St. Paul, Minn. | September 14, 2020 – Social Assurance — a marketing, sales, and community development software that helps banks and credit unions support their community – announced Drake Bank and Michigan State University Federal Credit Union (MSUFCU) as the winners for the 2020 Community Spark Award. The award recognizes banks and credit unions making an outstanding difference in their local communities through unique support, volunteerism, philanthropy, and development initiatives.
“The Community Spark Award celebrates financial institutions have gone above and beyond to support individuals and small businesses in their communities,” said Ben Pankonin, CEO and Social Assurance. “We are proud to recognize the local impact these two organizations have made and continue to make in supporting their communities.”
Drake Bank received runner-up for the award for their Drake COVID-19 Relief Fund initiative. The relief fund helped individuals experiencing financial hardships resulting from the pandemic. The directors, staff, and community members of Drake Bank raised over $80,000 in donations for distribution to members of their community. Grant applications were submitted, reviewed, and funded weekly by Drake Bank from April to June of 2020, providing 155 local individuals with $500 each in relief grants.
“We are in the business of supporting and helping our community grow and thrive,” said Greg Larson, President and CEO at Drake Bank. “We are honored and humbled to receive this award. Our dedication to helping the community has continued throughout the pandemic. We are inspired and encouraged by all the other financial institutions that shared their commitment to building up our communities during these unprecedented times.”
In addition to recognition, Social Assurance provided each winner with a donation to a local charity of choice. Drake Bank selected the Quorum Foundation, which assisted Drake Bank in distributing the relief fund grants.
Drake Bank is a purpose driven independent bank in St. Paul. We were founded in 2002 by a group of successful entrepreneurs committed to helping others succeed for the shared prosperity of their community. Our 70+ founders invested their own money to fund the first business loans and many are still shareholders today. Start building a better future with us. Learn more at drake-bank.com.