How Does a Mutual Savings Bank Pay Dividends? Through Its Foundation.

June 01, 2006; As originally appeared in First Focus

STAMFORD -- As a mutual savings bank, First County Bank has no stockholders, so it doesn’t pay dividends in the traditional sense. Yet, because the Bank feels so strongly about helping people in the communities it serves, First County pays dividends in a different way— through the financial support provided by the First County Bank Foundation, Inc.

The Foundation was established in 2001 in honor of the Bank’s 150th anniversary. From the beginning, its mission has been to distribute funds annually to local non-profit organizations.

“ It’s a way for us to address critical issues — issues that affect people’s lives — like community and economic development, or help for children and families in need,” says Richard E. Taber, First County Bank Chairman and CEO.

At a ceremony on June 26th, the Foundation granted nearly $500,000 to 48 Fairfield County non-profits that serve people in Stamford, Darien, Greenwich, New Canaan, Norwalk and Westport. The recipients represent a wide range of organizations and public in many different ways — from helping at-risk kids to supporting local fire departments; from funding local learning centers to providing transportation for seniors.

“We’re committed to making a difference in the communities served by the Bank, by helping to insure that local charitable needs continue to be met, says Mr. Taber. “The Bank is extremely impressed with the dedication and commitment of the participating organizations in this year’s award process.”
Clearly, the Foundation’s effort to build stronger communities is a dividend everyone can enjoy.