DALLAS, March 11, 2009 – Today, first grade students from Dallas ISD’s Adelle Turner Elementary School took their first steps toward becoming financially independent by opening their own savings accounts through the Comerica Bank Youth Savings program. More than 40 first grade students lined up with piggy banks and savings jars in hand for the inaugural “Deposit Day” at the makeshift banking center in the Adelle Turner Library.
The Adelle Turner first grade class was chosen by Comerica Bank for the pilot program designed to aid in the financial development of area youth. As part of the program, Comerica Bank professional staff members also teach a monthly series of financial literacy classes to Adelle Turner parents to help educate adults on how to manage their money during these difficult economic times. Comerica Bank is looking to build upon the success of this pilot program and expand its partnerships with schools throughout Texas.
“Now more than ever, it’s critical that our youth understand the importance of saving money and becoming good financial stewards,” said Charles “Chuck” Gummer, President, Comerica Bank - Texas Market. “By working together with Adelle Turner Elementary School, we can help provide students with a solid foundation in financial literacy so they can have a better chance to be successful with their savings plans throughout life.”
Comerica Bank employees staffed the banking center desk to record transactions and issue deposit slips to the six and seven year-old students. The participating students will be able to make additional deposits each month during “Deposit Days” and will receive quarterly statements for their new fee-free savings accounts.
“We’re encouraging our teachers, parents and students to get behind this meaningful partnership with Comerica Bank to expose our students to important financial information,” said Wendy Hawthorne, Principal, Adelle Turner Elementary School. “Many children today don’t understand how hard their parents must work to buy their clothes, books or toys. By participating in Comerica Bank’s Youth Saving program, our students will gain a better appreciation for saving money and the value of the dollar.”
Dallas ISD Trustee Carla Ranger attended the inaugural school banking day to speak with first grade students and congratulate them on starting to plan for their futures.
“Our students and parents are fortunate to have the support of a strong community partner like Comerica Bank,” said Carla Ranger, Dallas ISD Trustee, District 6. “Comerica Bank is setting the right example by encouraging our youth to have a responsible outlook on their financial futures.”
About Comerica
Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada, China and Mexico. Comerica reported total assets of $67.5 billion as of December 31, 2008. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts.
Youth Savings Program Facts:
• Minimum opening account balance is $1.00 for minors
• Minor service charges, monthly maintenance fees, phone-assisted and excess activity fees are waived
• Students receive quarterly statements from Comerica Bank
• Each student is given their own passbook and account number
• Students can make deposits during school banking days or at any Comerica banking center during normal business hours
• No withdrawals are allowed to be processed at the school during school banking days
Media Contacts:
For Comerica Bank
Kyle Tarrance
(214) 871-7723 office
(469) 396-3555 cell
ktarrance@allynco.com
For Dallas ISD
Libby Daniels
(972) 925-3923
libdaniels@dallasisd.org
