Colonial Federal Savings Bank
Colonial Federal Savings Bank is a private foundation based in Peabody, Massachusetts. It supports 501(c)(3) public charities located in the Greater Quincy area or contributing to the communities and the welfare of people and institutions there.
Colonial Federal Savings Bank at a glance
In short: Colonial Federal Savings Bank gave $924K across 36 grants in 2025 (avg $26K), mostly in Massachusetts. Source: 2025 IRS Form 990-PF.
- Annual giving (2025)
- $923,601
- +1517.5% vs 2024
- Grants made (2025)
- 36
- +3500.0% vs 2024
- Average grant
- $25,656
- -55.1% vs 2024
- Median grant
- $2,000
- Total assets
- $996,260
- +5.2% vs 2024
- Primary geography
- Massachusetts (88% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990-PF, 2025 View filing
Data from IRS Form 990-PF, 2025; updated September 2026.
How to apply to Colonial Federal Savings Bank
- How to Apply
-
Applications are available at the address listed on the filing. The foundation names Michael Wheeler as the contact for applications. Eligible applicants are 501(c)(3) public charities located in the Greater Quincy area or contributing to its communities and to the welfare of their people and institutions. The foundation states that applications have various deadlines.
- Contact
Application contact: Michael Wheeler
Mailing address: 248 Andover Street, Peabody, MA 01960
Phone: (978) 532-4200
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who Colonial Federal Savings Bank funds
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2025
The largest 2025 recipient was Quincy Community Action Programs ($105K). Together the top 10 received $850K.
Grant Size Distribution
119 grants across all recorded years
The most common grant size was under $50K: 110 grants of 119 (92%).
Geographic Focus
Where this funder awards grants
In 2025, 88% of grant dollars went to recipients in Massachusetts, 11% to Virginia, and 1% to New York. New Jersey and Georgia each accounted for 0% of grant dollars.
Grant Distribution by State
Share of 2025 grant dollars across all 36 itemized grants.
Cities
How Colonial Federal Savings Bank gives
- Giving grew 1360% from 2022 to 2025. Method
- In 2025 it paid out well above its IRS minimum distribution (the 5% rule). Method
From the foundation's IRS Form 990-PF filings. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2022 to 2025, annual grant giving ranged from $57K (2023) to $924K (2025). In 2025 it made 36 grants totaling $924K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Quincy Community Action Programs Quincy, MA | Exempt Purpose | $105,000 |
| Neighborworks Housing Solutions Quincy, MA | Exempt Purpose | $102,500 |
| The Salvation Army Alexadria, VA | Exempt Purpose | $102,500 |
| Adams Presidential Center Quincy, MA | Exempt Purpose | $100,000 |
| Germantown Neighborhood Food Pantry Quincy, MA | Exempt Purpose | $100,000 |
| Holbrook Food Pantry Holbrook, MA | Exempt Purpose | $100,000 |
| Interfaith Social Services Quincy, MA | Exempt Purpose | $100,000 |
| Weymouth Food Pantry Weymouth, MA | Exempt Purpose | $100,000 |
| Quincy Rotary Foundation Quincy, MA | Exempt Purpose | $27,500 |
| The Boston Globe Foundation Boston, MA | Exempt Purpose | $12,500 |
Ready to take the next step with Colonial Federal Savings Bank?
Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Qualifying Distributions | Net Investment Income | Distributable Amount |
|---|---|---|---|---|---|---|---|---|
| 2025 | $996,260 | $554,622 | $927,850 | $923,601 | 36 | $927,846 | $1,858,952 | $47,248 |
| 2024 | $946,885 | $273 | $61,628 | $57,101 | 1 | $61,621 | $273 | $48,962 |
| 2023 | $1,106,900 | $478 | $61,251 | $56,600 | 41 | $61,243 | $478 | $55,594 |
| 2022 | $1,317,227 | $1,554,891 | $63,275 | $63,275 | 41 | $63,275 | $561 | $69,249 |
Under IRS private-foundation payout rules, Colonial Federal Savings Bank reported a distributable amount of $47K for 2025 — the minimum it must pay out in qualifying distributions.
Research compiled by Grantable AI from public sources. Last updated September 2026.
