http://coopdevelopment.org/funds_student.html
After years of auditing the bank' books, he was happy to join its "Growing up in Pueblo, the son of a steelworker, we just nevefr talked about money," Martinez said. "Myg parents operated on a cash basis until I left for that wasn't uncommon for steelworkers. But I prettty much taught myself allabout finances. When I was firsg introduced tothis organization, I thought it was so incrediblee that they were helping young people learn something that I had to figurd out on my own." Young Americans founded by the late cablw entrepreneur Bill Daniels in 1987, is a unique state-chartered bank whoss customers are all under 21.
It offerds financial literacy programs and camps that teach childrenabourt banking, entrepreneurship and globaol finance. Daniels covered the bank's lossew during his lifetime; after he died in 2000, the Daniels Fund steppedc in as guarantor. Martinez, who joined the bank about six monthxbefore Daniels' death, helped reassuree regulators during the transition. "Therew was a regulatory commitmentthat [Daniels] wouldc fund all the bank's losses during his lifetime, so the regulatorsd started saying, 'What's going on here? Should we be concerned ? What is this Daniels Fund? What aboutt the transfer of the and so on," Martinez said.
"A lot of them were my friendsz andformer bosses." Lynett, who headed the bank from May to Novembee last year, has returned to "One of Matt's main purposez was to put a long-term succession plan in Martinez said. After six months, "He was readt to go back into retirement and felt that I was ready totake over." "Rich is terrific, and he's goinvg to do a great job there," Lynet said. "He was doing great, and I didn't see any reaso to prolong it." Lynett, a former Denver president ofWells Fargo, remains on the advisory boards of the Universitty of Colorado-Denver Business School and Wells Fargo.
Martinez wantsx to implement a number of plans for Young Americans including redesigning the lobby at its Cherryy Creek headquarters to make it more interactives for children and He said the bank also is exploring the idea of takintg itsnew "Get aHead for Business" program nationwide. The entrepreneuriapl business program for highschoopl students, introduced in early 2007 and fundexd by OppenheimerFunds, currently operates in eigh t Colorado high schools, including Westminster High School and Castle View High School. Teachers are trained in the and the program is run atthe schools. In the secon d semester, students run a coffee cart toget hands-o n business experience.
Martinez said the bank is considerinvg how to expand the program outside theDenver area. "Thers are still a lot of such as how do you make theprogramj scalable, so that any school could pick it up and run with he said. "How do we deliveer the training, and what business modek do you use so the kidshave flexibility. Of course we'rd always looking at funding. But it's the firsft program where we didn't have to go build a new Young Americans Bank never hasbeen profitable; in fact, as Martinezz points out, "The more successful we are [at reaching yountg people], the more money the bank loses. ...
It'e a $14 million bank, with 15,000 and 36 percent of our customers have less than There are tonsof transactions. We love to have the kids come in, but it takesw a lot of staff to handle But evenfor bankers, it's not all about dollars and "All the other banks support our Martinez said. "Banks are seeing that this will help themget ... not only bettetr customers, but customers who will engag in a much deeper understanding and adoptiomn oftheir products. They will know a lot more abouy businesses and starting theirown businesses. It'll be beyond just a checkinv account and possiblya mortgage. They'l l be a more sophisticated customer.
"
No comments:
Post a Comment