Security Mutual Life Secures $50,000 in Grants for Local Charitable Organizations
Binghamton, NY – Security Mutual Life announced it has distributed $50,000 to five local nonprofit organizations. The American Civic Association, the Boys & Girls Club of Binghamton, the Broome County Council of Churches (CHOW®), the Broome County Urban League, and Mercy House of the Southern Tier each received $10,000 to be used for the purchase and construction of buildings, job creation/retention, facility expansion, and payroll.
“As The Company That Cares®, we are dedicated to helping our local community thrive and succeed. We thank these organizations for all the important work they do in our area and it’s very gratifying for us to play a small role in supporting their achievements,” stated Bart Catmull, Executive Vice President, Chief Administrative Officer, Chief Strategy & Risk Officer of Security Mutual Life.
The money was secured from the Federal Home Loan Bank of New York (FHLBNY), through their Small Business Recovery Grant (SBRG) Program.
“To the Federal Home Loan Bank of New York: Thank you for the opportunity to nominate these five organizations for your Small Business Recovery Grant Program, which will support operational expenses, the update of buildings and facilities, or even a footprint expansion. This grant money will have a positive impact not only to the organizations, but to the local community as well,” stated Kirk Gravely, President and Chief Executive Officer of Security Mutual Life.
The SBRG Program provides grant funds to benefit FHLBNY members’ small business and nonprofit customers. Members were able to provide grants of up to $10,000 to qualifying small businesses and nonprofit organizations that have faced economic challenges due to the interest rate environment, inflation, supply-chain constraints, and/or rising energy costs.
“Nonprofit organizations and small businesses are the fabric of communities across our region, providing vital services and opportunities that uplift us all,” said José R. González, President and CEO of the Federal Home Loan Bank of New York. “The FHLBNY is grateful for the opportunity to work together with Security Mutual Life to support these critical efforts and help strengthen the communities that we both serve.”
About Security Mutual Life Insurance Company of New York
Founded in 1886, Security Mutual Life –– The Company That Cares® –– is one of the leading mutual life insurance companies in the United States. Security Mutual Life has been helping protect families and businesses during periods of prosperity, as well as during wars and times of economic uncertainty. The Company is recognized by leading life insurance analysts for its sound investment policies and performance. A.M. Best rates Security Mutual Life’s Financial Condition and Operating Performance Rating: A- (Excellent.) * Security Mutual Life is licensed in all 50 states, as well as the District of Columbia and the U.S. Virgin Islands.
* A.M. Best assigns their “A-” (Excellent) rating to companies, which have, on balance, excellent financial strength, operating performance, and market profile when compared to the standards they have established. A.M. Best feels these companies have an excellent ability to meet their ongoing obligations to policyholders. The “A-” rating is fourth highest on A.M. Best’s 16-step rating scale. A.M. Best rating is current as of the date of publication. Ratings reflect a rating agency’s opinion of a company’s financial strength and ability to meet its obligations to its policyholders. A rating is not a recommendation of a company or any specific policy form.
About the Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks. As of December 31, 2023, the FHLBNY serves 334 member institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The Federal Home Loan Banks support the efforts of local members to help provide financing for America’s homebuyers.