Needham Bank Charitable Foundation Inc

Quick Stats

• Foundation Assets: $19.1 million (2023 endowment)
• Annual Giving: 5%+ of bank earnings; supports 300+ nonprofits
• Decision Time: Approximately 4 weeks after submission
• Grant Range: $5,000 - $10,000 (based on available examples)
• Geographic Focus: Greater Boston and MetroWest Massachusetts
• Application Deadline: 90 days before funding needed

Contact Details

Email: CharitableGiving@NeedhamBank.com

Website: https://www.needhambank.com/about/community

Mailing Address: Needham Bank Charitable Foundation 1063 Great Plain Avenue Needham, MA 02492

Financial Education Contact: Jessica Friswell

Overview

The Needham Bank Charitable Foundation Inc (EIN: 99-0455727) was established in December 2023 when Needham Bank converted from a mutual holding company to a stock company and completed its initial public offering. The bank made a one-time donation of $2.0 million in cash and 1.7 million shares of common stock to create the foundation, with a total market value of $19.1 million. The foundation works in partnership with Needham Bank and the Provident Community Charitable Organization (which will merge into the foundation in 2027) to provide equitable support to nonprofit organizations serving communities across Greater Boston and MetroWest Massachusetts. Needham Bank strives to give over 5% of earnings back to the community annually and proudly supports over 300 local nonprofits. The foundation's parent organization, NB Bancorp, Inc., completed a merger with BankProv in November 2025, expanding its reach across Massachusetts.

Funding Priorities

Grant Programs

The foundation operates a unified application process serving three funding sources: Needham Bank, the Needham Bank Charitable Foundation, and the Provident Community Charitable Organization. Applicants submit one application, and the bank determines which funding source best aligns with their needs.

Grant Types:

• Sponsorships for community events
• Program grants for ongoing initiatives
• Special project funding

Known Grant Examples (Medford branch opening, 2024):

• Mystic Community Market: $10,000
• Medford Community Housing: $10,000
• Medford Educational Foundation: $5,000
• Medford Housing Authority: $5,000
• Walnut Street Center: $5,000

Priority Areas

The foundation's giving focuses on five core areas:

1. Affordable Housing - Support for low- and moderate-income individuals and families to access or maintain housing, including affordable housing initiatives in areas with low- and moderate-income residents

2. Arts & Education - Activities related to the arts, school or afterschool programs, camps and summer enrichment, as well as youth sports and recreation

3. Community & Economic Development - Activities that support small businesses or small farms, and workforce development programs for low- and moderate-income individuals

4. Financial Literacy - Financial education efforts, with workshops tailored to specific group needs provided to nonprofits and schools

5. Health & Human Services - Support helping low- and moderate-income individuals and families access food, clothing, legal support, medical care, and physical and mental health services

Target Population

The foundation prioritizes organizations serving underserved populations in their assessment area:

• Low-income individuals/families: 50% or less of Area Median Income
• Moderate-income individuals/families: 50-80% of Area Median Income
• Individuals receiving government assistance (SNAP, SSI, Medicaid)

Geographic Focus

The foundation serves communities throughout Greater Boston and MetroWest Massachusetts, with Needham Bank branches in:

• Needham
• Ashland
• Dedham
• Dover
• Medfield
• Natick
• Millis
• Mission Hill (Boston)
• Medford

Additional communities are served through the expanded reach following the BankProv merger.

What They Don't Fund

• Donations to individuals
• Individual fundraising event support (personal campaigns)

Governance and Leadership

Executive Leadership

Joseph P. Campanelli - Chairman, President & Chief Executive Officer

Campanelli emphasizes community service and corporate citizenship, stating: "I believe you can put a branch in a community, fill the branch with people who are deeply committed and involved in the community, and it will become a cornerstone of economic development in that community for families and for businesses."

Regarding community partnerships, he noted: "When organizations have shared values, it makes it that much more rewarding to be supportive of one another."

Other Key Executives:

• Christine Roberts - Executive Vice President and Chief Operating Officer (appointed January 2025)
• JP Lapointe - Executive Vice President and Chief Financial Officer
• James Daley - Executive Vice President, Director C&I Banking

Board of Directors

NB Bancorp Board Members:

• Joseph P. Campanelli - Chairman, President & CEO
• Paul J. Ayoub - Chair, Nutter McClennen & Fish LLP
• William Darcey - President & CEO, Provider Insurance Group
• Susan Elliott - Retired Executive Vice President, Federal Home Loan Bank of Boston
• Angela Jackson - CEO, Future Forward Strategies
• Christopher Lynch - President, Marshall Resources
• Kenneth Montgomery - Retired First Vice President and Chief Operating Officer, Federal Reserve Bank of Boston
• Hope Pascucci - President & Principal, Rose Grove Capital Management, LLC
• Raza Shaikh - Managing Director, Launchpad Venture Group
• Mark Whalen - Retired CEO, Needham Bank

Application Process & Timeline

How to Apply

The foundation accepts applications through a unified process:

1. Single Application Portal: One application serves Needham Bank, Needham Bank Charitable Foundation, and Provident Community Charitable Organization
2. Application Review: The bank determines which funding source aligns best with your request
3. Timing Requirements: Submit applications at least 90 days before event date or funding need

Required Documents

Applications must include:

• Mission statement
• Annual report or impact statement
• Leadership and Board of Directors list
• Annual budget and balance sheet
• Detailed funding request
• Service area information
• Program or event details (if applicable)
• Sponsorship levels (if applicable)
• EIN and W-9
• 501(c)(3) IRS determination letter
• ACH instructions (for requests $2,500+)

Application Limits

The foundation considers one funding application per organization per calendar year. Additional applications may be considered on an exception basis in the event of extenuating circumstances, following a conversation with Needham Bank.

