Walden Mutual Bank is reimagining the way that lenders can impact local communities and environments.
By Sarah Lippert
The vision and mission of a bank are not often the first priorities when choosing where to manage your finances. The way the bank supports local economies and environments doesn’t always top the list, either. Typically, the decision is driven more by interest rates, ease of access, and the bank’s reputation. Walden Mutual Bank is changing that perception.
“Mutual banks are sort of a New England construct with a long legacy, in which the ultimate owners of the bank are actually the depositors,” says Charley Cummings, CEO of Walden Mutual Bank. He believes this shared concern, cultivated by joint ownership, extends beyond the depositors to their local communities and the environment at large.
Walden Mutual’s goal is to enable anyone to make a positive and lasting change in our local food ecosystem. The collective power of the ‘mutual’ facet of their name makes that possible. This newly launched company offers innovative solutions to both individuals who seek a financial institution that cares about the community and businesses that need more than the standard relationship with a lender.
Cummings began Walden Mutual in early 2023 after spending nearly a decade at the helm of Walden Local Meat, a company that focuses on direct-to-consumer sustainable meat distribution. Walden Local Meat’s full-circle, holistic way of thinking created an accessible blueprint for Cummings to replicate. His daily interactions with local farms and consumers allowed him to realize that many of Walden Local Meat’s partners lacked the right type of lending relationships for their businesses.
He also recognized a local network of people who want their savings to be used in ways that produce more than just a financial return, with a focus on social and environmental impact.
“Walden Mutual Bank is giving individuals the opportunity to align their finances with their values,” says Cummings, “and giving farms and businesses the opportunity to work with a lender who truly understands them.”
“Trying to start an agricultural business in the wake of the pandemic and during a period of economic uncertainty made finding a willing lender challenging,” says William “Murray” Gates of Beaver Brook Farm, a diversified operation focusing on eggs, fresh produce, and compost in Sprague, Connecticut. “I feel so fortunate that I was introduced to Walden Mutual Bank as they made the process seamless when so many other lending institutions only presented obstacles.”
Deb Suchman, the owner of Polkadog bakery, first met Cummings through Walden Local Meat. Her Boston-based dog treat company partnered with them after Cummings reached out to source a home for the less popular portions of meat, such as kidneys and livers, that often didn’t appeal to his subscription-based consumers. “We processed those into these really nutritious and savory treats for dogs,” said Suchman. “We felt great that the animals were pasture-raised and grass-fed and that we were helping to utilize the entire animal to decrease waste.”
Suchman was so pleased with her relationship with Walden Meat that she became one of Walden Mutual’s first members. Cummings offered to help her reimagine Polkadog’s financial relationships, and Suchman refinanced a business loan with Walden Mutual in early 2023.
“I’ve never felt the way about a bank that I do about Walden Mutual,” says Suchman. “This feels like a new concept that’s incredibly refreshing to see in finance. You see sustainability across other industries, but when I think of banks, it’s not top of mind.”
She says the impact of banking with Walden Mutual has been tremendous. “The additional line of credit that Walden offered us allowed us to build a month’s worth of inventory and hire two new employees,” says Suchman. “Without access to that capital, Polkadog wouldn’t have been able to do any of that.”
Another successful Walden Mutual partner is Finicky Farm in Western Massachusetts, which is focused on building the potential for agrisolar crops, from sheep to intensive vegetable production. “We decided it was time to have our own farm after 25 years of farming,” says owner Desiree Robertson Dubois. “Having a large part of our business focused on solar grazing, normal financing wasn’t available to us,” adds her husband, Jesse. “Walden was willing to be flexible and work with us.”
After just over a year in operation, Cummings is optimistic about the continued impact that his bank can make in local New England communities. “We offer a banking alternative,” he says. “A community and an ecosystem that is mutually supportive, where your dollars can earn competitive interest while also contributing to something so positive, meaningful, and impactful, right here in your own backyard.”
