We had a chance to ask Paul H. Andersen, CEO & President of Androscoggin Bank, a few questions about his work and Androscoggin Bank’s corporate giving.
Keep reading to learn more about Paul, what’s he’s most excited about in his work right now, and some of the challenges and benefits of shifting strategies.
Arts & Culture is one of Androscoggin Bank’s funding areas; what’s your favorite art work?
In some ways I am a traditionalist having worked my way up from the bottom at Androscoggin Bank over the last 30 years. Personally I have been influenced to truly love arts and culture. My father was a college professor, my mother a writer and musician and my wife is an artist. So from an early age I learned to enjoy the symphony, great museums, and many types of art. My house is full of art and music.
Mythbuster time! What’s one big misconception people have about your work?
One misconception is that all banks operate the same. The truth is that all banks are not alike. There is a world of difference between a Maine based community bank and a national bank. As a community bank, our goals are not based on profit alone. Our goal is to make Androscoggin the best place to work in Maine. That will lead to great client satisfaction which will yield our financial results.
What are you most excited about right now in your work?
I’m excited because our bank is growing. We have added over 25 good paying jobs over the last year, which is really exciting. We are investing in new technology as well. In 2015 we established a non-depository trust company, Portland Trust Company, which is growing nicely.
One of Androscoggin Bank’s giving priorities is education—tell us about one interesting thing you’ve learned recently in that area.
I have been reminded lately about the struggles we have in Maine within our public school systems. Our daughter is a third year teacher in Lewiston. She loves her job and works incredibly diligently at it. Between funding challenges, family dynamics, and a lack of proper nutrition in some homes, today’s teacher should be applauded and supported.
What conversation do you wish funders and nonprofits were having more often?
I would like to see funders and nonprofits jointly coordinating our efforts in terms of fundraising. Additionally, our employees are given paid time off each quarter to volunteer and we are seeking additional partnerships.
You recently revamped your giving strategy—how has that changed your giving?
We are proud to be able to make real impact in three main giving areas – education, economic development, and the arts. Before we decided on these categories, we were giving similar amounts of money, but the decisions were certainly harder to make – simply because we didn’t really have any rules. When you have parameters, it helps us, as the donor, and the requesting organizations because they aren’t spending time on us if they don’t fit the categories.
We also created a giving committee made up of employees called “Greater Giving” which meets twice per year to review grant applications. Visit http://www.Androscogginbank.com/Home/community to find out more.
What were the challenges in shifting strategy?
The most obvious challenge we anticipated having was saying “no” to organizations to which we traditionally said “yes.” Interestingly, in practice, there weren’t that many organizations like this. It seems we’d been adhering to these categories for years, but just hadn’t articulated it. The other challenge is communicating the change – not only to non-profits, but also to our employees, clients and other stakeholders.
Are there other ways the new strategy made things easier for you?
As I alluded to above, having an articulated policy for giving has made it easier for everyone at the bank to really understand the “why” and “how” of the strategy. Our employees are empowered to make better recommendations to requesters who are in need of funds. They can point requesters to the Greater Giving group, our MainStreet Foundation, or the marketing department for more traditional sponsorship decisions.
What advice would you give another corporate funder considering creating a new strategy?
Instituting a “Giving Focus” is the key to getting everyone in the organization to buy into the giving strategy. When you’re all over the place, you’ll get bogged down in making decisions that ultimately aren’t smart or sustainable.
Thank you, Paul!
Androscoggin Bank is a Maine based, independent Community Bank. Their mission is to excel every day to earn relationships and foster our clients’ prosperity.