Community Banking Stories #4: Financial Literacy & Support

Every April, we celebrate Community Banking Month by publicizing the efforts that local banks make to serve their communities. In our final article of this year’s Community Banking Month series, we spotlight community banks that are investing in financial literacy initiatives and making efforts to lift up community members in need.PATH Helps Customers Purchase HomesCitizens Bank & Trust Company, headquartered in Vivian, LA, has created a financial education and literacy series called Promoting Accessibility Through Homeownership, or PATH. The goal of the series is to help potential low-to-moderate income borrowers purchase and finance a home.The bank has partnered with local non-profit organizations and civic groups, such as The Fuller House for Housing in Shreveport, to present classes on various topics ranging from budgeting and managing income to improving credit. These classes are led by Citizens Bank & Trust Company employees from various bank branches and departments.Banking with Heart in HawaiiFirst Foundation Bank’s branch in Honolulu, HI partners with a variety of community organizations to offer financial literacy and professional development classes as well as business development seminars and resources. In addition, the bank provides mentorship to young adults and college students through partnerships with Shidler College of Business and other organizations. First Foundation Bank offers free consultations to non-profit organizations and businesses, regardless of whether they are clients. The bank believes in the heart of service and pouring into the community abundantly to build trust through genuine acts of care and support.Teaching About Fraud and Financial BasicsLocated in the Chicago, IL area, Lakeside Bank hosts multiple events each year designed to boost financial literacy while engaging with the community. So far this year, the bank has given a presentation about financial fraud to seniors at the Chinese American Service League and taught financial basics to third graders at a Park Ridge elementary school.In addition, the bank held a Financial Fraud Awareness Night at its Elmhurst, IL branch. Bank employees also donated hundreds of cookies in keepsake tins to needy seniors in Chicago’s Chinatown neighborhood.A Three-Point Financial Literacy StrategyPilot Point, TX-based PointBank has launched a financial literacy program called Thriving Together that encompasses three key components. The first is strengthening financial literacy at local high schools by offering financial literacy programs at no cost. Last spring, bank staff joined teachers and students at Fred Moore High School to talk about financial literacy. Over 87% of this school’s students are considered at risk of dropping out and more than 62% are economically disadvantaged.The second part of the program is focused on supporting educators by offering grants toward classroom supplies that will help them impart financial education to their students.The third part of Thriving Together provides financial education to seniors, focusing especially on the latest financial scams targeting older adults. In the fall, bank staff joined the Retired and Senior Volunteer Program at their Senior Resource Fair to educate seniors about scams, with an estimated 200 seniors in attendance. The bank not only raises awareness of the most common scams, but also equips seniors with practical tools and strategies to recognize and avoid potential fraud.Academy Offers Extensive Banking Career TrainingHeadquartered in Charlottesville, VA, Virginia National Bank has founded the Finance Career & Leadership Academy (FCLA) to provide career training for local high school students who are aspiring bankers. The program is offered free-of-charge and provides months of instruction on topics ranging from personal finance and employment readiness to lending and investments for up to 10 students per year. The FCLA provides quality financial training that gives young people the perspective and tools needed to level the economic playing field and make responsible financial decisions. Top-performing students are considered for the bank’s College Program (the Commercial Banking/Staff Development Program), which gives them the opportunity to receive training to enter a lucrative banking career without incurring six-figure debt.The bank has created a credentialing program specifically designed to prepare students to meet the demands of the banking industry without the prohibitive cost of a four-year college degree. Students in the bank’s college program work at the bank full-time and receive benefits. If students come to work at Virginia National Bank after graduating from the FCLA, they may go on to complete a college degree at the bank’s expense.Woodsboro Bank Demonstrates Commitment to CommunityOne of the core values of Woodsboro Bank, headquartered in Woodsboro, MD, is commitment to community. The bank’s 60 employees have demonstrated this in a wide variety of different ways over the past year, while the bank contributed monetarily (via donations and sponsorships) to more than 110 local organizations in 2024. Employees are given 24 hours of paid leave each year to volunteer in the community, which adds up to more than 1,400 volunteer hours annually.Outreach events the bank participated in over the past year included the Leprechaun Luau, which the bank sponsored and employees attended to raise funds for the Rotary Club of Frederick; Mission of Mercy, in which bank employees volunteered to raise funds for free healthcare for those in need; Tour de Frederick, in which bank employees rode to support the Boys & Girls Club of Frederick County; and the Walk a Mile in Their Shoes event to raise funds for Heartly House, a local non-profit dedicated to raising awareness and support for victims of domestic violence.As Community Banking Month draws to a close, we’d like to thank the many community banks that shared their stories with us. PCBB is honored to recognize the hard work of community banks and employees as they continue their dedication to serving their communities. We will continue to highlight their contributions to communities and the improvements they make to their customers’ lives.