SunTrust Bank will open its latest in-school youth bank at Chattanooga Girl’s Leadership Academy on Monday. A ribbon-cutting and reception will begin at 11 a.m. at CGLA to celebrate the opening.
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 CGLA students and assisted by CGLA staff and SunTrust teammates.
“The youth bank is a great learning tool that uses hands-on experience to teach students about finances and the importance of saving,” said Mike Butler, SunTrust Bank Eastern Tennessee Region, president and CEO. “SunTrust is proud to be a solid partner with CGLA 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 a CGLA-appointed branch manager, assistant branch manager, four 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 Wednesdays, 11 a.m.–noon, beginning Monday and operating through the 2011 school year.
For each participant, one savings account will be opened and SunTrust will donate incremental matches up to $30 per participant based upon the existing balance in the participants account. The physical CGLA Youth Bank banking center will be located on-site at CGLA.
“This is an exciting year for CGLA firsts,” said Shamica West, CGLA principal. “CGLA, Hamilton County’s first public charter school and Tennessee’s first and only all-girl’s school is excited to host the first 2010 SunTrust youth bank within the area.”