Webster Expands Finance Lab Initiative with 3 Nonprofit Partners

Published on September 18, 2024 | Webster Bank

Webster Bank is expanding its Finance Lab collaborations with three new partners to provide financial empowerment programs to hundreds of students in low- to moderate-income (LMI) areas. Webster is providing grants of $100,000 each to the Boys & Girls Clubs of Providence, R.I. and Boys & Girls Clubs of Dorchester, Mass., and SCO Family of Services on Long Island, N.Y.

The Finance Labs are part of Webster’s multi-year, multi-billion-dollar Community Investment Strategy designed to help nonprofit partners in LMI communities create opportunities for young people to gain skills needed for economic empowerment and financial success. The initiative launched in June 2022 and to date has invested $1.7 million through partnerships with nine nonprofits.

“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.”

To date, Webster has launched Finance Labs with these nonprofit partners:

• Yonkers Partners in Education, Yonkers, N.Y.
• Eagle Academy Foundation, with six locations in New York and New Jersey
• Wakeman Boys & Girls Club of Bridgeport, YWCA of Greater Hartford and The Hispanic Coalition of Greater Waterbury, all in Connecticut
• Taunton Area School to Career Finance Lab in Massachusetts

Webster will celebrate the opening of the Taunton location in October.

The newest Finance Lab partners shared their thoughts on how the Webster grants will support their organizations’ work:

• “We are so grateful to Webster Bank for this transformational grant to establish a Finance Lab for the members of Boys & Girls Clubs of Dorchester. This investment enhances the educational opportunities at our Clubs and fosters the ability to build up our communities by teaching our youth to be fiscally responsible adults and build brighter futures. Thank you for your generosity and partnership.” — Bob Scannell, President & CEO, Boys & Girls Clubs of Dorchester
• “Financial literacy is a crucial skill and an important step in preparing our members for success and supporting their economic stability in the future. 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.” — Nicole Dufresne, CEO, Boys & Girls Clubs of Providence
• “We are grateful to Webster Bank for empowering the youth we serve with the gift of financial literacy. We know that with the right tools and support our young people can and will successfully transition to adulthood. Financial literacy plays an essential role in their success and ongoing financial stability. This first-of-its-kind Finance Lab on Long Island will equip young people with the power and knowledge to thrive emotionally, socially and financially.” — Suzette Gordon, President and CEO of SCO Family of Services

Learn more about Webster Bank’s commitment to good corporate citizenship. Click here for more about our Office of Corporate Responsibility.

About Webster

Webster Bank (“Webster”) is a leading commercial bank in the Northeast that provides a wide range of digital and traditional financial solutions across three differentiated lines of business: Commercial Banking, Consumer Banking and Healthcare Financial Services, one of the country’s largest providers of employee benefits and administration of medical insurance claim settlements solutions. Webster is a values-driven organization headquartered in Stamford, CT, with $77 billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.

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