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LAUREL — The newest “branch” of Security Bank opened for business for the first time Oct. 3.
The student branch is located at LCC Elementary and LCC Middle School, and the Oct. 3 opening was the culmination of a five-month planning process involving LCC school administration, Security Bank and the Nebraska Council on Economic Education housed at the University of Nebraska-Lincoln.
The LCC branch is the second in-school branch of Security Bank. These branches are part of the growing In-School Savings Program across Nebraska.
Business will be limited to savings deposits for LCC students.
“Our role is to help expand economic and financial literacy across Nebraska. Research shows that in-school savings programs contribute indirectly to saving regularly through the direct influence of getting students to open a bank account and open it early,” said Dr. Jennifer Davidson, president of NCEE.
The student branch at LCC Elementary and Middle School is designed to: - Introduce the economic concept of savings early and reinforce this idea throughout the elementary curriculum.
- Demonstrate that saving should be part of a student’s personal finance plan for his or her future.
- Provide the opportunity to discover careers in the area of banking and finance.
- Increase parental involvement through savings and banking activity.
“At LCC, we strive to educate and develop well-rounded students. This program and partnership with Security Bank is a great opportunity that aligns with this goal at LCC. Students have the opportunity to learn about the importance of saving money and begin the practice of saving money. Our bank tellers also have the opportunity to learn about not only what being a bank teller entails, but they also learn about the process of applying for a job and the responsibilities that come with a job,” said Keri Hart, elementary school principal at LCC.
“The educational opportunity through this partnership to prepare students for the real world is an invaluable one that we are looking forward to.”
During the last five months, Davidson met with Hart and representatives of Security Bank to set the project in motion. Student tellers were interviewed by Security Bank staff and selected by teachers at LCC and then trained by Security Bank staff. Targeted savings lessons will be taught by teachers in grades kindergarten through sixth to prepare students to be better savers.
“The student tellers have gained valuable life experience through teller applications, the teller interview process and participating in teller training with our employees. We continue to be impressed by their dedication and enthusiasm,” said Susie Koranda, executive vice president of Security Bank.
The Security Bank LCC School Branch officially opened for deposits with 92 students opening accounts, 70 made their first deposits and 19 student tellers got some real-life work experience.
The branch will be open every week for savings deposits only. It will be staffed by actual Security Bank staff and student tellers.
“Our team at Security Bank is excited about this project; this is our opportunity to provide financial literacy at a young age,” Koranda said. “We will match the initial deposits of the students up to $5.00 to help them get started.”
Incentives will be provided based on the frequency of deposits rather than the amount, as the students reach various savings goals. All students must obtain parental permission to participate. Each year, new students will have the opportunity to be part of the new teller group. The branch will be closed over the summer months and holiday breaks but will reopen again during the school year.
“It is very important for students to learn the importance of saving at a young age and the positive impact consistently saving can have both now and, in the future, “ said Mark Leonard, LCC Middle School Principal. “Through their involvement in the school bank branch and continuing their saving habits for years to come, our students will see and experience the benefits of saving and learn the value of saving for a more successful financial future, “ Leonard said.
