PeoplesBank Tops $1.6 Million in Donations, 8,000 Volunteer Hours in 2024

HOLYOKE — In 1885, a group of Holyoke citizens gathered on St. Patrick’s Day to start a new bank. The charter they chose was a mutual charter, which for 140 years ensured the bank would invest in the communities it served. Those investments by PeoplesBank have totaled $1.6 million annually for the past three years, and $16,364,028 over the past 12 years. Fourteen donations exceeded $15,000, with the average being $3,500. Further, 208 associates or board members participated in matching gift donations or workplace giving pledges for a total of $55,750.

“One of the beauties of PeoplesBank is our operating model as a mutual bank,” said Matthew Bannister, senior vice president of Marketing and Corporate Responsibility. “Simply put, there are no stockholders. We don’t have to divert profits every 90 days to our stockholders. We divert them to investing in the community.”

According to Bannister, the monetary donations are only part of the story. “Our associates volunteer in the community and sit on boards of directors and committees for nonprofits,” he said, noting that, in 2024, associates volunteered 8,500 hours.

Xiaolei Hua, first vice president of Commercial Banking at PeoplesBank and a board member of Tech Foundry — which received one of the bank’s 557 nonprofit grants in 2024 — underscored the impact of the bank’s charitable donations. “As a board member and volunteer, I’m really proud of PeoplesBank for their financial support of Tech Foundry and its critical workforce-development mission.”

The bank is also committed to three longer-term capital campaigns for the Food Bank of Western Massachusetts, Square One, and Behavioral Health Network, for a total of $550,000.

The bank’s website provides more information on PeoplesBank corporate responsibility and how to apply for a donation, including a link to the 2025 grant application.