The Eastern Bank Foundation, under the leadership of Stager, has been making significant strides in community support, reflecting on a journey that has seen the foundation grow in influence and assets.
Stager remarked on her connection with the bank, stating, “I feel like the bank and I grew up together. It’s been a great ride. We’ve done a lot of good in our communities. I’m very proud of what the whole team has done.”
Originally, the foundation operated with its own executive director, Laura Kurzrok, who reported directly to Stager. At that time, Eastern Bank, as a mutual bank, committed to donating 10 percent of its net income to the foundation.
In a pivotal moment for the foundation, Stager transitioned to a full-time role in 2020, following Eastern’s initial public offering. This change was announced by chairman Bob Rivers, marking a new chapter for the foundation, which saw its assets increase significantly after receiving shares valued at approximately $90 million, essentially doubling its size.
Now boasting assets around $250 million, the Eastern Bank Foundation focuses on community grants ranging from $100 to $10,000, alongside larger grants that target four critical areas: advancing equity for small businesses, supporting early childhood education initiatives, promoting affordable housing, and enhancing workforce training for individuals facing employment barriers.
In a creative move inspired by Google, Stager implemented a “foundation fellows” program. This initiative invites subject matter experts to join the foundation on a full- or part-time basis, bringing valuable insights and expertise.
The first fellow was Dorsey, the former chief of education for then-mayor Martin J. Walsh, who later became the chief impact officer of the foundation. Subsequent fellows include various experts in their fields, such as Jeff Fuhrer in economic and racial justice, Jerry Rubin in workforce development, Dina Scianna in affordable housing, Natalia Urtubey in small-business equity, Eva Millona also in workforce development, and Tom Weber in early childhood education.
Last year, the Eastern Bank Foundation distributed $16 million in grants and also benefits from a network of dedicated Eastern Bank employees who volunteer their time and resources.
“It’s about building stronger communities,” Stager asserted, emphasizing the importance of listening to community needs rather than merely viewing them through the lens of charity.
Shifting focus to the Massachusetts biotech sector, the industry is currently navigating a range of challenges, including tariffs, pricing crackdowns, and research funding cuts, compounded by staffing issues at the Food and Drug Administration.
During the annual BIO conference held at the Boston Convention & Exhibition Center, Governor Maura Healey and Marc Casper, the CEO of Thermo Fisher Scientific, addressed these concerns while also highlighting the resilience and strengths of the Massachusetts biotech ecosystem.
Healey acknowledged the pressing issues yet assured attendees that Massachusetts possesses the resources needed for a thriving biotech environment, remarking, “I want you to know we have everything we need” in the state, excluding an uninterrupted flow of National Institutes of Health funding.
Kendalle Burlin O’Connell, CEO of the Massachusetts Biotechnology Council, moderated a discussion during the event, where she asked Healey and Casper what strategies Massachusetts should employ to maintain its status as a leader in life sciences.
In response, Healey underscored the necessity for increased partnerships among hospitals, universities, and venture capitalists, saying, “That kind of communication is what makes this ecosystem so powerful. It’s also going to help us get through the moment that we’re in.”
Casper echoed the sentiment regarding industry collaboration and elaborated on Thermo Fisher’s local manufacturing efforts, including a factory opened in Plainville in 2022 specializing in viral vectors essential for gene therapies. Additionally, he mentioned the company’s commitment of $1.5 billion over four years to boost and expand its manufacturing capabilities within the US.
“As we get commitments from our clients, you’ll see us adding new lines to our infrastructure,” Casper stated, conveying optimism for the future.
Further extending the positive narrative, a subsequent panel featured executives from major biotech firms, including Vanessa Barth from Eli Lilly, Deborah Glasser of Sanofi, and Maurice Phelan of Sartorius. They discussed why their companies have chosen to expand within Massachusetts.
The consensus among the panelists was that the unique combination of talent, premier universities, innovative research, and robust venture capital makes Greater Boston an unparalleled location for biotech development.
“There’s no other place in the world that’s like Kendall Square, and it’s now expanding beyond Kendall Square,” Glasser remarked, emphasizing the region’s distinctive advantages in supporting biotech growth.
In the realm of education, Suffolk University has undergone a significant transformation, primarily due to the efforts of senior vice president John Nucci, who is set to retire after 19 years in leadership.
Since joining the Suffolk administration in 2006, Nucci has played a crucial role in shifting the university’s focus from the residential areas of Beacon Hill to the Tremont Street corridor, aimed at fostering better relations with the local community.
“If you stroll from one end of our downtown campus to the other . . . you can see the hand of John Nucci,” noted president Marisa Kelly in a memo, emphasizing his critical role as a liaison between Suffolk and local civic leaders.
Although he will be retiring at the age of 73, Nucci plans to continue his service by remaining on the Massachusetts Port Authority’s board of directors, hinting that he may engage in civic affairs in another capacity.
“The odds say that I won’t be able to stay away from the action,” Nucci remarked. “For now, it’s time to get off the merry-go-round.”
Meanwhile, the Boston Marathon has achieved a notable fundraising milestone, raising a record $50.4 million for 176 nonprofits this spring, surpassing last year’s record of $45.7 million.
The majority of the 30,000 participants qualified through race times, while roughly 10% entered by raising funds for charitable causes.
This year marked the second since Bank of America became the lead sponsor of the marathon, taking over from John Hancock. BAA president Jack Fleming credited the bank’s focus on highlighting everyday runners and their fundraising efforts as pivotal for the increase in donations.
Bank executive Miceal Chamberlain noted that the long-standing fundraising legacy initiated by the BAA and John Hancock in 1989 was a significant factor that attracted the bank’s sponsorship.
The bank utilized its marketing resources to promote charity runners through advertisements and signage while providing a web portal for donations to individual runners or charities.
While the BAA has traditionally spotlighted elite runners, Chamberlain emphasized that the sponsorship aimed to elevate the visibility of charity participants and their important causes.
“With our support and their dedication, we’ve created a tremendous sense of pride,” said Chamberlain. “This race means so much to the people who grew up in the region.”
image source from：bostonglobe
