2024 Sustainability Report
A LETTER FROM OUR PRESIDENT & CEO
James Anthony
Since our founding in 1909, Martha’s Vineyard Bank has been dedicated to supporting the overall health of our local community. In this inaugural report, we’re pleased to share how this long standing commitment has translated into concrete steps toward a more sustainable future, while acknowledging there is still work to be done.
We believe that sustainability goes beyond environmental stewardship and also encompasses social responsibility, economic fairness, and a dedication to enriching the lives of those we serve. As a Certified B Corp, we’re committed to considering how our decisions affect our employees, customers, neighbors, and the neighborhoods we’ve served for over a century.
Our approach begins with people. Through our Charitable Foundation, we support local projects that advance affordable housing, education, and social well-being. Internally, our employees volunteer in the community, and each one participates in donating to local nonprofits.
At our offices across the Island and in Falmouth, we prioritize preserving community character and supporting local economies. We choose eco-conscious vendors, embrace paperless banking, and have been adopting energy-efficient practices. Our digital transformation will help streamline operational efficiencies while preserving the personal connections that set us apart.
2024 Sustainability Report
We believe investments in our community’s social fabric are key to building resilience, but we know the path toward a sustainable future is far from complete. The journey is ongoing, and we’re energized by the progress to be made. Together, we can drive meaningful change, one step at a time.
Thank you for your continued support and trust.
Sustainability Report
“SUSTAINABILITY
GOES BEYOND ENVIRONMENTAL STEWARDSHIP AND ALSO ENCOMPASSES SOCIAL RESPONSIBILITY, ECONOMIC FAIRNESS, AND A DEDICATION TO ENRICHING THE LIVES OF THOSE WE SERVE.”
JAMES ANTHONY PRESIDENT & CEO
Our Origins
Martha’s Vineyard Bank traces its roots back to 1909 when it was established as the first cooperative bank on the Island. At the time, there were two national banks, but no local savings bank, and some residents had to commute to New Bedford just to procure a loan. The Bank’s arrival provided essential services to the community, while also delivering the kind of neighborly care that the national banks could not provide.
Today, with ten offices across Martha’s Vineyard and Falmouth, this same philosophy of supporting our community continues and remains central to our operations.
In 2019, the Martha’s Vineyard Bank Charitable Foundation was created to support nonprofit organizations through grants and donations. Our philanthropic efforts fund projects that support sustainability at a local level and contribute to educational, social, and environmental programs.
As we move forward, we’re dedicated to building on our legacy of service while embracing innovative solutions to meet our clients’ changing needs in the years to come.
2009 Woods Hole office opens
2007
Dukes County Savings Bank and The Martha’s Vineyard Co-operative Bank combine to become Martha’s Vineyard Savings Bank
2019
Celebration of 110 years in business and Bank changes its name to Martha’s Vineyard Bank, establishes the Charitable Foundation
Martha’s Vineyard Savings Bank is chartered
OUR PURPOSE: Responsible Corporate Citizenship
We are committed to honoring our century-old legacy and being responsible corporate citizens. We promote fair labor practices and support diversity, equity, and inclusion (DEI) across all levels of our institution. Our investments prioritize long-term well-being for our employees, our community members, and the environment.
OUR CHALLENGE: Staying Small While We Grow
As we grow, we remain committed to ensuring that human connections and meaningful, person-to-person interactions remain at the heart of everything we do. Growth won’t compromise the personal attention our customers value; instead, it will enhance our ability to serve them with care, compassion, and understanding.
2024 Sustainability Report
We aim to continuously refine and elevate the customer experience and will undergo a digital transformation with a platform upgrade in the coming years. This will enable more seamless interactions, task automation, and greater efficiencies when addressing client needs for the long term.
Martha’s Vineyard Bank was the first bank in Massachusetts to become a Certified B Corporation, joining a growing collective of for-profit businesses that meet high standards of social and environmental performance, public transparency, and legal accountability to balance profit and purpose.
This milestone highlights our dedication to creating positive change and reinforces our accountability to the benchmarks that earned us this recognition.
2024 Sustainability Report
The criteria for this certification align seamlessly with our core values: putting people first, leading initiatives to improve the lives of our neighbors, and being stewards of the natural environments and coastal culture that have made Martha’s Vineyard and Falmouth cherished destinations for generations.
To become a B Corporation, an independent third party, B Lab, gives an Impact Assessment Score, which takes into consideration corporate governance, employee well-being, community engagement, environmental management, and customer satisfaction as part of its holistic assessment. A minimum score of 80 is required, and Martha’s Vineyard Bank achieved a score of 103.7.
We stand alongside well-known companies in the B Corps Community, including Patagonia, Kickstarter, Coursera, Ben & Jerry’s, and Seventh Generation. Together, we are part of a global movement working to build an inclusive, equitable, and regenerative economy, and we hope other businesses will join us on this meaningful mission.
Energy Usage
The Bank uses four types of energy sources: electricity, natural gas, propane, and No. 2 fuel oil. A 2021 energy audit, part of our B Corp Certification process, established a baseline for usage and identified opportunities for emission reduction. Our long-term goal is to eliminate fossil-fuel dependence and transition to 100% sustainable energy. Currently, all of our electricity is derived from renewable sources.
2024 Sustainability Report
Sustainability Goals
Achieving B Corp certification was just the beginning. Building on this milestone, we’re committed to ambitious near- and long-term goals that drive our impact forward, both within our operations and in our communities. Our ultimate goal is to become a fossil-fuel free, zero net carbon emissions institution.
