DEIB COMMITTEE OBSERVER CORPS REPORT ON 3 BANKS
We investigated three banks, Cape Cod Five, Eastern Bank and Martha's Vineyard Bank, to find out about their DEI commitments and internal and external outreach. All three banks had some level of verbal commitment in their Annual Reports and other documents.
CC5 expressed a commitment to 'fostering a culture of collaboration and inclusivity" in the 2024 Annual Report. They also sponsor DEI curricula and scholarships through a national initiative during Black History Month, through their partnership with EVERFI. And, they provide 5 anual individual educational stipends to local students who participate in national EVERFI Black History Month challenges. The Bank does not do a 'deep dive' into DEI more broadly, bur rather narrowly in the culture and practices of the bank itself.
Eastern Bank has a 17-page DEI report published in 2022, detailing a strong commitment ti Diversity, Equity and Inclusion, with a detailed list of statuses covered. They state that they embrace diversity because it "makes us a better employer and a better provider of services to our customers." They expressly address how they approach diversity, equity and inclusion and why embracing diversity is important to Eastern Bank. Eastern Bank goes far beyond paying lip-service to DEC principles and practices; they detail their multi-faceted commitment, with genuine concern and interest in fostering a welcoming workplace for all.
Martha's Vineyard Bank describes their commitment ti DEI in a 2024 Sustainability Report, a Code of Ethics and DEI Statement. They subscribe to an ethic of responsible corporate citizenship. They commit generally to build "human connections." The Code of Ethnics details their "Commitment to Ethics and Integrity," "Protecting Privacy and Confidentiality," Managing Financial Integrity," "Professional Conduct," "Business Practices," and Protecting Those who Speak Up." The Bank's Diversity, Equity, and Inclusion Statement defines Diversity, Eequity and Inclusion, and focuses on acknowledging that 'We are not all the same" and "welcome all perspectives." The Bank aims to achieve the goals of diversity, equity inclusion by diverse representation among employees; equitable and fair treatment; and an environment that values all perspectives, especaily by including members of underrepresnted groups. To achieve these goals, the Bank aspires to practice respectful communication and cooperation; encourage teamwork; 'exercise proactive inclusion,' embrace diversity, equity, and inclusion principles, and maintain a diverse workforce.
In conclusion, these three banks have addresses DEI philosophically and practically, in Annual Reports and Special Reports. Cape Cod Five has reached out to the community, including schools, to provide grants and awards for DEI efforts. However, this bank has not fleshed out the meaning of these concepts as they pertain to the Bank's workplace culture in the detail that the other two banks have done. Eastern Bank and Martha's Vineyard Bank have developed rich descriptions and ways to apply DEI principles beyond the confines of the banking business setting. All three banks should be lauded for their efforts; and it is hoped that they continue to publicly and in the banking setting share their commitments to DEI.
