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Bank-On Save-Up St. Louis COMMUNITY REPORT

H e l p i n g F a m i l i e s M o v e U p t h e E c o n o m i c L a d d e r

In our first year, we had a $1.9 million dollar impact on St. Louis Families, opening more than 1,600 new checking and savings accounts.

This report outlines our first year collaborations, successes and positive community impact of approximately $1.9 million dollars annually, based on average of $1,200 savings for each family who could otherwise spend on fringe financial services. BANK-On SAVE-Up St. Louis is the first initiative led by the St. Louis Regional Unbanked Task Force. It is modeled after the successful Bank On San Francisco program, which began in 2006 and in its first year brought in over ten thousand new accounts with more than 17 bank and credit union branches participating. The Bank On concept is now being replicated throughout the US in 64 cities and 26 states. The purpose of BANK-On SAVE-Up St. Louis is to provide access to affordable financial services including checking and savings accounts, credit products and financial education. Unbanked and under-banked individuals operate in a mainly cash-based system, missing out on the stabilizing benefits that a checking account can provide. The Goal of BANK-On SAVE-Up St. Louis is to open accounts for at least 20,000 currently unbanked households over the next two years and have at least 80% of those accounts successfully maintained or upgraded and to create opportunities in the community for financial education. We want to help families keep more of their paychecks in order to gain greater financial stability. At present, we have 20 bank partners across the St. Louis region that are helping to remove barriers so that lowincome families can open these accounts. The Role of Community Partners. Our success rests on our ability to reach unbanked consumers through networks they trust, like employers, places of worship, community based agencies, and local colleges. In addition we will market to consumers where they spend their money and time (grocery stores, gas stations, beauty/barber salons, etc.). Your organization can help connect us with unbanked households looking to take the first step on the road to financial security. As a partner you will have access to marketing materials that you can customize for your own outreach events.

BANK-On SAVE-Up St. Louis: An Initiative of the St. Louis Regional Unbanked

Task Force


Bank-On Save-Up St. Louis COMMUNITY REPORT

H e l p i n g F a m i l i e s E c o n o m i c L a d d e r M o v e U p t h e

Platinum Bank Partnership Events

During our first year, 3 platinum events where held in partnership with financial institutions and non-profit organization to provide information, financial education, open accounts, and provide loans. Over 500 individuals attended these events, opening new accounts, originating loan application, and providing s were originated and more than 100 free credit reports provided.

Midwest Bank partnered with Beyond Housing Montgomery Bank partnered with Community Action Agency of St. Louis County PNC Bank partnering with Grace Hill

Financial Education Opportunities

Bank-On Save-Up St. Louis believes that being financially knowledgeable is just as important as having an account. Financial education creates economic stability for customers learn to manage their financial future. Bank-On Save-Up collaborated to create more than 5,000 opportunities for financial education through the region.

Strengthened Collaboration with the United Ways Financial Education Collaborative Partnered with Money Smart Week Events Created and piloted the Financial Check-up educational tool Offered financial education classes co-taught by bank and community partners

18 banks and 42 non-profits have collaborated to make this initiative successful in its first year!


Bank-On Save-Up St. Louis COMMUNITY REPORT

H e l p i n g F a m i l i e s E c o n o m i c L a d d e r M o v e U p t h e

Cumulative Accounts Opened

A checking or savings account at a bank or credit union is a powerful tool not only for managing money, but also for building a positive banking history, which over time opens up possibilities for asset building and wealth creation. The numbers below are based on reported, not actual accounts opened. Although data collection is one of the biggest challenges that we face in community efforts with varying systems for collecting data, Bank-On Save-Up partner financial institution continue to work toward achieving this goal. We estimate the actual numbers will increase substantially when all banks have the ability to report. We would like to thank Jeanne Marra and the Federal Reserve Bank for agreeing to collect the data and crunch the numbers.

1,615 total new Bank-On Save Up accounts reported opened since initiative began 83% Bank-On Save-Up Accounts are checking accounts; 17% are savings accounts Average quarterly balance was $1,118 96% overall retention rate since initiative began Accounts opened across more than 138 tracked zip codes throughout the region City Treasurers Offices Go Checkless Initiative opened 800 new accounts and moved 1,400 employees to direct deposit

Total Positive Impact on Metro St. Louis Families

Approximately $1.9 million dollars annually, based on average of $1,200 savings for each family who could otherwise spend on fringe financial services ($1.94 million when calculating all new accounts; $1.85 million when considering all net new accounts).

We would like to thank all of the Bank-On Save Up St. Louis partners for their contribution of time and expertise to making this project successful.


Bank-On Save-Up St. Louis

H e l p i n g F a m i l i e s E c o n o m i c L a d d e r M o v e U p t h e

Special Collaborative Projects

Bank-On Save Up St. Louis is proud to have played a role in creating special partnerships over the past year to meet the needs of the community, and help individuals and families make the change they want to see in their lives and move closer to financial stability and success.