Mission & Focus Areas
No mission statement for the foundation is provided. Its grants include support for organizations serving community needs. For example, Quincy Community Action Programs says its mission is to help individuals and families pursue economic opportunity and improve their quality of life through partnerships, community engagement, and advocacy. Interfaith Social Services says it provides South Shore residents with resources for healthy and fulfilling lives, including programs addressing hunger, mental health, homelessness prevention, and children’s well-being.
Grantmaking
In 2025, the foundation made 36 grants totaling $923,601. The median grant was $2,000. Among the largest were $105,000 to Quincy Community Action Programs, $102,500 to NeighborWorks Housing Solutions, and $102,500 to The Salvation Army. Other notable grants included $100,000 each to Adams Presidential Center, Germantown Neighborhood Food Pantry, Holbrook Food Pantry, Interfaith Social Services, and Weymouth Food Pantry.
The Boston Globe Foundation received $12,500. It says its community and public service programs include distributing holiday gifts to children in need and providing educational scholarships. Manet Community Health Center received $10,000; it describes itself as a nonprofit health and social services provider serving communities in southeastern Massachusetts. Quincy Historical Society received $250 and says it promotes the historical significance of Quincy.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2025 filing lists Susan Shea as treasurer and director, Michael McFarland as president and director, and Joseph Shadduck as secretary and director.
Colonial Federal Savings Bank is led by Michael McFarland, President & Director on every filing since 2022; none of the 3 officers listed in 2025 report compensation.
Officers on the 2025 filing
Michael McFarland
President & Director
On filings since 2022
1 hr/week
No compensation reported
Susan Shea
Treasurer & Director
On filings since 2022
1 hr/week
No compensation reported
Joseph Shadduck
Secretary & Director
On filings since 2023
1 hr/week
No compensation reported
Former officers (2)
- Former: Richard Meade Past Away (2023) — Secretary & Director
- Former: Richard Meade (2022) — Secretary & Director
Data from IRS Form 990 filings, 2022–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Frequently asked questions about Colonial Federal Savings Bank
How much does Colonial Federal Savings Bank give each year?
Colonial Federal Savings Bank gave $924K across 36 grants in 2025, according to its 2025 IRS Form 990-PF. In 2024 it gave $57K across 1 grant.
What is Colonial Federal Savings Bank's typical grant size?
Colonial Federal Savings Bank's median grant in 2025 was $2,000, and its average grant was $25,656, across 36 grants on its 2025 IRS Form 990-PF.
Where does Colonial Federal Savings Bank give grants?
Colonial Federal Savings Bank gives mostly in Massachusetts: 88% of the grant dollars itemized on its 2025 IRS Form 990-PF went to recipients there. The next largest state was Virginia (11%). The most frequent recipient cities were Quincy, MA (20 grants), Holbrook, MA (3 grants), Weymouth, MA (2 grants) and Boston, MA (2 grants).
Who are Colonial Federal Savings Bank's largest grantees?
Colonial Federal Savings Bank's largest 2025 grantees include Quincy Community Action Programs ($105,000), Neighborworks Housing Solutions ($102,500) and The Salvation Army ($102,500), according to its 2025 IRS Form 990-PF. Together they received 34% of its itemized 2025 grant dollars.
How large is Colonial Federal Savings Bank?
Colonial Federal Savings Bank reported $996K in total assets on its 2025 IRS Form 990-PF. It paid out $928K in qualifying distributions that year, against a required minimum of $47K (roughly 5% of its investment assets).
What does Colonial Federal Savings Bank fund?
No mission statement for the foundation is provided. Its grants include support for organizations serving community needs. See mission & focus areas ↑
How do I apply for a grant from Colonial Federal Savings Bank?
Applications are available at the address listed on the filing. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
What is Colonial Federal Savings Bank's EIN?
Colonial Federal Savings Bank's EIN (Employer Identification Number) is 87-4406794. IRS Form 990 filing data is available on this page for 2022–2025.
Data last updated September 2026. Sourced from IRS Form 990-PF filings. Research dossier generated September 2026.
Data update history
(5)
When this profile's IRS filing data changed on Grantable
- Updated Form 990-PF for fiscal year 2022 (received by the IRS May 11, 2023)
- Updated Form 990-PF for fiscal year 2023 (received by the IRS May 30, 2024)
- Updated Form 990-PF for fiscal year 2024 (received by the IRS April 18, 2025)
- Added Form 990-PF for fiscal year 2025 (received by the IRS May 7, 2026)
- IRS filings on file for fiscal years 2022–2024
Live grants for the work Colonial Federal Savings Bank funds
Philanthropy, Voluntarism & Grantmaking Open opportunities, soonest deadline first.
