Cambridge, Mass. – East Cambridge Savings Bank today announced that the bank was included on the first-ever Boston Business Journal (BBJ) Inclusivity Index, a ranking of Massachusetts companies that recognizes diversity in the workplace. The Cambridge-based bank secured the tenth position on the small- to midsize-company list, which includes organizations with 500 or fewer employees. To achieve this ranking, the bank reported to the BBJ that 39% of its workforce consists of people of color, nearly 20% of its senior management is made up of people of color, and 62 out of 159 employees identify as individuals of color. Founded in 1854 as a mutual bank to serve the needs of underbanked people in East Cambridge, the organization has grown to a $1.6 billion in assets financial institution with 11 banking centers across several communities in the Greater Boston area.
“We are delighted to be included on the Boston Business Journal’s inaugural Inclusivity Index. For more than 170 years, East Cambridge Savings Bank has addressed the needs of a varied customer base while employing a skilled and diverse team to serve them," stated Timothy E. Bombard, the bank's president and CEO. “While the recent conversations around diversity, equity, and inclusion have changed with the political landscape, our bank has long had a highly diverse group of employees who bring their best selves to work each day. Maintaining a diverse and welcoming workplace, coupled with high expectations and customer service standards, has been an integral part of our bank's culture, not merely an acronym or a checkbox."
As noted on the bank’s careers website, the company is “committed to foster, cultivate and preserve a culture of diversity, equity and inclusion in the communities we serve as well as in our workforce and recognize that our success is driven by our diverse and spirited team of employees.” Potential employees are recruited from all walks of life, and an internal leadership management program is offered to help employees grow and thrive at the bank.
"During my extensive time with the bank, I've consistently seen a diverse workforce that mirrors the vibrancy and variety of the communities we serve," remarked Francesca B. DeFabrizio, executive vice president and chief human resources officer. "Our employees speak approximately 15 different languages, allowing us to connect with our customers on a personal level."
The bank has multiple committees and working groups that strive to create an inclusive, equitable and sustainable culture and work environment. Additionally, the longstanding Employee Activities Committee organizes events throughout the year to give employees the opportunity to get to know one another and learn more about each other outside of the office.
Upon releasing the Inclusivity Index, the Boston Business Journal noted that they were approached by several companies who suggested a ranking of the most diverse companies should be considered. The publication also stated that, “They had a goal of identifying successful, profitable growth companies leading the way when it comes to hiring, retaining and promoting people of color. The idea was to showcase what the data tells us: Diverse leadership leads to better business outcomes.” The BBJ conducts several annual rankings, including the most philanthropic companies, fastest growing, and best places to work.
To learn more about East Cambridge Savings Bank, please visit ecsb.com. To read more about the Boston Business Journal Inclusivity Index, please visit their website.
About East Cambridge Savings Bank
East Cambridge Savings Bank is a full-service mutually held bank that is committed to be the preferred banking partner in the communities it serves. Established in 1854, the Bank strives to provide an exceptional customer experience and generous support for the community. Headquartered in Cambridge, the Bank has locations in Arlington, Belmont, Cambridge, Chelsea, Malden, Medford, Somerville, Waltham, and Woburn as well as an educational training facility at Cambridge Rindge and Latin School. The Bank is a member of the Federal Deposit Insurance Corporation (FDIC), the Depositors Insurance Fund (DIF), and is an Equal Housing Lender.
CONTACT:
Leo Gayne
Vice President, Public and Community Relations Officer
(617) 551-2353
lgayne@ecsb.com