Peoples Health Center and Montgomery Bank Health Fair Fifth Third Bank E-Bus with multiple community partners FCB and ClearPoint Credit Counseling Partnership St. Louis City Treasurers Office Go Checkless Event Heartland Bank & Camp Classic Summer Finance Academy Peoples Community Action Agency and Pulaski Bank Holiday Savings Event

Initiative Enhancements for the Coming Year

New and improved website and social media Quarterly Newsletter Increased collaboration with financial institutions and community partners More 5-on-5 partner mixers Increased faith based partnerships Mini Grants for Community Partner Agencies Money Smart Week St. Louis website (linked to Bank-On Save-Up St. Louis) Creating FDIC Train-the-Trainer opportunities for youth at area YMCAs

When we educate and empower people to make better financial choices, we also strengthen our community,
-St. Louis Treasurer Tishaura O. Jones

Bank Partners
Carrollton Bank Commerce Bank Citizens National Bank Eagle Bank Enterprise Bank & Trust FCB Banks Fifth Third Bank First Bank First National Bank First State Bank of St. Charles * Great Southern Bank * Heartland Bank Midwest BankCentre Montgomery Bank Pulaski Bank PNC Bank Regions Bank Reliance Bank Southern Commercial Bank The Private Bank The Bank of Edwardsville **
*new partner for 2014 ** only participated in 2013

Community Partners
Better Family Life Beyond Housing Community Action Agency of St. Louis County Catholic Charities Community Services Clear Point Credit Counseling Acceleration of African American Businesses Equal Housing Opportunity Council The Federal Reserve Bank Gateway Classic Sports Foundation Gateway EITC Community Coalition Gateway Housing Foundation Grace Hill Settlement House Habitat for Humanity of St. Louis Justine PETERSEN Jackie Joyner Kersee Foundation 100 Black Men of Metropolitan St. Louis Queen of Peace Center Lemay Housing Partnership Lessie Bates Davis Neighborhood House Metro St. Louis Coalition for Inclusion & Equality Money Smarts School of Finance for Children National Coalition of 100 Black Women Peoples Community Action Corporation R.A.A! Ready, Aim, Advocate Redevelopment Opportunities for Women STLCC William J. Harrison Education Center St. Louis Agency on Training and Employment St. Louis American Newspaper St. Louis Community Empowerment Foundation St. Louis County Executive Office SLPS Community Education Full Service Schools United Way of Greater St. Louis Urban Financial Services Coalition

City Government Partners

City of St. Louis Treasurer, Tishaura O. Jones City of St. Louis Comptroller, Darlene Green City of St. Louis Office of the Mayor

Urban Strategies YWCA Metro St. Louis

The Mission of the St. Louis Regional Unbanked Task Force is to identify and address systemic and individual barriers that deter unbanked and under-banked households from using traditional banking products and services - in order to economically empower households by promoting the importance of financial education, saving and building assets to create long-term financial stability for families .

Co-Chair Alex Fennoy, Midwest BankCentre Senior Vice President, Community Development Co-Chair Jacqueline Hutchinson Peoples Community Action Corporation Vice President of Operations Angela Pinex, First Bank Community Affairs Officer Galen Gondolfi, Justine PETERSEN Chief Communications Officer Debbie Irwin, United Way of Greater St. Louis Director of Economic Development Robin Boyce, City of St. Louis Comptroller Executive Assistant I to the Comptroller Georgie Donahue, CAASTLC Program Administration Director Romona Taylor-Williams, M-SLICE Executive Director Metro St. Louis Coalition for Inclusion & Equality Royce Sutton, Fifth Third Bank Vice President, Community Development Manager Tony Edmonds, PNC Bank Assistant Vice President, Branch Manager Ted Rice, Montgomery Bank Community Development Officer Bernetta L. Campbell, Vantage Credit Union Business Development Specialist Vontriece McDowell, Beyond Housing Director, Pagedale Family Support Center

Committee Co-Chairs

MARKETING, COMMUNICATIONS & PR Alex Fennoy & Robin Boyce Develops branding, communication and overall marketing strategies with the intention of reaching unbanked families. PARTNERSHIP DEVELOPMENT Galen Gondolfi & Veronica Morrow-Reel Creates one-on-one partnerships between banks and community partners that will foster opportunities for innovative strategies aimed at reaching unbanked consumers. PROGRAMS & EVENTS Lisa Potts & Sarina Strack Develops programs and events in collaboration with community partners to assist the unbanked and under-banked populations become a part of the financial mainstream. FINANCIAL EDUCATION Royce Sutton, Debbie Irwin & Jane Schoeck Partners with other regional asset building strategies to provide unbanked and underbanked individuals with financial education opportunities. This committee will also manage Bank-On Save-Up Mini-Grant.

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