85% 50% $63K $2.6M 91% 10% $125K $11.4M
Stronger Together

Diversity, Equity, and Inclusion (DEI)

At Mascoma Bank, education and introspection around DEI issues form an important part of our culture. In 2020, we started a people resource group called CoAlign, which provides education and resources centered around diversity, equity, and inclusion. We host monthly educational sessions conducted by Jermaine Moore of the Mars Hill Group. These workshops focus on individual and team development, inclusive communication, recognizing unconscious bias, and finding ways to connect across identity. The vast majority of our team members participate in these sessions.

2023

96 % of our team

Engagement

Commercial Lending (not including PPP)

In 2023, overall commercial loan volume increased substantially from the previous few years.

$158
million

2019

$242
million

2020

$220
million

2021

$283
million

2022

$296
million

2023

Community Impact

Black man driving a car

Mascoma Bank is committed to supporting efforts toward diversity, equity, and inclusion. How did this help Aden Haji open a driving school?

Find Out How

Mascoma Bank is committed to supporting efforts toward diversity, equity, and inclusion. How did this help Aden Haji open a driving school?

Find Out How

Retail
Lending

Interest rates remained stubbornly high throughout 2023. That, combined with a severe shortage of homes for sale, reduced mortgage volume nationwide. Throughout the year, we continued to focus on our customers’ journeys and making home financing a better experience, while also providing funding for home and energy efficiency improvements.

Home Loans

2023

$

197835000

2022

$

339426059

First Mortgages

2023

538

2022

995

Refinances

2023

77

2022

390

One Home at a Time

a several story apartment building

As a community bank, Mascoma Bank is committed to taking a leadership role in addressing housing challenges that are being felt severely in Vermont, New Hampshire, and Maine.

Learn More

two story house with yard

Impact report

Every three years, Certified B Corporations go through the extensive B Lab Assessment and verification process. The assessment measures our impact on our workers, communities, customers, and the environment. Our B Corp status helps Mascoma Bank make a positive impact where we operate and to “use business as a force for good.” Here are some of our accomplishments in 2023 and plans for 2024.

If you have any questions about Mascoma Bank or this report, I encourage you to contact me at 603-443-8643 or Samantha.Pause@MascomaBank.com

—Samantha Pause, Mascoma Bank Benefit Officer

Certified Since June 2017
Company Score
ENVIRONMENT8
WORKERS34
CUSTOMERS17
COMMUNITY36
GOVERNANCE20
OVERALL RATING115

COMMUNITY
2023

We strove to better serve our communities through new and continuing initiatives.

We provided $2.6 million dollars in philanthropy from the Bank and the Foundation to support nonprofit organizations throughout our market area.

Mascoma Community Development received its sixth allocation of New Market Tax Credits, providing a total of $335 million since their first award in 2014.

Bank team members contributed a total of 5,000 hours volunteering on nonprofit boards.

PEOPLE
2023

Special initiatives and milestones focused on making life better for our customers and team members.

Team member turnover stayed at 15%, the lowest in our history

Team members were offered more than a dozen workshops and webinars related to personal wellbeing through our Wellbeing Team.

We increased team member headcount by 62 new positions.

We assisted 153 customers with accessing and securing an Income Advance Loan.

ENVIRONMENT
2023

Our Green Team worked at understanding and reducing our impacts.

We started working with Casella Waste Management on our zero waste goal.

We hosted three environment-related seminars for team members, featuring guest speakers who presented ways to make positive change for our climate.

INITIATIVES FOR
2024

Conduct a community needs assessment to better understand the challenges and opportunities for our communities.

Continue our zero-waste journey, starting with making sure all locations have appropriate and centralized waste containers.

Achieve a 75% diversion rate for waste at all Mascoma Bank locations.

578,000,000

Assets Under Management at MWM and MFA

“I’m really proud of the work our team has done this past year in elevating our offering and strengthening our presence,” said Brochu. “We have taken a team approach to developing our strategy. Our group collaborates extremely well because we are all fully vested in what we are building together.”

As one of the few financial services companies in New England that is also part of a Certified B Corporation, Mascoma Wealth Management has always been committed to providing investment opportunities and guidance for a broad spectrum of clients.

Now, under the leadership of Zuzana Brochu, President of Mascoma Wealth Management, who joined Mascoma at the end of 2022, the team is refining its approach and deepening our offerings. Brochu also oversees Mascoma Financial Advisors, the Bank’s brokerage division, Mascoma Bank Trust Department, as well as Private Banking, and has her team better integrating those offerings.

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