers Association (ABA) Foundation selected Kathryn Luria, senior vice president, Community Affairs and Director of Philanthropy at Webster Bank, to receive its most prestigious award, the George Bailey Distinguished Service Award, named after the iconic character in “It’s a Wonderful Life.”
Humbled by this accolade, Luria credits her Webster “family” for their participation and involvement in community service activities. “We would not be the unique bank we are without them. It’s about the people,” she said.
“Kathy’s work at Webster serves as an example for the entire industry of how our bankers can and should engage with their communities,” President and CEO John Ciulla said. “Thanks to her efforts, it’s clear that Webster is making a tangible difference in the communities it serves. Congratulations to Kathy and to all our Webster bankers.”
Luria spent 20 years in the community college system, which prepared her for her current role. “I wore many hats and had to be empathetic and a good listener,” she said. In 2006, she chose to become part of Webster Bank specifically because of its commitment to community, which the organization has incorporated as part of its mission since its founding in 1935. “Everyone, from our newest to seasoned bankers, at all levels are involved in their communities and live the ‘Webster Way’ as a values-guided and community-minded person,” she said.
“Each year, bank employees have donated 130,000 volunteer hours in their various activities with JA, area food banks and the United Way, as well as serving on boards and committees and engaging in other volunteer efforts in the community.”
Locally committed
Specifically focused on keeping her finger on the pulse of the local community, Luria attempts to understand the community needs and match them to the interests of the bank employees. “We are locally committed, involved and invested,” she said. “We bring non-profits to the table and have an honest conversation about their needs. We want to be involved in a meaningful way.”
Webster Bank concentrates on supporting organizations that provide financial literacy and serve basic needs as well as health and human services agencies within the community. “This is where people live, work and do business. If their needs are met, we will all rise together,” Luria said.
Webster Bank’s commitment to a new program, Feeding our Foodbanks, is a partnership with Feeding America chapters and is a prime example of how Webster helps to support efficiency by investing in programs that are focused on identifying root causes while supporting locally where there is immediate need. “We fund all Feeding America organizations in our footprint and create opportunities for volunteer teams to engage in the work,” Luria said. “We look at local organizations to make sure community needs are met.”
Another long-time partnership that has become its signature program is Webster Bank’s relationship with Junior Achievement (JA). Ten years ago, the two organizations joined forces with a goal of building financial literacy and economic stability. “As a financial institution, Webster Bank believes people need to be financially fit to thrive and have the best opportunities in life,” Luria said. “We are not just writing a check and making grants, but we also invest banker time and expertise to become involved and to reinforce the learning. We are fostering financial literacy to create more fruitful, fulfilling lives.”
Jeremy Race, Junior Achievement of Southwest New England president and CEO, explains that Webster Bank shares JA’s philosophy regarding financial health and has been an outstanding partner. “We believe financial literacy should be as important as learning to drive a car. It requires a lot of preparation,” he said. “JA takes a continuous, comprehensive approach and Webster Bank continues to work with us year after year.” This strategy provides a strong foundation upon which to build fiscal stability and acumen to deal wisely with real-life situations.
Luria noted that in 2018, Webster Bank doubled its investment in JA to broaden outreach to more geographic areas. To date, 1,000 bankers have volunteered their time to teach financial literacy classes; more than 15,000 students have reaped the benefits of this fiscal learning opportunity.
Race reported that studies have found students who have been involved in JA earn 20 percent more than their peers who do not participate in the program. “We are building the next level of financial fitness,” he said.
Webster Bank also has a strong history of supporting the United Way. Since Luria joined the bank in 2006, the institution has had a record-breaking employee campaign every year; during the last 13 years more than $17 million has been directed to United Way agencies and community organizations, according to Luria. In 2018, the campaign raised $1.55 million. “I am stunned at the generosity of our employees. Our bankers are part of the solution. They are generous year over year,” she said, noting that Webster Bank increased its corporate match to accommodate their designations.
Locally invested
In addition to its more formal partnerships with non-profit organizations, Webster Bank has a proud tradition of volunteerism. “We give employees 16 hours annually of paid volunteer time. They choose an activity that is meaningful to them,” Luria said. Each year, bank employees have donated 130,000 volunteer hours in their various activities with JA, area food banks and the United Way, as well as serving on boards and committees and engaging in other volunteer efforts in the community. Luria added that the Bank has also created a volunteer recognition grant program that funds micro grants to an employee’s choice of organization.
Originally a small local financial institution, Webster Bank has grown into a large regional bank with $29.9 billion in assets. Luria believes that profitability and investment in the community go hand-in-hand. She said, “If we invest the right way with the right intention, we build trust and a cycle of confidence. We partner with the community and the relationship comes full circle. It is the right thing to do.”
Luria encourages other companies to create and foster corporate social responsibility within their organizations in an inclusive way by engaging their employees and understanding what makes them tick. To establish supportive partnerships, she suggests setting clear goals and developing a well-thought out plan. “It’s important to be clear on your goals and be responsible stewards in support of your community,” she said.
Much like George Bailey who put the needs of others ahead of his own, Luria and Webster Bank employees have set — and met — a high bar for philanthropic giving. For Luria personally, she has found a career that truly fits her skill set and passion. “You have to feel good about what you are doing. I believe everything you do in your career path gets you ready for the next step,” she said. •
*The opinions and views are those of the authors, and are not intended to provide specific advice or recommendations for any individual.
