Monona Bank announced Thursday it will donate $21,000 to Common Wealth Development, Inc., an organization working to assist people in community in need during the ongoing COVID-19 pandemic.

The donation was made possible by a $16,000 grant the bank received from the Federal Home Loan Bank of Chicago (FHLB Chicago) Targeted Impact Fund. Monona Bank then contributed an additional $5,000 to help continue Common Wealth Development’s work.

“Monona Bank is very excited to again partner with the Federal Home Loan Bank of Chicago to provide these much-needed funds to Common Wealth Developmen,” Monona Bank President and CEO Paul Hoffmann said.

In June, Monona Bank received a $20,000 FHLB Chicago grant as part of the $82,300 the bank donated to 15 area food pantries and four other Madison-area non-profits working to assist community members in need during the COVID-19 crisis.

Monona Bank choose to donate these funds to Common Wealth Development for their continued efforts in helping those in the community who have been directly affected by the COVID-19 pandemic.

Common Wealth Development is dedicated to improving our neighborhoods in the Madison metropolitan area by providing a variety of youth and adult programs to help nourish a healthy community for all. Monona Bank’s contribution will help continue Common Wealth Development’s financial fluency programs for youth and adults to help make sure they have the financial tools to be successful. For more information about Common Wealth Development’s efforts to help our communities, visit cwd.org.

The Federal Home Loan Bank of Chicago’s (FHLBank Chicago) Targeted Impact Fund provides members with grants to support relief efforts for populations hardest hit by COVID-19 as well as to promote equity and opportunity for communities of color. For more information visit fhlbc.com.

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