SunTrust Bank on Oct. 20 will cut the ribbon on its latest in-school youth bank at Alcoa Middle School on Wednesday.
According to a press release, a ribbon-cutting and reception will begin at 2 p.m. Oct. 20 to celebrate the opening at Alcoa Middle School, 1325 Springbrook Road, and the community is invited.
The youth bank is an in-school mini branch limited to deposit-only savings account. The purpose of the youth bank is to encourage students to begin saving and to learn about the operations of a bank. The bank is staffed by Alcoa Middle School students and assisted by Alcoa Middle School staff and SunTrust teammates. This is the third year the SunTrust Youth Bank has opened at Alcoa Middle School.
“The youth bank is a great learning tool that uses hands-on experience to teach students about finances and the importance of saving,” says Mike Butler, SunTrust Bank Eastern Tennessee Region, President and CEO. “SunTrust is proud to once again partner with Alcoa Middle School to provide the youth bank for the students and give back to our community.”
The “bank” will be staffed by the participating youth at the school. The staff includes an Alcoa Middle School-appointed branch manager, assistant branch manager, tellers and a staff advisor, all trained by SunTrust teammates. In addition, SunTrust teammates will be on-site to oversee the operation.
The youth bank will be open through the 2010-2011 school year.
For each participant, one savings account will be opened and SunTrust will donate incremental matches per participant based upon the existing balance in the participants account. The physical Alcoa Middle School Youth Bank banking center will be located on-site at Alcoa Middle School.