Mercantile Bank Social Responsibility

What Is Social Responsibility?

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Mercantile Bank & Trust Company appreciates the unique role and responsibility of a financial institution in our society. The lending and investment activities of our bank have a profound, long-term impact on the communities we serve. As a consequence, the Bank willingly embraces its leadership role to be sensitive to the economic well being and economic development of all segments of the communities we serve. As an outgrowth of this philosophy, the Bank has created the Social Responsibility Committee.

The guiding principals of our Social Responsibility Committee are to: 1) identify areas of need where the Bank can make meaningful and quantifiable difference in improving the lives, well being, or economic condition of community residents and to do so in a sustainable manner; and, 2) oversee an appropriate allocation of Bank resources consistent with safe and sound banking practice to achieve the goals of the social responsibility guiding principles.

After much research concerning needs, special skills, and where our area of emphasis should be, the bank found that there were many impoverished and working-poor Boston residents who had not been exposed to appropriate financial literacy principles, and were disadvantaged in attempting to improve their social and economic condition by this lack of knowledge. The ability to obtain and retain a job is critical, but so is the ability to effectively and maturely manage personal finances. Without such ability, people are placed at a greater disadvantage in amassing personal assets and breaking the cycle of poverty. Many people attempting to improve their economic condition often cite the lack of financial resources and budget planning skills as key barriers. It became apparent to us that personal financial education is needed by a broad spectrum of our community to help alleviate a key source of financial stress that diminishes wellness, restricts opportunity, and contributes to many other social ills.

With this realization, we developed our Social Responsibility objectives to increase competency in individual and household financial management, while leading to development of longer-term personal financial goals. We have instituted financial education programs with the key goals being: 1) To increase participants' confidence in personal financial management; 2) To improve participants budget planning, prioritizing and follow-up; 3) To increase the use of traditional banking services for savings and checking services.

Mercantile's staff has enthusiastically embraced the opportunity to assist others in bettering their financial and economic condition. We have extensively trained volunteers from all areas of the Bank, using curriculum developed both by the Federal Deposit Insurance Corporation and Operation Hope. Our staff delivers group and individual assistance in a variety of venues, ranging from inner city schools, social provider venues, and here on our premises.

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