Union Bank of Vermont made an initial pledge of $100,000 to assist local individuals, families and businesses that were affected by the catastrophic flooding in Vermont. Lamoille County, where Union Bank has been headquartered since 1891, sustained devastating damage – so severe, that it affected many properties that do not typically need flood insurance.
“The flooding in our home market of Lamoille County was substantial. We know of many families who are unhoused or at risk of becoming homeless as a result,” said David Silverman, president and CEO of Union Bank. “We don’t know how long it will take for FEMA grant funds to become available but expect that these funds will not provide all that is financially needed for the flood victims.”
In response to this crisis, Union Bank’s pledge was split between the United Way of Lamoille County ($25,000), the Vermont Community Foundation and other local non-profit organizations – including an additional $25,000 donation provided as matching funds to help inspire ongoing donations. Union Bank is prepared to assist its businesses and residential customers as they cope with the financial effects of this natural disaster on a case-by-case basis.
Union Bank’s contribution to the Vermont Community Foundation was made through the American Bankers Association, which had mounted a national effort to raise funds for Vermont flood assistance.