inancial institutions are catalysts for transformation, driving economic and social development for the communities they serve, including underserved communities. These institutions recognize their unique transformative power and are committed to promoting positive change.

In Alaska, financial institutions are using their resources, expertise, and influence to support diverse nonprofit organizations and charitable causes by providing grants, loans, and scholarships or making in-kind donations of goods and services. They’re also investing in organizations’ capacity by offering training, mentorship, and technical assistance.

Effective charitable giving is one of the many tangible ways First National Bank Alaska is demonstrating connections with Alaskans. During 2024, the bank’s charitable contributions benefited statewide-focused organizations including UAA, Alaska Pacific University, United Way of Anchorage, Alaska School Activities Association, Boys & Girls Club of Southcentral Alaska, and Special Olympics Alaska.

First National contributes nearly $1 million annually through its charitable giving and corporate sponsorships, according to Natasha Pope, the bank’s fair lending and quality assurance manager and Community Reinvestment Act officer. “Through its numerous contributions each year, the bank is a perennial supporter of critical agencies and programs serving our local communities and broader regions,” Pope says.

Enacted by Congress in 1977, the Community Reinvestment Act encourages banks to meet the needs of customers at all income levels. The Office of the Comptroller of the Currency evaluates banks, and First National scored “excellent” ratings in this year’s review of lending, investment, and service.

Longstanding partnerships are instrumental in a bank’s transformational role in the community. For instance, First National’s relationship with UA goes back many years, with the bank contributing more than $5.1 million to the statewide university system. The bank has funded projects like the Seawolf Stock Ticker and helped establish the First National Bank Alaska Finance Lab at the UAA College of Business & Public Policy. “These are not just shiny new additions; they give students hands-on experience and a real-world understanding of finance, which is so important for shaping Alaska’s future workforce,” Pope says.

The impact of First National’s corporate support helps enhance the quality of life throughout the state. Pope elaborates, “Since 1922, First National has remained dedicated to improving the quality of life in the communities it serves, embodying the vision of former president D.H. Cuddy: that the bank can only thrive if Alaska’s communities do so as well.”

Credit Union 1 (CU1) also has a robust community outreach program. CU1, Alaska’s only state-chartered credit union, serves all of Alaska with financial support through fundraising, scholarships, and direct donations to nonprofit community partners, according to President and CEO Mark Burgess. “Our employees are also passionate about in-kind support via volunteerism, food drives, back-to-school giving, and community-specific initiatives” he says. “CU1 staff have volunteered a total of 3,188 hours across Alaska as of September 30.”

CU1 employs its Mobile Branch to provide financial services at community events and to community groups and credit union members in need anywhere on the road system. It also hosts monthly Financial Reality Fairs for students and young adults, including an October fair in Kotzebue, where CU1 is opening its newest branch. “We believe supporting the local community strengthens relationships, improves financial well-being, and fosters togetherness across Alaska,” Burgess says.

Supporting local communities isn’t just altruistic; it’s about making strategic economic investments in the community. “To us, that means doing business fairly and responsibly, promoting diversity and inclusion, and making meaningful investments in places where we work and play,” says Lori McCaffrey, KeyBank Alaska market president and commercial banking sales leader.

In Alaska, KeyBank supports low- to moderate-income communities with education, workforce development, environmental issues, and growing neighborhoods. In 2023, the bank invested in organizations like Rural Community Assistance Corporation, a California-based nonprofit focused on safe and affordable drinking water. Not to be confused with Rural Alaska Community Action Program, which received a grant from KeyBank to support its Teacher Apprenticeship program.

“These are just small examples of KeyBank’s support to the community,” McCaffrey says. “Over seventeen organizations received funding from Key to support many different programs and activities making meaningful and impactful change in our state.”

In the finance industry, “community bank” refers to a locally owned and operated depository institution that, in contrast to a regional or national bank, responds to the needs of neighborhoods where branches are located.

Northrim Bank is an example. “We live and work in the same community and want to ensure our neighbors have the help and support they need,” says Northrim Marketing and Communications Director Kari Skinner.

Northrim has collaborated with Cook Inlet Housing Authority for more than twenty years, financing and investing more than $60 million in low-income housing tax credits that have yielded many new housing units in Southcentral. Northrim has also given financial support and board leadership to Housing Alaskans, a nonprofit housing trust formed in 2022 to produce, preserve, and protect housing. Furthermore, “As longtime supporters of NeighborWorks Alaska, we are committed to providing resources to the housing issues in Anchorage and throughout the state,” Skinner says.

Financial institutions are meticulous about the charitable organizations and causes they choose to champion. They typically prioritize projects that match the institution’s core values and mission. Initiatives with the potential for significant or long-term impact also receive preferential consideration.

