BID® Daily Newsletter
Apr 11, 2022

BID® Daily Newsletter

Apr 11, 2022

Special Issue 2 - Community Bankers Keep Making A Big Impact

Summary: Community bankers help their communities every day in many ways. In article two in the Community Banking Month series, we continue to highlight some of the ways that community financial institutions are making an impact by supporting financial literacy and other educational endeavors.

April is Community Banking Month and we continue highlighting the community outreach efforts of BID readers that submitted entries,  in our second article of the Community Banking Month series. These efforts may be similar to those your institution does or maybe they inspire you to reach out in a new way to your community members. Either way, we know community bankers make a difference every day and we appreciate you all for that. 
Many Americans struggle financially. In fact, 78% of Americans live paycheck to paycheck, according to a CareerBuilder survey. Not only that, but JP Morgan Chase reports that two of three families lack an emergency fund. These individuals need stronger financial understanding to better plan, invest, and save. So, many community financial institutions (CFIs) are stepping up to help offer financial literacy to those that need it the most. Not only that, but they are also supporting other educational programs to fulfill the additional needs of their community members. Today, we showcase five CFIs helping their communities in these ways.
Financial literacy

Mauch Chunk Trust Company in PA offers two free programs for students and teachers in Carbon County and the Tamaqua area of Pennsylvania. Students from grades 3 to 12 can learn personal budgeting and investing and can participate in the stock market. “The mission is to provide K-12 students with economics, personal finance, and entrepreneurship skills that elevate their standard of living, quality of life, and professional success.
California International Bank in CA operates a volunteer income tax assistance site, helping taxpayers with low to moderate incomes file their tax returns for free. As of the beginning of March 2022, their volunteers had helped file about 150 tax returns. The bank shares its outreach efforts on LinkedIn to spread the word too.
In Washington, DC, the Bank of Labor offers a financial empowerment workshop around a variety of topics, including credit card management, budgeting, understanding credit and loan terms, using credit wisely, recovering from financial setbacks, and more. These programs are especially helpful for families in its community who have struggled with poverty. Also, this CFI financially supports additional educational resources at Community Family Life Services.
Business fundamentals & support

The Community Bank of Santa Maria in CA was the major sponsor of the Santa Maria Chamber of Commerce Junior CEO program last year. This is a six-week digital course that teaches sixth-graders the basics of starting a business. It covers business fundamentals, cost models, marketing & customer service, money management, among others. The CFI’s CEO and other staff provided lessons and online office hours for students.
First Bank of North Carolina has kicked off Project Launch, which rewards creative thinkers, nonprofits, entrepreneurs, and educators. They ask for those in their communities to send in nominations of those that are making a difference in education. Winners are awarded a mentorship with a First Bank employee, in order to support the success of the winner’s projects, as well as a cash prize of up to $25K.
As we continue through Community Banking Month, we honor all of our community bankers and thank them for their ongoing service. We thank you for all you do! If you missed the first article in the series of special Community Banking Month articles, you can find it here.
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PCBB Celebrates 25 Years and Community Banking Month with $25,000 in Donations!
In celebration of 25 years of supporting community financial institutions, to celebrate Community Banking Month, and as a way to give back to your communities in gratitude, we invite you to submit a 501c(3) nonprofit organization into our drawing for the chance to receive one of ten $2,500 donations. Learn more and submit a nonprofit
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