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Financial Institutions Donate Funds to Aid Ukraine

by | Apr 26, 2022

While the Russian invasion of Ukraine continues, various financial institutions in Connecticut are donating substantial funds to assist Ukrainians both here and abroad.

Middletown-based Liberty Bank, recently announced that the Liberty Bank Foundation approved a $25,000 grant dedicated to the American Red Cross of Connecticut to help conduct humanitarian relief efforts in Ukraine through the International Committee of the Red Cross (ICRC), bank representatives said.

The grant will help provide food, shelter, critical care items, and first aid. The American Red Cross has contributed $12 million toward relief efforts so far, according to its website, with funds helping provide aid to people in Ukraine and neighboring areas. An estimated 12 million people need humanitarian assistance, according to the website.

Meanwhile, nearly 30 Connecticut credit unions have donated more than $54,000 in an effort to help those impacted by the conflict, with a total of $100,809 raised so far for the Credit Unions Building Financial Independence (CUBFI) Ukraine Fund, according to Bruce Adams, President & CEO of the Credit Union League of Connecticut (CULCT). The funds will be used to directly support impacted Ukrainians and Ukrainian-Americans both in Connecticut and overseas.

CULCT will also provide a variety of assistance – such as counseling and financial resources – to refugees that may end up in Connecticut, organizers said.

According to a CULCT document outlining the drive, organizers are encouraging businesses, schools, and individuals to join in supporting the fund. Donations will go to the humanitarian assistance fund at the Ukrainian Self Reliance Credit Union, other organizations that assist impacted CT residents and refugees, civic and faith-based organizations serving local Ukrainian communities, and initiatives endorsed by the state of Connecticut.

American Eagle Financial Credit Union donated $10,116 on behalf of the credit union and its employees. The Credit Union Building Financial Independence, CULCT’s charitable foundation, gave its own $10,000 donation, according to Adams, while donations from individuals is at $36,500.

In addition to possibly using its own funds to match certain donations or fundraising initiatives, the foundation may decide to replenish the Small Credit Union Fund to help credit unions prepare to defend against possible cyberattacks, organizations said.

Those who are interested in giving to the Fund can visit or send a check made out to: CUBFI, 1064 East Main St., Ste. 201, Meriden, CT 06450.