Ed Merritt, president of Mt. Washington Bank, dismisses the notion that banks are suffering from an image problem these days. Merritt recalls several instances of his customers letting him know how happy they are to be involved with his organization.

It is not low interest rates or high credit limits that wins customer's respect. Instead, it is dedication to community service and charitable donations.

"They tell me, 'One of the reasons I bank with your bank is how supportive you are in our community,'" Merritt said.

Merritt's bank is among several in the community that contribute regular community service, donations, or sponsorships. Of the seven neighborhood banks West Roxbury Patch was able to talk to, every single one had some philanthropic history to share. Repeated calls to Sovereign Bank, Bank of America, and The Cooperative Bank were not returned.

Merritt said that as a bank, Mt. Washington stresses local youth and arts groups, and noted that the bank has made contributions to the West Roxbury YMCA and the West Roxbury Arts Association.

Tom Aguiar, the branch manager at West Roxbury's Brookline Bank, take a different approach to supporting the arts, by hosting arts and crafts shows, and by allowing local artists, like Anthony Lobosco, to display and independently sell their work in the bank.

Aguiar said the bank has also made numerous donations over the years, to organizations and events such as the YMCA, the West Roxbury Education Complex, Agewell's West Roxbury Rocks, and the District E-5 Police Halloween Party. Bank staff also volunteers, and most recently had its entire staff spend a day ringing bells for the Parkway Kettle Campaign, Aguiar said.

"As a bank, we have to give back to the community," Aguiar said. "It's our moral obligation to do so."

Aguiar is also the president of the West Roxbury/Roslindale Rotary Club, and the bank has been involved in other service and charitable efforts through his involvement with that organization, he said.

People's Federal Savings Bank is also active in the community, having provided donations to the Roche Community Center, the Y, the May Institute Food Pantry, and West Roxbury Rocks, and having sponsored the Corrib Road Race, according to the bank's CRA officer Bill Moore.

Eastern Bank manager Ronia Stewart said that 10 percent of the bank's profits are donated, and sited AgeWell as a specific benefactor. She also said bank staff regularly volunteers time.

"One of Eastern Bank's strongest missions is volunteering in the community and being active in the communities where our branches are and our customers are," she said.

Stewart also said the branch plays into the Eastern Bank Charitable Foundation, which donates to non-profit organizations across eastern Massachusetts. According to easternbank.com, in 2009, 37 percent of money donated went to organizations classified as "Human Services," 21 percent to "Families and Children," and 13 percent each to "Healthcare" and "Education." You can see the entire breakdown here, under the "Our Focus" tab.

Hyde Park Savings Bank has donated to West Roxbury Main Streets, AgeWell, Boy Scouts, the Y, Parkway Running Club's Walter's Run, and a plethora of youth sports leagues.

The West Roxbury branch of Citibank has contributed both time and money to Big Brothers and Big Sisters, and Junior Achievement, according to a bank representative.

The manager of the Centre Street Citizens Bank was unable to comment at the branch level about donations, though she did assure that both donations and volunteer hours were logged. She was able to say, however, that as a bank at-large, Citizens donates regularly and generously to the United Way, and money is given out of payroll each week to the organization.

Though Patch was unable to speak with The Cooperative Bank, we were able to verify that they have served as sponsors for Walter's Run, Parkway Pop Warner, Parkway Little League, and Parkway Youth Flag Football.

Banks are not legally obligated to donate money in Massachusetts, but General Law Chapter 167F, Section 2, Subsection 29 does legally grant banks the ability to do so. Banks are obligated, by the Community Reinvestment Act, to loan money to local businesses (Chapter 167, Section 14).

Those whom have benefited from banks' donations are gracious. Walter's Run, the annual 5K holiday race through the neighborhood streets, counts Hyde Park Savings Bank and The Cooperative Bank as two of its "Lead Pack" - meaning highest donating - sponsors. Director Keith Shields said both banks have been "incredibly helpful" in supporting the race, which raises money that ultimately goes back to the community in the form of a scholarship and charitable donations.

Marion Kelly, the Executive Director of the West Roxbury YMCA, expressed her gratitude for the help provided by several banks in an e-mailed statement. 

"Without the support of our local banks the YMCA would be unable to meet the most critical needs of our community. The banks assist us in providing support to our neighbors by providing high quality day care, improving our communities health and well-being and allowing us to nurture the potential of every child and teen. The banks are a critical component to the success of the YMCA as well as the community."

The benefit to the banks, of course, cannot be counted out. A bank's high level of activity in the community certainly increases a customer's desire to maintain a relationship with it. Merritt said that neighborhood philanthropic work is independently important as a "near and dear corporate value" of Mt. Washington Bank, but said it certainly pays off.

"It's not the reason we do it," he said, "but one benefit to being a good corporate neighbor is that it's good for business."