Board of Directors approves $128,000 for four local agencies
In response to a request for $100,000 from a group of non-profit agencies to assist individuals and families on the South Coast disproportionately impacted by the COVID-19 pandemic, BayCoast Bank and its affiliates has answered the call and beyond with a recent donation totaling $128,000.
In mid-March, amid the growing COVID-19 crisis, The Community Foundation of SE Mass, the United Way of Greater Fall River and the United Way of New Bedford came together and issued the request for emergency funding in an effort to rapidly attract and deploy resources to regional organizations that provide front-line support to priority populations including vulnerable seniors and youth, those without stable housing, the food insecure and individuals with health vulnerabilities.
In response, BayCoast Bank and its affiliates Plimoth Investment Advisors, Partners Insurance Group, LLC, BayCoast Mortgage Company, LLC and Priority Funding, LLC have provided a one-time grant totaling $128,000 divided among the following organizations: United Way of Greater Fall River, United Way of Greater New Bedford, Community Foundation of SE Mass and SouthCoast Health Systems. BayCoast Bank and affiliate employees are presently organizing giving campaigns to provide additional funds to the four agencies.
This donation will help to further the efforts of these organizations as they seek to support the residents of the Southcoast region in specific ways: The Community Foundation of SE Mass focused on the capacity and sustainability of important non-profits; the United Way focused on satisfying service and support gaps for at-risk populations; and SouthCoast Health Systems as a key frontline healthcare provider.
In addition, BayCoast Bank has purchased $5,000 in local business gift cards and donated 1,500 five-pound bags of potatoes to three local food banks.
These efforts represent BayCoast Bank’s first phase of an assistance plan to support the communities they serve during this unparalleled pandemic.
“In these uncertain times, what is certain is that the needs of many will become even greater as we move through this crisis,” said Nicholas Christ, President and CEO of BayCoast Bank. “The BayCoast Bank family is committed to doing what we can to alleviate some of the burden caused by this unprecedented health emergency and help support programs that are important to our customers and the communities we serve.”
The Get On The Bus campaign has officially gone national! Check out the full feature by clicking our cover photo below.
BayCoast Bank announced that on May 1st it partnered with BCube Analytics, Inc. to help BayCoast Bank and its affiliates address compliance challenges as it expands its footprint across the country.
Since the Bank’s operations are expanding throughout 16 states, the use of traditional solutions will result in significant increases in the effort and cost of compliance. With the BCube Compliance Delivery Platform (CDP), major challenges in compliance including rule management, requirement assessments & implementation and demonstration of compliance are simplified. The CDP serves as an enterprise compliance hub that improves control, firm-wide visibility and transparency for department and business unit managers as well as senior management and the Board. BCube is in the process of customizing the CDP to meet the specific needs of BayCoast, and the solution will be rolled out over the next several months.
The partnership with BCube Analytics also fits into BayCoast Bank’s efforts to focus on the communities in which they serve, with special focus on the South Coast of Massachusetts. BCube Analytics is headquartered at the UMass-Dartmouth’s Center for Innovation and Entrepreneurship, based out of Fall River.
“We are proud to be affiliated with an outstanding organization like BayCoast, which has done so much for the region. We are excited to work with the Bank and its affiliates to bring RegTech to the South Coast,” said Saji Nair, Founder and CEO of BCube Analytics, Inc. “We are glad to have the opportunity to provide our compliance solution at the bank to help reduce the time, effort and cost of compliance and to help transform their program to meet these challenges as the bank grows.”
“As BayCoast Bank continues to expand, we are excited to partner with a neighbor organization that can help us meet our regulatory compliance requirements,” said Nicholas Christ, President and CEO of BayCoast Bank. “We look forward to commencing this relationship and continue to better our organization, for the benefit of all.”
About BCube Analytics, Inc.
BCube Analytics, Inc. provides a cloud-based regulatory compliance solution, the BCube Compliance Delivery Platform (CDP) that serves as an enterprise compliance hub and is a new paradigm to manage the implementation of rules across any jurisdiction, regulatory agency or industry vertical. The solutions are cloud-based and designed to reduce the burden of compliance for regulated firms and to help consultants and others deliver their services more efficiently. Founded in 2011, BCube is headquartered in the UMass Dartmouth Center for Innovation and Entrepreneurship in Fall River, Mass. For more information, please visit www.bcubeanalytics.com or call 617-944-2823.
