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Rockland Trust Announces $150,000 in Donations to Local Community Development Corporations
Rhea-AI Impact
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Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Rockland Trust has announced a $150,000 investment in the Community Investment Tax Credit Program (CITC), aimed at aiding thirteen Community Development Corporations (CDCs) in providing essential services to local communities. The CITC encourages collaboration between residents, CDCs, and various entities to enhance economic opportunities for low to moderate-income households. Gerry Nadeau, President of Rockland Trust, emphasized the bank's commitment to supporting local economies through these partnerships.
Positive
Investment of $150,000 in the CITC to support local communities.
Strengthened partnerships with thirteen CDCs.
Positive impact on low to moderate-income households.
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None.
HANOVER, Mass.--(BUSINESS WIRE)--
Rockland Trust is pleased to announce a $150,000 investment in the Community Investment Tax Credit Program (CITC), which will help thirteen Community Development Corporations (CDCs) assist local organizations in providing programming and resources to neighbors in need.
Check Presentation with Dorchester Bay Economic Development Corporation. Pictured left to right: Richard Muraida (RTC), Joseph Regan (DBEDC), Kimberly Lyle (DBEDC), Tom Golden (RTC). (Photo: Business Wire)
Through the Department of Housing and Community Development, the CITC was created to enable local residents and stakeholders to work with CDCs and partner with nonprofit, public, and private entities to improve economic opportunities for low to moderate income households.
“The CITC provides the Bank with an opportunity to reinvest in the communities we live in and serve by strengthening our partnerships with CDCs across our growing footprint,” said Gerry Nadeau, President and Chief Commercial Banking Officer at Rockland Trust. “Our success as a local bank is dependent on the well-being of our local economy. We’re proud to support the important work of these CDCs who are helping to deliver essential resources to the individuals and families within our community who are most in need.”
Rockland Trust is investing in the following:
Community Development Partnership; Eastham
Waterfront Historic Area League; New Bedford
North Shore Community Development Coalition; Salem
South Middlesex Opportunity Council; Framingham
Massachusetts Association of Community Development Corporations; Boston
Housing Nantucket; Nantucket
Neighborhood of Affordable Housing, Inc.; Boston
Jamaica Plain Neighborhood Development Corporation; Jamaica Plain
Urban Edge; Roxbury
Dorchester Bay Economic Development Corporation; Boston
Southeast Asian Coalition; Worcester
Worcester Common Ground; Worcester
About INDB/Rockland Trust
Independent Bank Corp. (NASDAQ Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Rockland Trust was named to The Boston Globe's "Top Places to Work" 2021 list, an honor earned for the 13th consecutive year. *In 2022, Rockland Trust was ranked #1 in Customer Satisfaction with Retail Banking in New England. Rockland Trust has a longstanding commitment to equity and inclusion. This commitment is underscored by initiatives such as Diversity and Inclusion leadership training, a colleague Allyship mentoring program, and numerous Employee Resource Groups focused on providing colleague support and education, reinforcing a culture of mutual respect and advancing professional development, and Rockland Trust's sponsorship of diverse community organizations through charitable giving and employee-based volunteerism. In addition, Rockland Trust is deeply committed to the communities it serves, as reflected in the overall "Outstanding" rating in its most recent Community Reinvestment Act performance evaluation. Rockland Trust offers a wide range of banking, investment, and insurance services. The Bank serves businesses and individuals through over 120 retail branches, commercial and residential lending centers, and investment management offices in eastern Massachusetts, including Greater Boston, the South Shore, North Shore, Cape Cod and Islands, Worcester County, and Rhode Island. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender.
*Rockland Trust received the highest score in a tie in the New England Region of the J.D. Power 2022 U.S. Retail Banking Satisfaction Study of customers’ satisfaction with their primary bank. Visit jdpower.com/awards for more details.
What is the recent investment amount by INDB in the community program?
Rockland Trust, part of Independent Bank Corp. (INDB), has announced a $150,000 investment in the Community Investment Tax Credit Program.
Which organizations are receiving support from Rockland Trust's investment?
Thirteen Community Development Corporations (CDCs) are receiving support from Rockland Trust's investment in the Community Investment Tax Credit Program.
What is the purpose of the Community Investment Tax Credit Program?
The Community Investment Tax Credit Program aims to improve economic opportunities for low to moderate-income households by enabling collaboration between local residents and Community Development Corporations.
When was Rockland Trust's investment in the Community Investment Tax Credit Program announced?
The announcement of Rockland Trust's investment was made on November 29, 2022.
How does Rockland Trust support local economies?
Rockland Trust supports local economies through investments like the Community Investment Tax Credit Program and by strengthening partnerships with Community Development Corporations.
