Ligon Opens Youth Bank
Nov. 3, 2005 - SunTrust Bank opened a 'Youth Bank' Oct. 26 at Ligon Middle School, the first bank of its kind in the Triangle. Students will have the opportunity to operate and manage the bank and can use the bank to open a deposits only savings account. The program is intended to help students become familiar with basic business and banking skills that they will be able to use in school, in their careers and in their everyday lives.The bank will be staffed by Ligon students and assisted by Ligon and SunTrust personnel. SunTrust Bank and Ligon Middle School accepted student applications, interviewed students and 'hired' two branch managers, four tellers and two customer service representatives/date entry clerks for each of the three lunch periods to staff the bank. During the year, Ligon students will not only learn the importance of saving, but will also receive financial literacy training and visit a local SunTrust branch to learn more about bank operations.
"It is a great privilege for our school to work with SunTrust and serve as host for the Youth Bank," Ligon Principal Scott Lyons said. "Giving the students the opportunity to familiarize themselves with the business and banking world will allow them to understand not only the importance of saving, but also getting real world experience right here on Ligon's campus."
Only $1.00 is required to open a savings account at the Youth Bank, and no interest will be paid on the accounts. At the end of the year, SunTrust will donate an incremental match on the accounts opened at the Youth Bank.
The Youth Bank is a collaborative initiative by several area leaders including State Treasurer Richard Moore and the Southeast Raleigh Roundtable, a group of residents and community leaders who seek to improve the financial health and well being of the area and its citizens.
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