Northrim, for instance, favors programs that strengthen low-income individuals and families and provide community and economic development, including affordable housing, health and wellness programs, and higher education through Alaska’s Education Tax Credit program. The bank reviews requests on an annual basis and selects those most closely aligned with its focus areas.

“We also work with customers to support community projects and programs they are involved in as we understand the effect they can have within their respective communities,” Skinner says. “Throughout Alaska, we work with our employees to support nonprofits that are making an impact in the community.”

At First National, a Donations Committee and the bank’s executive leadership team oversee charitable giving to ensure consistent practices. The committee reviews most donation requests from Anchorage and other Alaska communities, while branch leadership may consider smaller local requests.

Each request is evaluated to assess if the nonprofit organization is active and in good standing with all state and federal registration and licensing requirements. The committee also determines whether the request aligns with the bank’s focus areas for charitable giving—youth, education, and emergency services—and considers factors like volunteer involvement, budget constraints, and bank policies.

“While First National cannot fund every request received, this stance is not a reflection of the value of any specific nonprofit organization or program,” Pope says. “It can be challenging to balance the bank’s budget, resources, and the volume of requests while also ensuring the bank’s charitable contributions are impactful and help improve the quality of life for Alaskans.”

Employees often play a central role in financial institutions’ ability to empower and enhance communities. Northrim Bank is a strong advocate of employees volunteering and giving to causes they are most passionate about. In 2023, it contributed more than $1 million to support local communities throughout Alaska, and its employees volunteered more than 2,500 hours. Volunteer activities included teaching financial literacy to youth and adults, sorting food at local food pantries, working in animal shelters, and coaching youth sports teams.

“Employees are encouraged to serve in leadership roles with nonprofit organizations and to share their expertise in the community,” Skinner says.

CU1 could not accomplish all that it does in Alaska without the “authentic buy-in” of its employees, says Community Outreach Manager Tiarra Gustin. The credit union’s personnel volunteer to deliver Commodity Supplemental Food Program food boxes, support fundraiser events statewide, and teach financial literacy at local schools through Junior Achievement’s JA in a Day program and through Financial Reality Fairs. CU1 also encourages its leaders to coordinate social projects with their teams, which include member-facing fundraisers and team volunteer activities.

CU1 rewards employees for consistent outreach efforts. All employees receive a special-edition volunteer t-shirt when they sign up for their first event and a special pin after they complete five volunteer hours. “Upon completion of ten, twenty, and forty volunteer hours, employees receive ‘employee points’ that can be redeemed for PTO, cash, or funds to be spent in our internal logowear store,” Gustin explains.

Many of KeyBank’s teammates are engaged with local nonprofits through board service and/or volunteer activities. For example, the bank’s annual Neighbors Make the Difference Day supports teammates stepping away from their desks and giving back to organizations in need through activities like gardening, painting, and food sorting. “This day is recognized throughout KeyBank’s entire network across the country, but it was originated in the great state of Alaska, something we are very proud of,” McCaffrey says.

Local employee involvement has long been a key feature of First National’s community development efforts as employee involvement fosters pride and helps develop leadership skills, Pope says. During the bank’s centennial celebration in 2022, each branch selected a nonprofit to receive a $1,000 cash or in-kind contribution, benefiting organizations like youth shelters and senior centers. First National’s commitment to community development and charitable giving is also highly valuable to its efforts to recruit and retain a talented team of local Alaska employees.

“The bank’s ever-ready, enthusiastic, and committed employee volunteer corps further demonstrates congruence between the bank’s charitable or philanthropic activities as well as its main business of providing Alaskans financial services,” Pope says.

How do institutions measure the effect of their philanthropic efforts? Usually by quantifying metrics like dollars invested, jobs created, and beneficiaries served. Success stories of changed lives, improved infrastructure, or community resilience are also revealing indicators.

First National views the effectiveness and impact of its community support through several lenses, including geography or regional impact, employee participation, and factors like the bank’s focus areas and the type of nonprofit organization. Pope, who volunteers as board chair of United Way of Anchorage, is particularly proud of the bank’s response to the increased demand for food assistance in 2020 during the COVID-19 pandemic.

“With the support of partners, we successfully coordinated and broadcast the ‘Spirit of Alaska’ virtual holiday concert, featuring more than twenty local artists,” she recounts. “First National’s full underwriting of the event with a $37,000 investment allowed viewers to donate directly to the United Way of Anchorage’s Restaurant and Hunger Relief Program. The event raised a total of $23,015 from ‘attendees,’ and additional matching donations of $26,985 brought the total contribution to $73,015, with approximately 85 percent directed to the United Way’s Restaurant and Hunger Relief Program.”

