Marshfield, Wis.-based Forward Bank donated $831,000 to more than 400 local nonprofits last year.
The bank announced that it has donated nearly $2 million through its Charitable Money Market Accounts program since it was established in 2006. At the end of every year, Forward, a mutual bank, tallies the average balance and donates a percentage to local charities. Last year, the $911 million Forward Bank provided more than 4,000 account-holders the option of designating a participating nonprofit. “No money is taken out of customers’ accounts,” the bank said. “Instead of giving out dividends, excess funds are donated to local stakeholders. This means providing local donations, sponsoring community events and supporting our employees’ philanthropic endeavors.”
“CMMA season is my favorite time of the year because it involves everyone in the communities we serve,” added Lindsey Safford, a nonprofit banker at Forward Bank. “We have employees taking trips out to nonprofits for celebratory pictures and learning how the funds will be used. It’s all because of our customers’ participation in the program.”