What kind of an effect does Lemonade Day have on our kids? Listen to this New Bedford mom call into the Michael Rock Show this morning to share her son’s story. Read Chantell’s letter below:
My children had a lemonade stand yesterday called Squeeze the Day, it was located on Acushnet Ave. They had so many cars, bikes, and even 18 wheelers stop by. Including Gazelle and 2018 Miss Southcoast. My children had set a goal to raise at least $200 for my son’s 7 year old friend Tyrese and his dad. At the age of 7 Tyrese had suffered from 11 strokes, many seizure and just had one of his lungs removed in April. My son loves his best friend and asked if he could give him his lung. I explained how he was unable to donate his lung, but we could find another way. My sister heard of Lemonade day and signed us up. I honestly thought we may raise only like $40 and I would sneak in some more money because my son was so excited to do this for his friend. With so many people in this city stopping by to support all the kids in New Bedford, my son was able to raise $440. I thought my son may ask to keep some of the money, but he was over joyed with the amount he raised and wanted to rush it over to his friend’s house. When he delivered the money with a bright smile it soon turned to tears because his friend and dad was so thankful and cried, that my son couldn’t hold back his tears. As we left my son said “Mommy and daddy it feels so good to help someone!” We thank you all at Fun 107 and Bay Coast Bank for supporting this day for all the children in South coast. We also would love to thank everyone within the city who stopped by. This day has taught my children so much from running a business, to mangaing money, and help others in need. Our children are our future we need more events like Lemonade day to shape our children into extraordinary children. –Chantell Baptista
Listen to the audio version here on FUN 107’s site: New Bedford Mom Writes Letter About Lemonade Day
Carl W. Taber, Executive Vice President and Chief Lending Officer of BayCoast Bank
Special Update: Keeping Recent Stock Market Declines in Perspective
Large declines like the market experienced yesterday, with the Dow dropping 1,600 points and closing the trading day off 1,175 points, can be attention grabbing given that markets have risen for two years without a substantial pullback. The decline may have caught some investors off guard, with no help from sensational headlines in the financial press. Keep in mind that the large point drop was a less than 5% decline, an occurrence that has taken place numerous times throughout history and is no reason for alarm. As noted in our recent quarterly letter, economic fundamentals and corporate earnings are the strongest they’ve been thus far in the nine years since the recession, creating a positive backdrop for long-term investors.
NEW BEDFORD, and SWANSEA, MA – Effective immediately, New Bedford residents can now utilize two BayCoast Bank Interactive Teller Machine (ITM) locations for certain payments.
Residents who are unable to come to City Hall during regular business hours (Monday through Friday, 8 a.m. to 4 p.m.) can take advantage of this option to make payments at BayCoast’s ITM locations at 23 Elm Street in New Bedford, 714 Dartmouth Street in Dartmouth, or at any of its other ITM locations in Fall River, Seekonk, Attleboro, and Little Compton, RI.
The ITMs accept cash or checks; the ITMs combine the convenience of a traditional ATM with the personal service of banking for customers, allowing the customer to see and talk to a real person through a video monitor.
“We’re happy to help make tax payments easier for New Bedford residents, by accepting payments at our Interactive Teller Machines,” said Ann Ramos-Desrosiers, Chief Community Banking Officer at BayCoast. “Now residents can make their payments as early as 7 a.m. and as late as 7 p.m. on weekdays, and on Saturdays between 8 a.m. and 2 p.m. at our Elm Street branch – or any of our ITMs throughout the Southcoast.”
“BayCoast Bank has served as an alternate payment center for the residents of the City of New Bedford for many years,” said Renee Fernandes, Treasurer-Collector for the City. “The ability to utilize the new ITM technology for City payments, especially when city offices are closed, provides our customers with greater flexibility.”
Fall River Superintendent of Schools Matt Malone (kneeling) with BayCoast Bank President and CEO Nicholas Christ (ninth from left) and students and members of the school department staff.
