Greenfield Savings Bank Joins Western Mass EDC

With more than 150 years of roots in Western Massachusetts,
Greenfield Savings Bank is helping businesses, communities and
local institutions grow across the region.

New Member Spotlight: Greenfield Savings Bank joins the Western Mass EDC, highlighting local capital, community investment and regional impact.

Economic development is often measured in jobs created, businesses
expanded and projects completed. But behind those visible results is
an infrastructure that makes growth possible: access to capital,
local decision-making, strong community institutions, investment in
downtowns and neighborhoods, and leaders who understand the places
they serve.

Greenfield Savings Bank operates at many of those intersections.

Founded in Greenfield in 1869, GSB has grown into a more than
$1.5 billion mutual community bank with more than 200 employees and
nine locations across Franklin and Hampshire counties. Yet one of
the defining elements of its approach remains decidedly local:
the people making decisions live and work in the communities
affected by them.

That combination of regional capacity and local connection is one
of the reasons the Western Massachusetts Economic Development Council
is proud to welcome Greenfield Savings Bank as a new member.

Capital that helps businesses move forward

For businesses, the role of a community financial institution extends
well beyond checking accounts.

Greenfield Savings Bank provides financing for commercial real estate,
construction, equipment, acquisitions and expansion, as well as
working-capital lines of credit. The bank is also an SBA 7(a)
Preferred Lender and works with Certified Development Companies on
SBA 504 financing.

Those capabilities are part of the financial infrastructure that
allows companies to invest in property, purchase equipment, manage
periods of growth and pursue new opportunities.

And because lending decisions are made locally, the people evaluating
those opportunities understand the businesses, communities and
economic conditions behind the numbers.

Investing in place, not simply operating in it

GSB’s recent investments illustrate what locally rooted economic
development can look like.

The bank opened its ninth location in Easthampton, establishing a
southern headquarters and expanding access to personal and business
banking, commercial and residential lending, cash management and
wealth-management services.

In downtown Greenfield, GSB also completed a nearly
$7 million restoration of the historic Leavitt-Hovey House,
a landmark dating to 1797 that now houses the bank’s Wealth Management
& Trust, Residential Lending and Cash Management teams.

For an economic development organization, examples like this matter.
Growth and preservation do not always have to compete. Investment can
strengthen a company’s capabilities while strengthening the place
around it.

More than $1 million invested back into the community each year

Greenfield Savings Bank’s impact also extends beyond banking.

As a mutual community bank, GSB reinvests more than
$1 million annually into local nonprofits, arts
organizations, community programs and business sponsorships.
Its community support reaches areas including housing, food security,
education, health, youth services, social services, arts and culture.

That work is not separate from economic development.

Strong businesses need strong communities. Employers depend on
housing, education, childcare, culture, healthcare, vibrant downtowns
and community organizations that make Western Massachusetts a place
where people want to build careers and lives.

That connection between business development and community strength
is also reflected in the work of
Tara Brewster, Vice President of Business Development and
Director of Philanthropy, who will represent Greenfield
Savings Bank through its engagement with the EDC.

Bringing another local perspective to a regional table

Greenfield Savings Bank’s membership represents something bigger
than adding another organization to the EDC roster.

Western Massachusetts does not lack strong organizations, innovative
companies or committed leaders. The opportunity is to connect more
of them across municipal, county and sector boundaries.

That is the role the Western Mass EDC is working to strengthen:

Connect. Convene. Advocate.

By bringing organizations like Greenfield Savings Bank into the same
network as employers, colleges and universities, municipalities,
developers, manufacturers, healthcare institutions, workforce
organizations and other regional partners, we can better understand
where opportunities exist, where businesses are encountering barriers
and where collaboration can accelerate progress.

For Greenfield Savings Bank, membership creates another avenue to
bring its knowledge of local businesses and communities into regional
conversations.

For the EDC, it adds another deeply rooted institution to the network.

And for Western Massachusetts, it means more of the people already
investing in the region are connected to one another.