Eastern Bank to Give at Least $5M to Antiracism Fund

NEC member Eastern Bank will donate $5 million, and match employee donations 2-to-1, to a fund launched by Black and Brown executives to address systemic racism in Massachusetts. The New Commonwealth Racial Equity and Social Justice Fund was created by 19 executives of color, including Eastern Bank President Quincy Miller.

In the wake of nationwide protests over policing and racism, the fund has an initial goal of $20 million, however, organizers aim to ultimately raise $100 million. NEC Board Members Pam Everhart of Fidelity Investments and Mo Cowan of GE are also among the fund’s founders.  The fund intends to direct resources to initiatives and nonprofit organizations that benefit communities of color through police and criminal justice reform, equity in healthcare, youth engagement, and economic empowerment. Eastern Bank will donate the $5 million over a five-year period.

“Consider that if each of the largest 100 companies in Massachusetts makes at least a $1 million dollar commitment over four years to the Fund, a historic amount will be raised to tackle systemic racism in Boston and across our commonwealth,” Eastern CEO Bob Rivers, an NEC Board Member, said in a statement.

The New England Council commends Eastern Bank for supporting this initiative to dismantle systemic racism and build a more equitable Commonwealth. Read more at the Boston Business Journal.

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