LAUSD and Union Bank Partner to Open Bank’s First Student-Run Branches
The Los Angeles Unified School District Board of Education, in partnership with Union Bank, N.A., today announced plans to open the bank’s first two Los Angeles student-run branches at Crenshaw High School and Abraham Lincoln High School as part of an innovative program designed to provide students with real-world financial education and work experience. Union Bank opened its first student-run branch in 2011 in Fresno, California at McLane High School. Thirty student bankers have graduated from the program and four McLane graduates are currently employed by Union Bank in the Central Valley.
Located on the schools’ campuses, the full-service student-run branches will be staffed by student bankers, who will have an opportunity to acquire skills in finance as well as teamwork and leadership and the hands-on experience of working in a bank. Traditional banking products and services will be available to students, school staff, school administrators and teachers, and Union Bank will establish a Parents Academy at each school that will offer financial education, in English and Spanish, for parents and guardians of the students at each high school.
“We are excited to partner with Union Bank and open the first student-run bank in Lincoln High School and bring programs that help students learn money management skills that prepare them for college and careers after high school,” said District 2 Board Member Mónica García. “I am grateful that an LAUSD alumna is a leader in the industry paving the way for other students.”
“As a responsible bank, Union Bank is dedicated to increasing financial awareness within our communities, and we know that educating our youth is critical to building and sustaining strong communities for the future,” said Union Bank Executive Vice President and Regional Executive Leticia Aguilar, who manages the bank’s branches in the Los Angeles and Central California divisions. “We’ve seen tremendous talent and success from the students in our student-run branch in Fresno and our goal is to replicate that in Los Angeles.”
The student-run branches are scheduled to open in 2014.