Mascoma Bank Supports Local Business Community Through COVID-19 Crisis
Mascoma Bank, one of our member organizations, is a mutually owned bank and Certified B Corporation. They are committed to remaining independent and to re-investing profits into their community. Mascoma Bank strives to be a force for positive change, conducting all their business knowing that people and places matter, aspiring to do no harm and to benefit all.
The positive impact of Mascoma Bank is largely attributed to its CEO, Clay Adams. Adams has been CEO of Mascoma Bank since 2017 and has spearheaded some of the bank's greatest achievements. Involved in organizations like the Vital Communities Corporate Council, Montshire Museum of Science, LoveYourBrain Foundation, Mt. Ascutney Hospital, and Vermont Community Foundation, Adams embodies the company's mission of investing and improving his community. Because of Adam’s demonstration and leadership, Mascoma Bank not only strives for positive change but excels in it.
Evaluated to be in the top 10% of all B Corporations, Mascoma Bank has rightfully earned a spot in the “Best in the World: Overall” category. This achievement is a reflection of their conscious effort towards bettering communities; each year, Mascoma Bank dedicates 10% of their annual budget towards philanthropic efforts so that when the bank grows and prospers, so does the community. In the past five years alone, Mascoma Bank has donated over $7.4 million to local nonprofits. Beyond just donations, employees at Mascoma Bank are asked to give back in their own ways, with the company contributing a total of 5,664 hours of volunteer work in 2019.
Mascoma Bank has made itself indispensable to local businesses throughout the COVID-19 crisis, demonstrating that their commitment to communities goes above and beyond. The bank quickly facilitated 205 loans that local businesses needed in the Monadnock region of New Hampshire when the crisis hit. This allowed for many small local businesses to survive throughout the crisis.
Even though the Bank has already had a positive impact on its community, Mascoma Bank recognizes the need for constant improvement. The employees at Mascoma Bank dedicate over 4,200 hours to educating themselves and continuously improving their skills and abilities. In addition, Mascoma Bank reflects its commitment to creating a more diverse and representative company with a board of directors consisting equally of women and men.
The Higher Ambition Leadership Alliance is excited to partner with a company committed to community and higher ambition and looks forward to furthering Mascoma Banks’ positive impact.