Los Angeles, CA (March 16 2016)—Union Bank today announced the grand opening of its fifth student-run branch and the first in partnership with the El Monte Union High School District at Mountain View High School located at 2900 Parkway Drive in El Monte, California.
The high school branch is part of an innovative program designed to provide students with real-world financial education, work experience, and mentoring opportunities. Located inside the Mountain View High School campus, the student-run branch is staffed by 10 student bankers who acquire skills in finance, as well as teamwork, leadership and the hands-on experience of working in a bank overseen by a seasoned Union Bank branch manager.
Traditional banking products and services are available to students, school staff, school administrators, and teachers. As part of their learning curriculum, the student bankers offer financial education workshops and classroom presentations to their peers in an effort to expand the learning experience to other students at the school.
"The Mountain View student-run branch is a milestone, and we are thrilled to partner with Union Bank and participate in this program, which is vital to providing hands-on learning for our students," said Larry Cecil, Mountain View High School principal. "In addition to the valuable money management skills they are learning, this experience is helping them to become young adults who know how to work together, interact with customers, and adapt to real-world situations, all life skills that they will use after graduation and beyond."
The students also attend classroom finance classroom sessions led by Mountain View High School Instructor, Mary Boutte. In addition to building skills in finance, leadership, management and marketing, the students receive a $500 stipend for working in the branch and a $1,000 scholarship for college when the course is completed.
About the Mountain View Branch Team
Anthony Barrios, an El Monte native, manages the Mountain View branch. He has nearly a decade of banking experience and has been with Union Bank since 2007. Barrios graduated from Cal Poly Pomona with a bachelor's degree in liberal arts. He is joined by 10 student bankers and Branch Service Officer Sergio Martinez, who has been with Union Bank since 2000. Martinez, who also volunteers with Junior Achievement to support financial education, is fluent in English and Spanish.
The branch is open during the school year Tuesday through Friday from 10 a.m. to 3:30 p.m. The branch offers traditional banking products and services, such as checking and savings accounts, and ATM and debit cards, for students, faculty, and administrators.
Financial Education—What Parents Want
To gain further insight into financial education trends, desires and views from parents and guardians across the country, Union Bank recently commissioned a national study conducted online by Harris Poll in March. The majority (95 percent) of parents/guardians with a child under 18 living in the household want their children to learn more about how to save money but only 36 percent strongly agree their children have adequate resources for learning how to be financially responsible by the time they're 18.
"The bank's recent study confirms the importance of having appealing resources for our youth to learn financial responsibility," said Union Bank Managing Director and Regional President Leticia Aguilar. "We remain passionate about providing valuable financial management skills through our high school branches. Union Bank recognizes that empowering students with life skills that will serve them well in the future ultimately strengthens our communities."
Additional results from the nationwide survey reveal that the majority (56 percent) strongly agree that it's very important for their children to have a savings account, 79 percent say their children should spend less of their money in order to save more and 58 percent agree their children want to talk more with adults in their life (e.g., parents, teachers) about how to save money*.
"We're finding that the student-run branch program helps foster discussions about money between students and their peers as well as with adults," said Union Bank Managing Director Jan Woolsey who oversees the program. "Encouraging conversations about money management has been part of the success of the program. The students are learning a lot, but parents, other students, friends and family in general, also learn from them. This program is sparking interest in what we hope remains a national dialogue."
Union Bank Student-Run Branches
Union Bank opened its first student-run branch in 2011 in Fresno, California at McLane High School. As a result of the success achieved through that program, in 2014, the bank introduced the concept to two high schools in the Greater Los Angeles area—Abraham Lincoln High School in Lincoln Heights and Crenshaw High School in the South Los Angeles area. In January, the bank announced a student-run branch at Loara High School in Orange County. To date, more than 100 student bankers have graduated from the program at the three schools in Fresno and Los Angeles.
El Monte Union High School District
Located in the heart of the San Gabriel Valley, the El Monte Union High School District (EMUHSD) was established in 1901. Its high schools include Arroyo, El Monte, Mountain View, Rosemead, South El Monte and Fernando R. Ledesma High School. EMUHSD also features the El Monte-Rosemead Adult School, one of California's largest and most respected adult programs. The District employs more than 1,200 employees, and the professional staff provides educational programs for more than 9,000 students in grades nine through 12 and 13,000 in adult education. EMUHSD is proud to provide financial literacy, work experience and mentoring opportunities to our scholars. We are very appreciative of the partnership that we have with Union Bank. For more information, visit www.emuhsd.org.
This survey was conducted online within the United States by Harris Poll on behalf of Union Bank from March 1-3, 2016 among 442 adults ages 18 and older who are parents/guardians of children under 18 in their household. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact firstname.lastname@example.org.
About The Harris Poll
Over the last five decades, Harris Polls have become media staples. With comprehensive experience and precise technique in public opinion polling, along with a proven track record of uncovering consumers' motivations and behaviors, The Harris Poll has gained strong brand recognition around the world. The Harris Poll offers a diverse portfolio of proprietary client solutions to transform relevant insights into actionable foresight for a wide range of industries including health care, technology, public affairs, energy, telecommunications, financial services, insurance, media, retail, restaurant, and consumer packaged goods. Contact us for more information.
About MUFG Union Bank, N.A.
MUFG Union Bank, N.A., is a full-service bank with offices across the United States. We provide a wide spectrum of corporate, commercial and retail banking and wealth management solutions to meet the needs of customers. We also offer an extensive portfolio of value-added solutions for customers, including investment banking, personal and corporate trust, global custody, transaction banking, capital markets, and other services. With assets of $115.4 billion, as of December 31, 2015, MUFG Union Bank has strong capital reserves, credit ratings and capital ratios relative to peer banks. MUFG Union Bank is a proud member of the Mitsubishi UFJ Financial Group (NYSE: MTU), one of the world's largest financial organizations with total assets of approximately ¥295.8 trillion (JPY) or $2.5 trillion (USD)1, as of December 31, 2015. The corporate headquarters (principal executive office) for MUFG Americas Holdings Corporation, which is the financial holding company and MUFG Union Bank, is in New York City. The main banking office of MUFG Union Bank is in San Francisco, California.
(1)Exchange rate of 1 USD=¥120.6 (JPY) as of December 30, 2015