Decision Timeline

• Review Period: Approximately 4 weeks after submission
• Application Deadlines: Multiple deadlines throughout the year (2026 schedule available on website)
• Advance Notice: 90-day minimum lead time required

Success Rates

Specific success rate data is not publicly available. However, the foundation supports over 300 local nonprofits annually, demonstrating broad community reach.

Reapplication Policy

Organizations may submit one application per calendar year. Information about reapplication policies for unsuccessful applicants is not publicly specified. Organizations should contact CharitableGiving@NeedhamBank.com for guidance on reapplication.

Application Success Factors

What the Foundation Values

1. Community Impact: Organizations that "make a true impact" on their communities, as CEO Campanelli noted when announcing the Medford branch grants

2. Alignment with Core Priorities: Projects clearly fitting within the five focus areas (Affordable Housing, Arts & Education, Community & Economic Development, Financial Literacy, Health & Human Services)

3. Service to Target Population: Programs demonstrably serving low- and moderate-income individuals and families

4. Shared Values: Organizations demonstrating commitment to leadership, community service, and service to others

5. Geographic Relevance: Organizations serving communities within the Greater Boston and MetroWest Massachusetts service area

Recent Funding Examples

The 2024 Medford branch opening grants provide insight into the foundation's priorities:

• Food security: $10,000 to Mystic Community Market for nutrition and community health services
• Affordable housing: $10,000 to Medford Community Housing; $5,000 to Medford Housing Authority
• Education: $5,000 to Medford Educational Foundation
• Human services: $5,000 to Walnut Street Center

Application Tips

1. Start Early: Allow full 90 days for review before funding is needed
2. Complete Documentation: Ensure all required documents are submitted with initial application
3. Clear Alignment: Explicitly demonstrate how your project aligns with one or more of the five core funding areas
4. Quantify Impact: Show how your program serves the target population (low- and moderate-income individuals)
5. Geographic Connection: Clearly establish your organization's connection to the foundation's service area
6. Budget Detail: Provide itemized budgets for funding requests

Relationship Building

The foundation values ongoing community partnerships. Organizations can strengthen relationships by:

• Engaging with Needham Bank branch staff in their local communities
• Participating in financial literacy programs offered by the bank
• Demonstrating consistent mission alignment with the foundation's values

Key Takeaways for Grant Writers

• Single application, multiple sources: One streamlined application accesses three funding entities; the bank determines best fit
• Plan ahead: 90-day advance submission requirement means early planning is essential
• Annual limit: One application per calendar year makes it critical to submit your strongest request
• Focus on impact: CEO Campanelli emphasizes supporting organizations that "make a true impact" in communities
• Target population matters: Clearly demonstrate service to low- and moderate-income populations (50-80% AMI or below)
• Five core areas: Ensure your project clearly aligns with Affordable Housing, Arts & Education, Community & Economic Development, Financial Literacy, or Health & Human Services
• Grants range significantly: Examples show $5,000-$10,000 grants, suggesting scalable funding based on project scope
• Community banking philosophy: The foundation values deep community integration and views banking as a "cornerstone of economic development"
• Recent growth: The 2023 foundation establishment and 2025 BankProv merger indicate expanding capacity and reach

References

1. Needham Bank Community Commitment Page - https://www.needhambank.com/about/community (Accessed January 14, 2026)

2. NB Bancorp, Inc. Reports Full Year 2023 Financial Results - https://nbbancorp.com/news/news-details/2024/NB-Bancorp-Inc.-Reports-Full-Year-2023-Financial-Results/default.aspx (Published February 28, 2024)

3. Needham Bank Opens New Branch in Medford and Donated $35,000 to Local Non-Profit Organizations - https://www.needhambank.com/about/news/needham-bank-opens-new-branch-in-medford-and-donated-35000-to-local-non-profit-organizations (Accessed January 14, 2026)

4. NB Bancorp Board of Directors - https://nbbancorp.com/governance/board-of-directors/ (Accessed January 14, 2026)

5. Needham Bank Senior Leadership - https://www.needhambank.com/about/senior-leadership (Accessed January 14, 2026)

6. NB Bancorp, Inc. and Provident Bancorp, Inc. Announce Closing of Merger - https://www.prnewswire.com/news-releases/nb-bancorp-inc-and-provident-bancorp-inc-announce-closing-of-merger-302616057.html (Published November 15, 2025)

7. Needham Bank Chairman, President and CEO Joseph P. Campanelli receives Distinguished Citizen Award - https://www.needhambank.com/needham-bank-chairman-joseph-p-campanelli-receives-distinguished-citizen-award (Accessed January 14, 2026)

8. GuideStar Profile - Needham Bank Charitable Foundation Inc (EIN: 99-0455727) - https://www.guidestar.org/profile/99-0455727 (Accessed January 14, 2026)