- Nixa Affiliate Grantmaking Program Up to US $10,000 · Due October 19, 2026
- Community and School Grants $28,000 total pool; 10-15 grants expected · Due October 19, 2026
- Mary Pinola/Crescenta Valley Chamber Education Fund $500 - $5,000 for ongoing programs; up to $15,000 for Strategic Initiative Grants · Due October 19, 2026
Explore Open Grants
Browse active grant opportunities in Colonial Federal Savings Bank's focus areas in our free grants database
Similar Funders
Funders that support many of the same organizations
Eastern Bank Foundation
Wakefield, MA
Eastern Bank Foundation supports economic inclusion and mobility, including small businesses, early childhood development, affordable housing, and workforce development. Its 2025 grants ranged from $50 to $2,002,500, with a median of $2,500, primarily in Massachusetts and also in New Hampshire and Rhode Island. It accepts online applications and does not limit giving to preselected organizations.
Assets
$266.7M
Grants
1,786
Total Given
$19.0M
Arbella Insurance Foundation
Boston, MA
The Arbella Insurance Foundation supports social justice, housing and homelessness, immigration, health and human services, education, and the arts, primarily in New England, with most 2024 grant dollars going to Massachusetts. Its 201 grants in 2024 totaled about $2.23 million; awards ranged from $28 to $152,319, with a median of $2,000. The profile does not state whether it accepts unsolicited requests.
Assets
$22.2M
Grants
201
Total Given
$2.2M
Rockland Trust - Blue Hills Charitable Foundation
Rockland, MA
The foundation supported Massachusetts-area 501(c)(3) organizations in areas including affordable housing, community development, education, financial literacy, health and human services, and youth programs. Its 2022 grants ranged from $1,000 to $50,000, with a median of $5,000; the foundation merged into Rockland Trust Charitable Foundation and wound down as a separate entity, so its application instructions are not current.
Assets
—
Grants
123
Total Given
$903K
Boston Foundation Inc
Boston, MA
The Boston Foundation funds nonprofits and community initiatives focused on equity and opportunity, including child well-being, economic opportunity, community wealth, and community leadership, primarily in Greater Boston. Its 2025 grants had a median of $25,000, while specific programs offer amounts such as $50,000; whether it accepts unsolicited requests is not stated.
Assets
$2.1B
Grants
2,375
Total Given
$228.4M
The Bay State Federal Savings
Sagamore Beach, MA
The Bay State Federal Savings funds community organizations working to improve quality of life, including those focused on food assistance, social services, and education; most 2025 grant dollars went to Massachusetts recipients. Grants ranged from $500 to $55,000, with a median of $2,500. It accepts requests: applicants may contact Denise Renaghan and submit a grant application package or a letter with their 501(c)(3) determination letter; no deadline is listed.
Assets
$17.7M
Grants
157
Total Given
$617K
Massachusetts Bankers Association
Boston, MA
The Massachusetts Bankers Association funds a range of charitable causes, including education, financial literacy, housing, and support services, with most grant dollars going to Massachusetts organizations. Its 2025 grants ranged from $100 to $44,000, with a median of $5,500; it funds only preselected organizations and does not accept unsolicited requests.
Assets
$2.7M
Grants
31
Total Given
$195K
More similar funders
More Funders in Massachusetts
Cite this profile
Grantable. (2026). Colonial Federal Savings Bank funder profile. GrantGraph. Retrieved October 18, 2026, from https://grantable.co/funders/colonial-federal-savings-bank-morg_715e12e9dcc043eab25fddd8dbf8eccf
BibTeX
@misc{grantable_874406794_2026,
author = {{Grantable}},
title = {{Colonial Federal Savings Bank funder profile}},
howpublished = {GrantGraph},
year = {2026},
url = {https://grantable.co/funders/colonial-federal-savings-bank-morg_715e12e9dcc043eab25fddd8dbf8eccf},
note = {Accessed 2026-10-18. Data licensed CC BY 4.0}
}The figures on this page are open data under CC BY 4.0: reuse them with credit to Grantable and a link. Download the data.
Figures come from Colonial Federal Savings Bank's IRS filings (methodology). AI-written summaries, news items and logos are not covered by the open licence. Spot an error? Email hello@grantable.co.
Colonial Federal Savings Bank down — hundreds of funders to go?