Debbie Crowder, Chairman, President and CEO, SunTrust Bank, East Tennessee announced today that SunTrust Bank will be the sponsor of the In-School Youth Bank at Alcoa Middle School located at 1325 Springbrook Road, Alcoa, Tennessee. The purpose of the youth bank is to encourage youth to develop a secure financial future by saving money and/or participating in the operations of a bank.
Adriel McCord, SunTrust Bank, East Tennessee, Blount County President, commented, “The idea of an In-School Youth Bank in Blount County originated through a brainstorming session with SunTrust and H.O.M.E. Inc., (The Hall Oldfield Maryville Empowerment, Inc.) a local community non-profit organization. I shared with them that I have always had a goal to educate children in our community in the area of financial literacy and I believe this would a tremendous opportunity to fulfill that goal. I truly believe this will provide the students with a hands-on experience and learn the importance of saving.”
Speaking on SunTrust’s sponsorship, Crowder, commented, “I am excited to sponsor this opportunity for the students. This will be a wonderful learning experience for them and SunTrust is glad to provide this educational tool for the children.”
The In-School Youth Bank will function as a mini “branch” limited to savings deposits. One savings account will be opened for each participant. The “bank” will operate on a school year basis beginning in September 2008 and ending at the end of the school year 2009. SunTrust will donate incremental matches up to $25.00 per participant based upon the existing balance in the participants account. A physical banking center, limited to the youth bank activities provided by SunTrust Bank, East Tennessee will be located on site at the school.
The “bank” will be staffed by the participating youth at the school. There will be a Branch Manager and two tellers. In addition to the previously mentioned positions, an Advisor appointed by Alcoa Middle School and a SunTrust Bank representative will be on-site to oversee the operations. The School Advisor will be responsible for selecting youth branch employees to run the “bank”. This youth “bank” will eventually be run completely by the school, with SunTrust Bank remaining as the sponsor as needed. All supplies and equipment will continue to be supplied by SunTrust Bank, East Tennessee. The hours of operation for the youth “bank” will be on Thursdays, from 2:15 p.m. - 3:15. p.m.
About SunTrust Bank, East Tennessee
SunTrust Bank, East Tennessee encompasses eight counties including Anderson, Blount, Hamblen, Knox, Loudon, Sevier, Sullivan, and Washington and is one of 17 regions within SunTrust Bank. The East Tennessee region delivers the full range of financial services of SunTrust Banks, Inc. locally through 50 locations and a staff of more than 540.