GSB employees visit local YMCA

GSB Gives $300k Donations and Scholarships in 2023

February 20, 2024
Donations

GUILFORD, CONN., February 20, 2024 – GSB, a cornerstone of community support, proudly announces its surpassing of $300,000 in donations and scholarships for the year 2023. In its 150-year journey, GSB, a community bank deeply rooted in its values, has consistently championed the belief that the prosperity of businesses is intricately tied to the well-being of the communities they serve. This commitment is exemplified through the dedicated efforts of GSB employees, who volunteer countless hours to support nonprofit organizations and their commendable initiatives.

Recognizing the pivotal role of community foundations, GSB took a significant step in 2013 by establishing endowment funds at four community foundations: The Guilford Foundation (TGF), The Madison Foundation (TMF), Branford Community Foundation (BCF), and Community Foundation of Middlesex County (CFMC). This strategic move aimed to align with the bank’s mission of addressing the diverse needs of its community members. The primary objectives of the endowment include providing annual scholarships, assisting low-to-moderate-income families, supporting the local community, addressing regional needs, and offering operational support for the Foundations along the central Connecticut shoreline and Middlesex County communities.

GSB’s dedication to its philanthropic goals is underscored by its annual contributions to the endowment. Each year, the bank ensures that the fund receives substantial donations, solidifying its commitment to making a lasting impact on the community. This ongoing support guarantees that the Foundation remains a robust force for positive change well into the future.

In response to the pandemic in March 2020 and annually since, GSB partnered with the four Foundations to fund $30-$40,000 in grant requests annually, solidifying its commitment to making a lasting impact on the community. This significant portion of its community giving is channeled through their much more extensive reach rather than direct giving. We believe the Foundations are better positioned and equipped to prioritize and respond to current and emerging needs.

Other grants and sponsorships provided by GSB to nonprofits in the greater New Haven region include LEAP, New Reach, IRIS, The Diaper Bank, Citiseed, Columbus House, Benhaven, Fellowship Place, Real Art Ways, CT Black Expo, YMCAs, Yale New Haven Childrens’ Hospital, HOPE Partnership, Arthritis Foundation, The Kate, Ivoryton Playhouse, Governor’s Prevention Partnership and more.

Total donations and scholarships provided by the bank in 2023 totaled $306,000.

GSB’s journey as a community bank extends beyond financial transactions; it embodies a shared commitment to growth, resilience, and compassion. Through the establishment of an endowment and strategic partnerships, GSB ensures that its legacy of community support persists, creating a ripple effect of positive change for generations to come.