Lewiston, Maine – March 1, 2021. Androscoggin Bank announced today it has become a Certified B Corporation, an accomplishment made by only nine other banks in the U.S. Unlike traditional corporations, Certified B Corporations must meet the highest standards of verified social and environmental performance, public transparency, and legal accountability. They undergo a rigorous assessment of their positive impact on their employees, clients, community, and environment. Other global B Corp™ certified brands include Patagonia, Ben & Jerry’s, Seventh Generation and Cabot Creamery.
There are only ten other Maine companies that have achieved B Corp status, and only three other banks in New England. With this certification, Androscoggin Bank is leading the way in how Maine banks can use business as a force for good, and setting a new bar for transparency and accountability. With offices in Lewiston and Portland, Androscoggin Bank has over 180 employees and 12 branches across the state. With assets of $1.35 Billion, Androscoggin Bank has served businesses and consumers of Maine for 150 years.
“Although B Corp certification is a significant achievement for us, we actually see it as just the beginning of the longer journey we are on as a company,” said Neil Kiely, President and CEO of Androscoggin Bank. “Our B Corp certification demonstrates our commitment to go deeper and aim higher to reimagine and reinvent community banking to have an even more meaningful impact on the lives of our clients, employees and our communities. We’re excited to invite other like-minded companies and individuals to join us on this journey.”
Here are some current initiatives that demonstrate the Bank’s commitment to creating positive change:
- Developing a new community engagement approach that will pair increased philanthropy with even deeper levels of service to community partners. This service will include seeking opportunities to lend our strategic, operational and problem solving skills to our community partners to help them really move the needle in achieving their own missions.
- Establishing a new high priority ”Empowering” category of giving through which we will seek to deliver truly profound impacts on the lives of individuals who are striving to overcome a wide range of obstacles. There will be a special emphasis within this category for individuals with a limited voice or those seeking to overcome the multi-faceted direct and indirect challenges of racism, sexism and all other forms of prejudice.
- Embracing an even deeper commitment to Diversity, Equity and Inclusion, ranging from internal efforts to ensure an equitable internal culture to targeted donations to organizations like the Maine Justice Foundation to focusing on serving the needs of women and minority-owned businesses.
- Securing a long-term agreement to procure our electricity from a local Maine solar farm.
Androscoggin Bank was rigorously evaluated by the nonprofit B Lab™ to assess the Bank’s treatment of clients, employees and vendors, the value it contributes to the community as well as its impacts on natural resources.
About Androscoggin Bank
Androscoggin Bank is a leading Maine community financial institution with a mission to enrich the lives of its clients, employees and local communities through trusted relationships. Headquartered in Lewiston, the Bank has been fiercely independent for 150 years offering innovative banking solutions to meet clients’ individual needs. The Bank has a unique workforce with a large number of leaders having previously owned a business. The team is eager to empower Maine’s consumers and small business owners to improve their financial lives and continue to fuel economic growth for the state. Androscoggin Bank is dedicated to helping Maine communities thrive and has invested more than $340,000 in philanthropic donations, grants and sponsorships throughout the state last year. Androscoggin Bank is Member FDIC. Follow the conversation on LinkedIn and Facebook.
About B Lab
B Lab is a nonprofit that serves a global movement of people using business as a force for good. B Lab’s initiatives include B Corp Certification, administration of the B Impact Management programs and software, and advocacy for governance structures like the benefit corporation. B Lab’s vision is of an inclusive, equitable, and regenerative economic system for all people and the planet. To date, there are over 3,000 Certified B Corps in 150 industries and 70 countries, and over 70,000 companies use the B Impact Assessment. Visit bcorporation.net for more information.
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