By February 2021, the program had helped 320 restaurant employees and delivered 69,000 meals to Alaskans in need. The donation helped employ restaurant workers—cooks, dishwashers, and delivery staff—and covered the cost of food and supplies to prepare and deliver welcome meals to low-income, food-insecure families, children, youth, and seniors. Pope says, “It was a true win/win, supporting both the community and local businesses when they needed it most.”

Northrim carefully considers the level of success of an organization’s program—especially if the entity has an established relationship with the bank—to ensure its financial support is providing a lasting effect to the local community. Since its inception, Northrim and its employees have contributed more than $2.8 million to support United Way. In 2023, employees participated in the annual United Way Campaign and pledged $150,000 in support of local communities, Skinner says. This total includes direct donations from employees and Northrim’s 50 percent match.

Supporting the local community was paramount to Northrim’s founders, and that remains true today, Skinner says.

“Our involvement throughout the state has increased as we have added locations in Eagle River, Fairbanks, Homer, Juneau, Ketchikan, Kodiak, Nome, Sitka, Soldotna, and Wasilla,” she says. “We are proud that we have been able to volunteer in more locations and support a larger number and wider variety of projects as we have grown.”

With their ongoing commitment to invest in Alaska’s communities, financial institutions strive to create a permanent ripple effect of positive change. For instance, McCaffrey says KeyBank will never stop supporting the Alaska community. “Philanthropy is not just something we do at KeyBank; it is who we are,” she says. “When the community is supported, we all win.”

Likewise, CU1 is committed to fostering an inclusive and supportive environment for all Alaskans. Burgess says, “We believe that true community engagement means continually evolving to meet the needs of those we serve, particularly within diverse communities. Our efforts are driven by a commitment to making lasting, positive impacts on the people and places we call home.”

Financial institutions are making a positive impact on Black, Indigenous, and people of color (BIPOC) communities, which often face inequity and other challenges. They support BIPOC-owned businesses, introduce culturally sensitive products and services, and offer scholarships and mentorships to promote educational equity.

A standout example is First National Bank of Alaska’s HUD Title VI loan. In 2001, First National became the first lender in the nation to pioneer this loan guarantee program, offering crucial housing loans to rural tribal councils. “Since then, the bank has remained an active Title VI lender in Alaska, providing housing to low- and very-low-income individuals in remote rural communities,” says Natasha Pope, the bank’s community relations manager.

First National has also proudly committed support to Alaska Pacific University’s endeavor to create a campus that is welcoming, accessible, and culturally affirming. The bank made an initial investment of $40,000 to renovations for the Shel ch’naq’ahnilu Center in the Grant Hall lobby. It also provided an additional match funding commitment of $70,000 toward the final phase of the project.

Other notable First National investments that focus on BIPOC communities include supporting the Alaska Black Caucus Equity Center, Alutiiq Museum in Kodiak, and CITC’s Denełchin Lab in East Anchorage.

Northrim Bank has worked with the Yakutat Tlingit Tribe and its Yakutat Tribal Health Board to finance construction of a new Yakutat Community Health Clinic (YCHC). Northrim’s expertise, responsiveness, and willingness to work with multiple organizations were important elements of the project’s success and supported the creation of an additional community health clinic in Seward, according to Kari Skinner, Northrim’s director of marketing and communications. “Offering these expanded services qualified YCHC for increased federal funding and is a major upgrade in services to the remote area of Alaska,” Skinner says.

Northrim also supports the Alaska Federation of Natives, First Alaskans Institute, Alaska Tribal Administrators Association, and Alaska Native Village Corporation Association in their respective initiatives.

Credit Union 1 (CU1) has built longstanding partnerships with many organizations in Alaska that support the BIPOC community. CU1 is active with School Business Partnerships through the Anchorage School District, assisting culturally diverse schools like Mountain View Elementary, Taku Elementary, Tyson Elementary, and Clark Middle School.

CU1 also partners with Indigenous and women-owned businesses for services, including Member Appreciation Days and food truck visits at its headquarters. “This collaboration supports local entrepreneurs and helps elevate minority-owned businesses,” says Community Outreach Manager Tiarra Gustin.

Additionally, CU1 has sponsored events with empowering organizations like YWCA Alaska, Anchorage Community Land Trust, Shiloh Community Housing, and Enlaces Alaska.

To help its clients, colleagues, and communities thrive, KeyBank collaborates with nonprofit organizations that enhance the BIPOC community, ranging from the Alaska Black Caucus and Chugach Heritage Foundation to United Way of Anchorage and Tanana Chiefs Conference. The bank partners with the community as a whole to provide program grants, event sponsorships, volunteer service, employee resource groups, and financial empowerment through financial education.

“We believe investing in, partnering with, and supporting local communities is fundamental for our collective success and mutual prosperity,” says Lori McCaffrey, KeyBank Alaska market president and commercial banking leader. “We are stronger together.”