A pair of regional Midwest banks are stepping up to support their local communities during the COVID-19 crisis.
Indiana’s 1st Source Bank and 1st Source Foundation will make $600,000 in grants to address COVID-19 challenges to be funded through The United Ways of northern Indiana and southwestern Michigan.
The grants from the South Bend-based bank will come in two waves, $400,000 in the next two weeks and $200,000 in early September, to the 18 counties where 1st Resource has a presence. The second grant’s distribution will be based on an assessment of the needs of those counties relative to their populations and 1st Source Bank’s deposit share in each.
“While we are committed to helping individuals, businesses and communities deal with the financial challenges brought on by the virus, we also believe that help needs to be directed at the physical, mental, social and spiritual health of the communities we serve, and the United Way is best equipped to make those decisions,” said Chris Murphy, CEO of the $6.6 billion 1st Source Bank. “These dollars are not restricted to being used in any particular county; rather they are to be distributed to those organizations that most help the citizens of the county no matter where the provider of the essential services may be located.”
Chicago-based First Midwest Bank is committing $2.5 million to aid in the response to the COVID-19 pandemic through its First Midwest Charitable Foundation.
The first $750,000 will be distributed immediately to United Way chapters across First Midwest Bank’s local markets as they mobilize their COVID-19 emergency responses.
The remaining $1.75 million in general funds will go to local nonprofit organizations in support of the communities First Midwest Bank serves. This includes those aiding individuals and families with affordable housing and financial sustainability, as well as supporting small businesses.
“There is a tremendous ‘can do’ spirit within our organization and communities as all of us respond to the challenges from COVID-19,” said Michael L. Scudder, chair and CEO of First Midwest Bank. “We at First Midwest are proud to do our part to help support our clients, communities and each other during a time when it is needed the most.”
The $19 billion First Midwest has more than 100 branches in Illinois, Indiana and Iowa.