What does 25 years amount to? For Kennebunk Savings’ Community Promise program, 25 years has amounted to $13 million in donations, about 140,000 volunteer hours and help to more than 1,200 organizations.
It all began in 1994 when Kennebunk Savings Bank CEO and forward thinker, Joel Stevens, started something that would forever change the bank’s history.
It was Stevens' thought that, just as a stock-held institution pays a dividend to its investors, Kennebunk Savings as a mutual institution could and should pay a dividend to its communities. This resulted in the birth of what is now known as the Community Promise program, which dedicates 10% of the bank’s annual after-tax net profit to non-profits in its communities.
In the 25 years since its inception, the Bank has remained committed to Stevens’ original promise, as the pledge has become an integral part of its identity and culture. Kennebunk Savings donated $26 thousand to charitable organizations in the program’s first year, and since that time has given more than $13 million to nonprofit organizations in York County and seacoast New Hampshire. In this the 25th year of the program, the Bank’s growth will result in a record $1 million being donated to area non-profits.
“I always say the financial aspects of Community Promise are great, $13 million is a truly meaningful investment, but the people piece of the program is what is truly compelling,” said President and CEO Brad Paige. “We have a tremendous group of dedicated employees who consistently volunteer thousands of hours of their personal time each year at local non-profits, from serving on governing boards to hands-on participation at the multitude of fundraising and awareness events taking place each month. They are self-motivated by an inner drive to help others; they are truly a special group of people and our communities are enriched by them.”
Kennebunk Savings will approach 10,000 volunteer hours in 2019 alone, which would be a new record for the institution. Last year, employees donated over 8,600 hours of their time to non-profits their community.
Kennebunk Savings will celebrate the 25th anniversary of its Community Promise program all year long by highlighting the impact non-profits have on our community. They will also share why they support these causes and announce some of this year’s recipients. Want to hear more about the Community Promise? Follow Kennebunk Savings on Facebook, Twitter and LinkedIn or check out the Community Promise section of their website at www.kennebunksavings.com/community