1st Financial FCU Supports College Kids Event to Jump Start Savings
April 3, 2017
St. Louis, MO (March 30, 2017) – 1st Financial Federal Credit Union partnered with the St. Louis Office of Financial Empowerment and the City of St. Louis Treasurer, Tishaura Jones, for their second College Kids event of the year on March 14, 2017 at the Downtown 1st Financial branch.
College Kids is a program providing children’s savings accounts for every single kindergartner and first grader in a public or charter school in the City of St. Louis. When a child enters Kindergarten, these accounts are opened at 1st Financial, automatically, with a $50 deposit from St. Louis City Treasurer’s Office to jump start their savings.
This was the fifth College Savings Night event hosted by 1st Financial since the launch of the program in 2015.
The children and their families were treated to pizza and were able to make a deposit into their accounts at 1st Financial. As a bonus, 1st Financial also deposited a $20 scholarship into each child’s account who attended the event. The children were encouraged to submit a quick 60 second video about their future education and dream job. One entry will be awarded a $500 scholarship from 1st Financial.
Treasurer Tishaura Jones spoke to the crowd of about 40 families and encouraged them to keep saving. She and the Office of Financial Empowerment staff were there to meet the families and answer any questions about the program.
$1,254 in family deposits were made that evening, not including the scholarship deposits made by 1st Financial.
“College Kids Family Savings Night at the Credit Union is one way we not only serve the kids who are excited about saving for college, but we are able to help each family more holistically as well. Some of our College Kids families lack banking resources and we seek to change that. At every Family Savings Night we offer College Kids families free credit reviews. On average, we have about seven parents or grandparents sign up for an appointment to have their credit report reviewed and to develop a strategy to build or repair. If our College Kids families can improve their overall financial situation they’re more able to help their College Kids dreams come true,” stated Tracy Verner, Community Development Manager at 1st Financial.
1st Financial Federal Credit Union is a Community Development Financial Institution (CDFI) and the 2016 Community Credit Union of the Year by Credit Union National Association (CUNA). For more information about 1st Financial Federal Credit Union and the credit union difference, visit www.thebetterwaytobank.org.