The Common Good Awards
These four winners inspire philanthropy in their employees, not by writing a check but by going into the community to help.
Winner, medium category: 50–249 employees
What the company does: Provides Rhode Islanders with comprehensive and caring banking services.
Where it’s located: Warwick, coastway.com
Coastway Bank has been providing Rhode Islanders with friendly, local banking services since 1920, when they opened their doors as the Telephone Workers’ Credit Union. The company has since changed names and currently has nine branches across the state, but their community involvement program, which was launched in 2010, is also worth noting. The program ensures that employees partake in meaningful community involvement, no matter what the worker’s level is in the company.
Higher level employees are required to participate at a more senior level, such as being on a local board, whereas junior employees often participate in more hands-on volunteer opportunities, some of which include mentoring in public schools, sorting food donations at the Food Bank and volunteering at events for the Boys and Girls Clubs of Rhode Island. Since 2010, Coastway employees have embraced this volunteering initiative, logging more than 25,000 hours of volunteer service, a truly impressive feat. Judges were also awed by Coastway’s efforts to help students learn money managing strategies through a program called Empower by Coastway. Through this program, Coastway creates free, customizable financial literacy workshops and works with nonprofits and schools across the state to promote financial literacy. Judges said, “We love the financial literacy ambassadors. Helping to teach students how to manage their money is building a great foundation.” –Grace Kelly
In 2016, more than 77 percent of Coastway employees volunteered. They logged 4,800 hours, double the number of hours logged in 2010.
Coastway has more than $670 million in assets.
Coastway serves more than 30,000 customers.
Coastway has lent more than $407 million to local businesses since 2009.