During its 125-year history, this mutual bank, headquartered in Lebanon, has grown significantly and now encompasses more than 400 employees people across more than 25 branches and two subsidiaries—Mascoma Wealth Management and Mascoma Community Development. The latter invests in community development through the New Markets Tax Credit Program, receiving six allocations since 2014 totaling $335 million that it has invested in the communities it serves.
Mascoma Bank exists, says president and CEO Clay Adams, to move economic development in the community forward and to give back to the community. It built on that legacy in 2017 when it became a certified Benefits Corporation, or B Corp—a designation that verifies a business meets high standards on a range of factors, including employee benefits, charitable giving, and supply chain practices. In fact, Mascoma Bank earned the “Best for the World” designation from B Labs, the organization that certifies it as a B Corporation.
In the past five years, Mascoma Bank and its foundation have donated more than $11.4 million to more than 500 nonprofit and community organizations. The bank matches employee donations to nonprofits up to $300 and provides employees with up to 16 hours of paid volunteer time off. Mascoma Bank employees serve on more than 125 boards and committees.
Mascoma is committed to issues of diversity, equity and inclusion (DEI). In addition to providing extensive DEI training and programs to its employees, Mascoma Bank contributed more than $80,000 to racial equity programs last year, including the Upper Valley BIPOC Network. Environmentally, Mascoma Bank is moving toward a zero-waste standard.
“As a certified B-Corp, Mascoma Bank has made a commitment to be a positive force for change. It is a commitment that the bank takes seriously,” says Tracy Hutchins, president of the Upper Valley Business Alliance. “They show up in the real world to provide guidance, leadership, and ideas to keep our region moving forward.”
During the past year, Mascoma Bank took a leadership role in addressing the housing crisis by being one of eight businesses to invest a total of $10 million in the Upper Valley Housing Fund to support the development of affordable workforce housing. “All employers are suffering from a lack of housing for workers,” Adams says.
Mascoma Bank also funded a position with an Upper Valley nonprofit that will help people of color become homeowners.
Current Issue - June 2024