A ribbon cutting ceremony celebrating the opening of SunTrust Bank’s latest in-school youth bank at Chattanooga Girl’s Leadership Academy will take place at 11 a.m. on Aug. 2. SunTrust Banks, Inc. is one of the nation’s largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients.
The ribbon cutting is being arranged by the Chattanooga Area Chamber of Commerce.
The SunTrust youth bank is an in-school mini branch limited to deposit-only savings accounts. 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 youth 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, Aug. 2, and operating through the 2011 school year.
For each participant, one savings account will be opened and SunTrust will donate incremental matches up to $35 per participant based upon the existing balance in the participant’s 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-girls school, is excited to host the first 2010 SunTrust youth bank in the area.”
The Young Women’s Leadership Academy Foundation established the Chattanooga Girls Leadership Academy, a 6th-12th grade school, to provide girls and young women with a rigorous college preparatory education focused on science, technology, engineering, and math, in a supportive environment that nurtures self confidence, inspires leadership, encourages critical thinking, and promotes academic excellence. CGLA is committed to mobilizing the resources necessary to offer girls a rigorous academic experience that prepares them for college, grounds them in civic responsibility, and positions them for successful careers in a competitive knowledge-based global economy.