Last week, the American Banker recognized the breadth of community service provided by banks and their employees throughout America in their front page story Banks Give More Man-Hours, Less Money, to Charity, March 23. There is more to the story, and here is some additional detail.
The Financial Services Roundtable annually surveys our member companies to gain an insight into their community service activities. Our members include 100 of the largest banks, insurance companies, asset managers, financial advisors, and consumer finance companies. Our companies employ some 2.3 million employees in the US, and operate in every community in America.
This 2010 survey, http://www.fsround.org/publications/pdfs/CS10-ImpactReport.pdf, identified an astounding commitment to community service by the financial services industry and its employees:
- An aggregate of over 300,000 community service and financial literacy projects.
- Over 460,000 employees volunteered for community service.
- 7.5 million people helped.
- $350 million raised or donated to non-profits by just 68 companies.
- Our companies place a special focus on financial education, providing classroom tutors, mentors, curricula, and education supplies.
A complete summary of our member companies’ varied community services activities can be found in the 2010 Community Service Impact Report, which can be found on our Web site financialcommunityservice.org. Or you may request the published version from me at Steve@fsround.org.
One special note: the employees of our member company employees are involved, enthusiastic, and highly motivated for community services. Their level of enthusiasm for community services is astounding. Further, CEOs and senior management encourage and recognize community service by their employees.
The breadth of types of community services activities is likewise impressive, including home builds, blood drives, homeless shelters, financial seminars, and mentoring.
Some of these community services projects are described in a weekly “Company of the Week” feature that we distribute, and also published in the 2010 Community Service Impact Report.
Three particular financial education projects in 2010 should be highlighted:
. * Junior Achievement. Every member of the Roundtable is involved with Junior Achievement in some way. Last year, Roundtable member companies volunteered with Junior Achievement to teach financial literacy to over 443,000 students in classrooms across the country.
* Ebenezer Hope Center. Members of the Roundtable have provided significant and ongoing support for the development and operation of the “Ebenezer HOPE Center” in Atlanta, GA. The Center will be the “national flagship” for Operation HOPE on the campus of Ebenezer Baptist Church. It will offer financial case management, homeownership programs, small business banking services, and financial literacy programs.
* EverFi Financial Education. Our members sponsor a full semester of financial education for 600 high schools in 15 states throughout the US. This intensive and exciting course results in a Certificate of Financial Education for successful students, and a lifetime of improved financial success.
Financial Service companies in general, and banks in particular, have a massive commitment to community services. The employees of these companies demonstrate that commitment every day, all year long, in every community in America.