Goal 1: Locally Integrated Operations
Maintain our commitment to neighborhood-focused banking locations
Prioritize adaptive reuse of existing buildings over new construction
Foster accessible, convenient locations near town centers
Goal 2: Strategic Community Investment
Strengthen the Martha’s Vineyard Bank Charitable Foundation through:
Targeted grant-awarding that supports affordable housing projects, educational programs, and social well-being initiatives
Partnering with local organizations to achieve shared goals
Set annual growth targets for Foundation funding
Goal 3: Social Impact & Environmental Stewardship
Support employee engagement and well-being:
Continue paid volunteer time and beach cleanup programs
Maintain 100% participation rate in employee-directed donations
Explore opportunities to reduce employee commuting carbon footprint
Increase awareness and convenience of waste reduction and recycling
Offer affordable housing options
Reduce environmental impact through:
2024 Sustainability Report
Promoting paperless banking, highlighting its benefits, and setting measurable paper reduction targets
Remediating high thermal load buildings
Tracking and reducing energy use across all properties
Replacing fossil-fuel burning furnaces, boilers, and heat pumps with electricity-powered equipment
Continuing the use of 100% renewable electricity
Using FSC-labeled products and supporting other eco-conscious suppliers and Certified B Corps
Undergoing a digital transformation project to streamline operations, optimize resources, and decrease waste
Our success stems from ethical decision-making and a commitment to honesty and integrity. Upholding high moral and legal standards is vital for our reputation and community trust. Our Code of Ethics aligns our practices with our values and sets expectations for Bank employees, all of whom must read and acknowledge this policy.
While our complete Code of Ethics offers comprehensive guidance for our operations, this summary highlights the key principles that inform our daily decisions and actions.
Our Commitment to Ethics and Integrity
At Martha’s Vineyard Bank, our ethical principles guide everything we do. We believe in building trust through transparency, protecting our customers’ privacy, and maintaining the highest standards of integrity in all our operations.
Our
Core Ethical Principles
Protecting Privacy and Confidentiality
We safeguard our customers’ trust by keeping their information private and secure. This commitment to confidentiality extends to all customer data, financial activities, and Bank operations.
Managing Financial Integrity
We ensure all financial records are accurate and honest
We follow proper procedures for all transactions
We maintain transparent and truthful documentation
We never manipulate records or circumvent systems for personal gain
Professional Conduct
We avoid conflicts of interest between personal and Bank business
We make decisions based on the Bank’s and customers’ best interests
We exercise care in accepting gifts or favors
We maintain professional relationships with customers and vendors
Business Practices
We compete fairly in the marketplace and follow ethical marketing practices
We keep Bank and customer information confidential
2024 Sustainability Report
We follow all regulations regarding political contributions
Speaking Up
We encourage all employees to report concerns about potential ethical violations without fear of retaliation. We maintain clear channels for reporting issues and protect those who speak up.
Our Promise
We’re committed to serving our community with integrity, protecting our customers’ trust, and maintaining the highest ethical standards in banking. These principles aren’t just rules—they’re the foundation of our relationships with customers, employees, and the community.
Diversity, Equity, And Inclusion
At Martha’s Vineyard Bank, one of our greatest strengths is that we are not all the same. We draw on the differences in who we are, what we’ve experienced, and how we think. To create compelling solutions that serve everyone, we need to include everyone.
As an organization that has been dedicated to the vibrancy, sustainability, and betterment of our community, we recognize that to be successful we must welcome all perspectives, incorporate all points of view, and drive toward a world where everyone is provided the same opportunity to thrive.
The collective sum of the individual differences, life experiences, knowledge, inventiveness, innovation, self-expression, unique capabilities, and talent that we invest in our work shapes a significant part of our shared culture, reputation, and organizational achievement.
Martha’s Vineyard Bank defines diversity, equity, and inclusion as:
Diversity: Representation across a wide range of backgrounds, experiences, and views.
Equity: Fair and equitable treatment, access, opportunity, and engagement for all.
Inclusion: Environment that respects and values all perspectives, especially ensuring that persons within historically underrepresented groups are included and represented.
To achieve our goals, we aspire to:
Practice respectful communication and cooperation between all employees, trustees, customers, and others aligned with our organization.
Encourage teamwork and participation that allows all group and employee perspectives to be represented.
Exercise proactive inclusion of a diverse group (e.g. gender, race, age, religion, sexual orientation, etc.) to contribute unique perspectives and insightful guidance so that outcomes of these activities are applicable to all.
2024 Sustainability Report
Embrace the principles of diversity, equity, and inclusion in all activities and services associated with Martha’s Vineyard Bank.
Be diverse so that our work and interactions benefit from a range of perspectives and insights.
INCLUSION
EQUITY DIVERSITY
STATEMENT OF Continual Improvement
Looking ahead, we are committed to making continual improvements and are always striving to do better. We hope to be an inspiration to the banking industry by moving toward a more sustainable business model with our continued focus on responsibility, integrity, and respect for both people and planet.
Awards & Certifications
Certified B Corporation
American Banker 2024 Best Banks to Work For
Bauer Financial 5-Star Rating
“Best of the Vineyard” over 20 years
Independent Community of Bankers of America
Outstanding Rating by Community Reinvestment Act
Performance Evaluation
