High School Bank Projects Generate Nationwide Interest

Banks, schools, and youth groups around the country are planning to follow the lead of two Midwest banks in opening youth-run bank branches. The Sargent Shriver National Center on Poverty Law coordinated the establishment of the Curie Metro High School branch of Park Federal Savings Bank in Chicago and is now disseminating A Guide to Establishing Bank Branches in High School and producing a video to fuel the growing interest in student-run banks.

Modeled on the South Division High School’s Cardinal Branch of Mitchell Bank in Milwaukee, Wisconsin, the Curie bank-school partnership gives high school students (including Latino, African American, and immigrant teens living in lower-income households) the opportunity to gain real-world work experience, build financial skills, and strengthen their career ambitions.

The Federal Deposit Insurance Corporation (FDIC) New Alliance Task Force initiative (NATF), coordinated by Michael Frias, shared reports about the Midwestern youth-bank projects with NATF members in Chicago, New York, Los Angeles, Des Moines, and Kansas City and at a national conference last December. The innovation and success of these projects have inspired groups in Nebraska, South Carolina, New York, Iowa, and other localities in Illinois to launch similar bank branch projects within the next year.

In Missouri the FDIC and the Kansas City Cash Coalition will be working with Cristo Rey High School to develop job internships for high school students. In the Bronx in New York, plans are under way between North Fork Bank and Fordham Leadership Academy for Business and Technology. In Omaha, Nebraska, Appleseed is encouraging local banks to hire Cristo Rey students as part of their work-study program.

In the Quad Cities area bordering Iowa and Illinois, the Boys & Girls Club (BGC) of Mississippi Valley and local business leaders are planning an on-site, full-service bank branch staffed by BGC youth, expanding the concept beyond the walls of a school. Other interested groups include the South Carolina Appleseed Legal Justice Center and Belvidere Bank in Illinois.

If you would like to learn more about the high school bank projects in Milwaukee and Chicago, download A Guide to Establishing Bank Branches in High Schools. If you have information about teen bank projects in your area or other states, contact Ian Gardiner or Dory Rand of the Shriver Center. For more information on NATF, contact Michael Frias at 312.382.7506.

Poverty Action Report
July 2006