Sterling National Bank Partners with Goalsetter to Bring Savings Accounts to One Million Students in Underserved Communities
Sterling National Bank has partnered with Goalsetter to honor Black History Month by funding savings accounts for 1,000 students from the Eagle Academy Foundation in New York City and Newark. Each selected student will receive a $40 seed deposit and access to a financial literacy curriculum for five years. The initiative aims to promote financial education and independence among young men of color.
This effort aligns with the goal of establishing savings accounts for one million students in minority communities.
- Funding of 1,000 students' savings accounts with $40 each.
- Partnership with Goalsetter to enhance financial literacy among K-12 students.
- Long-term commitment to foster financial independence in minority communities.
- None.
In honor of Black History Month, and as part of Goalsetter’s “Drafted” campaign, Sterling will fund the accounts of 1,000 students from Eagle Academy Foundation, a public school network for young men of color in New York City, N.Y. and Newark, N.J.
PEARL RIVER, N.Y., Feb. 16, 2021 (GLOBE NEWSWIRE) -- Sterling National Bank, the wholly-owned operating bank subsidiary of Sterling Bancorp (NYSE: STL), today announced that it is partnering with Goalsetter, a Black-owned financial services mobile app aimed at promoting financial literacy and empowerment amongst K-12 students. Sterling National Bank will participate in Goalsetter’s “Drafted” initiative, a campaign to bring savings accounts to one million students in minority communities.
As part of this initiative, Sterling will seed the FDIC insured savings accounts of 1,000 students selected by Eagle Academy Foundation with
- A Cashola Card, a debit card backed by Mastercard, with customizable parental controls, budgets and spending rules
- The ability to receive contributions or “GoalCards” that promote saving towards real world goals
- Weekly fun, financial literacy quizzes centered around popular culture
“This critical initiative reinforces Sterling’s commitment to financial education and empowering young people to reach financial independence,” said Matthew Smith, Sterling’s Executive Managing Director, Direct Banking and Banking as a Service. “Black History Month provides an important opportunity to celebrate and promote Black achievement. We are excited to play a part in supporting these inspiring young men to become the next leaders, savers and investors.” Watch a live message from Matthew regarding Sterling’s involvement in the campaign here.
“School systems around the country have launched Child Savings Account initiatives because the data shows that kids who have savings accounts in their names are not only six times more likely to go to college but are also four times more likely to own stocks as young adults,” said David C. Banks, President and CEO of the Eagle Academy Foundation. “We are excited to be at the cutting edge of offering our kids a savings account with an additional dimension of financial education. This combination of theoretical knowledge coupled with real-world tools is exactly what our children need to achieve financial freedom, and I'm proud to be instilling these skills in our students through our work with Goalsetter."
“We are excited that leading institutions such as Sterling National Bank are supporting our movement to realize financial literacy for the next generation,” said Tanya Van Court, founder and CEO, Goalsetter. “More and more educational institutions are looking at ways to start savings accounts for children and Sterling’s partnership with Eagle Academy puts them both at the forefront of this effort. By working together to offer kids both savings accounts and culturally relevant, game-based financial literacy content, we are setting the bar for what effective financial education tools should achieve.”
About Sterling National Bank
Sterling National Bank specializes in the delivery of financial services and solutions for small to mid-size businesses and consumers within the communities we serve through a distinctive team-based delivery approach utilizing highly experienced, fully dedicated relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit www.snb.com.
About Eagle Academy Foundation
The Eagle Academy Foundation empowers at-risk inner city young men to realize their academic and civic potential with quality immersive learning experiences and proven community-based practices that address shortfalls in public education. The Foundation is led by its President and CEO, David Banks, who was the Founding Principal of The Eagle Academy for Young Men, the first school in the Foundation's network of innovative all-boys public schools in New York City. Since opening in 2004, the Eagle Academy network has grown to encompass a total of six schools in the Bronx, Brooklyn, Queens, Newark, Harlem, and Staten Island and is expanding its vision nationally. For more information, visit eafny.org and follow The Eagle Academy Foundation on Facebook, Instagram and Twitter.
STERLING NATIONAL BANK CONTACT:
Lucy Amicucci - Manager and Foundation Administrator
914.771.3226
Sterling Bancorp
Two Blue Hill Plaza, Second Floor
Pearl River, NY 10965
T 845.369.8040
F 845.369.8255
http://www.sterlingbancorp.com
FAQ
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