Part of the bank’s mission
Ruth Johnson, director of Prime Time Club at Damascus Community Bank in Damascus, Maryland, is also proud to be part of a charitable bank.
“We are encouraged to belong to any type of organization that gives back and personally, the bank pays for my dues for the local Lion’s Club and Women’s Circle,” said Johnson.
“Damascus has a two-day festival called Celebrate Damascus, and in our parking lot we set up a dunk tank where employees take their turn getting dunked. We also have free hot dogs, clowns, face-painting and a collection box for our fire department. We have 30 employees who walk in the parade and that kind of involvement extends to our community fair and more. Being involved in the community tells the customers we care.”
Katz, in agreement, explained Watertown’s Savings Bank’s mission includes supporting non-profit and charitable organizations.
“We are a mutual bank, a type of bank developed in the late 19th century whose sole purpose is to serve the depositors. We understand the need for growth, and we benefit greatly by having branches in communities that are thriving,” she said.
“When the community succeeds, the bank succeeds. We have many customers who bank here strictly because of our community involvement. For that reason and many more, it is to our benefit to extend ourselves personally and financially. While there are probably only 1,000 mutual banks left in the country, it is certainly beneficial for any bank or even any company to encourage giving. It is always a win-win situation.”
Reaping the personal
and professional rewards
Like George Bailey, Galgay today finds herself with a wonderful life. While George’s friends extended to people like Bert the policeman, Ernie the cab driver, Giuseppe the bar owner and Violet, the most attractive woman in Bedford Falls, Galgay can point to hundreds of people throughout Watertown and beyond whom she considers friends.
“The old adage about it being better to give than to receive is absolutely true,” she said.
“But as the Club 50 director, I can also say it is a major key to our success. In this day and age, we require at least $25,000 in deposits to be a member, and yet the average deposit for our members is $108,000. In fact, 48 percent of our Watertown Savings Bank assets are from club members – you talk about loyalty!
“How lucky am I?”
