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Boiling Springs Savings Bank Announces Strong Fourth Quarter Donations for Community Alliance Program

Boiling Springs Savings Bank Announces Strong Fourth Quarter Donations for Community Alliance Program - January 12, 2018

Our award-winning philanthropic program completed a record year, with nearly $500,000 donated to New Jersey nonprofits in 2017.

Boiling Springs Savings Bank, one of northern New Jersey’s largest savings banks and provider of financial services to individuals and businesses for nearly 80 years, announced fourth quarter 2017 results for its award-winning, philanthropic Community Alliance Program (CAP). The $128,722 donated in Q4 led to the program’s highest annual donation to date, with nearly $500,000 distributed to various New Jersey charitable organizations in 2017 alone. All totaled, an impressive $3.2 million has been donated through CAP since its 2006 inception. 

Offering customers an innovative, cost-free way to support their favorite regional non-profits, the Community Alliance Program made payouts to 154 charitable organizations last quarter – including organizations such as the SDK Foundation for Human Dignity, Inc., Scooby Doo’s Rescue Mission and Freeman Gardens. Total 2017 donations represented a 7.4% increase over 2016, further illustrating the program’s steady year-over-year growth. 

Over its 12-year history, the Community Alliance Program has supported some 440 New Jersey non-profit organizations, including schools, libraries, animal shelters, and other civic-minded recreational and entertainment organizations. In June 2017, Boiling Springs Savings Bank received the NJBankers Community Service Award for outstanding community support and volunteer service via CAP. 

“True to its name, the Community Alliance Program forges a three-way, mutually beneficial alliance between our bank, our valued customers, and regional non-profit organizations,” said Debra Cannariato, First Vice President of Boiling Springs Savings Bank. “CAP further drives our deep, 80-year community commitment by directly supporting institutions that are the heart and soul of the neighborhoods we serve.” 

The Community Alliance Program offers customers an easy, cost-free way to support area charitable organizations. Non-profit organizations that maintain an address in Bergen, Passaic, Morris, Essex, or Hudson counties simply need to open an account (or have an existing one). Then, individuals or businesses can support these organizations by simply designating their checking and savings accounts, CDs, IRAs or new loans at Boiling Springs. 

The program’s qualifying terms are straightforward: Once an enrolled non-profit has at least 20 designated supporters, Boiling Springs makes quarterly donations based on a percentage of the average daily balances of its supporters' accounts. All donations come directly from the bank and no associated fees are charged to customers or the non-profit organizations. 

To help non-profits accrue supporting accounts, the bank supplies marketing materials such as flyers, website copy, social media shares and e-newsletter generation. Boiling Springs also hosts on-site sign-ups on a regular basis. 

Aligning with its strong community focus throughout northern New Jersey, the 17-branch bank hopes to encourage more non-profits to join the Community Alliance Program, as it offers cost-free opportunities to earn money and build a support base among both local residents and businesses.