FALL RIVER, and DARTMOUTH, MA – Earlier this academic year, all 7th grade students in the Fall River Public School system visited the University of Massachusetts – Dartmouth to enjoy a sense of what college is about, as part of BayCoast Bank’s “Get on the Bus” campaign.
Organized and funded through a collaboration between BayCoast Bank, the University of Massachusetts, Fall River Public Schools and the EdUp Committee of the Bristol County Chamber of Commerce, the “Get on the Bus” program is designed to provide 7th graders a chance to experience a sense of college and to receive the message that college can be anyone’s reality.
College students served as hosts during the program, providing tours of the campus and dormitories.
During the final tour, UMass-Dartmouth Chancellor Dr. Robert E. Johnson and Matt Malone, Superintendent of Fall River Public Schools, addressed students in the campus auditorium, underscoring the significance of a college education and the avenues students can travel to achieve their goals. Rob Mellion, President of the Bristol County Chamber of Commerce, was also in attendance.
The project was greatly assisted by Amaral Bus Company, which offered significantly reduced rates to transport the students to and from the university.
“BayCoast Bank is proud to anchor this outstanding project,” said Nicholas Christ, President and CEO of BayCoast Bank, noting that feedback from students participating in the “Get on the Bus” program has been positive. “It’s important that these young students recognize that college is not out of reach for anyone – we’re delighted to help deliver this message!”
LITTLE COMPTON, RI AND SWANSEA, MA – is pleased to announce the January 16th opening of its Little Compton branch.
Located at 2 Meetinghouse Lane, the branch is BayCoast Bank’s eighteenth location serving the South Coast region.
Andrea Pereira will serve as Branch Manager and Margaret “Peggy” Gill will serve as Assistant Branch Manager and they both look forward to working within the Little Compton community.
The new branch will offer a walk-up ITM (Interactive Teller Machines)/ATM, which combines the convenience of an ATM with the personal service of a branch. ITMs allow customers to see and speak with a bank employee remotely through a video monitor during expanded hours and work as an ATM when the ITM staff is not available. Withdrawals, deposits, loan payments, transfers between accounts and cash exchanges are some of the features offered at a BayCoast ITM, all with the convenience of talking with a teller. ITM services are available Monday through Friday 7am to 7pm and Saturday 8am to 2pm.
“We’re excited to announce the opening of our Little Compton branch and delighted that Andrea and Peggy will take a lead in servicing our Little Compton customers,” said Nicholas Christ, President and CEO of BayCoast Bank. “Expanding our presence into the Little Compton area has been a priority for BayCoast Bank; we look forward to a long relationship in this outstanding community.”
ATTLEBORO AND SWANSEA, MA – BayCoast Bank today announced the opening of its Attleboro Commercial Loan Office, at 228 Washington Street, Suite B220.
The office is overseen by designated Commercial Loan Officers Paul Leveillee and Matthew Flanagan, who are presently accepting appointments.
Mr. Leveillee, a Senior Vice President, works with business owners and commercial real estate investors and looks forward to providing clients with comprehensive lending and banking solutions. Mr. Flanagan, a Vice President, is pleased to bring his expertise in developing new commercial loan and deposit business to the Attleboro region.
Conveniently located on Route 1, the Attleboro Commercial Loan Office offers walk-up ITMs (Interactive Teller Machines)/ATMs, which combine the convenience of an ATM with the personal service of a branch. ITMs allow customers to see and speak with a bank employee remotely through a video monitor during expanded hours and work as an ATM when the ITM Staff is not available. Withdrawals, deposits, loan payments, transfers between accounts and cash exchanges are some of the features offered at a BayCoast ITM, all with the convenience of talking with a teller. ITM services are available Monday through Friday 7am to 7pm and Saturday 8am to 2pm.
“We are excited to announce the opening of our new Attleboro Commercial Loan Office, led by Paul Leveillee and Matt Flanagan,” said Nicholas Christ, President and CEO of BayCoast Bank. “We look forward to serving the Attleboro community further with this important, and now more easily accessible, professional guidance.”