Students to Gain Real-World Banking Experience
LOS ANGELES, CA, October 2, 2013 – The Los Angeles Unified School District (LAUSD) Board of Education, in partnership with Union Bank, N.A., announced plans to open the first two student-run branches in Southern California. Located at Lincoln High School and Crenshaw High School, they are part of an innovative program designed to provide students with real-world financial education and work experience.
Union Bank opened its first student-run branch in 2011 in Fresno, California at McLane High School. Thirty student bankers have graduated from the program and four McLane graduates are currently employed by Union Bank in the Central Valley.
In LAUSD, the full-service student-run branches are scheduled to open in 2014. They will be staffed by student bankers, who will have an opportunity to acquire skills in finance as well as teamwork and leadership and the hands-on experience of working in a bank. Traditional banking products and services will be available to students, school staff, school administrators and teachers. Union Bank also will establish a Parents Academy at each school that will offer financial education, in English and Spanish, for parents and guardians of the students at each high school.
“We are excited to partner with Union Bank and open the first student-run bank in Lincoln High School and bring programs that help students learn money management skills that prepare them for college and careers after high school,” said Board Member Mónica García. Lincoln is in her board district, and is also the alma mater of the bank executive in charge of banking services in the region. García added, “I am grateful that an LAUSD alumna—Leticia Aguilar—is a leader in the industry paving the way for other students.”
“As a responsible bank, Union Bank is dedicated to increasing financial awareness within our communities, and we know that educating our youth is critical to building and sustaining strong communities for the future,” said Union Bank Executive Vice President and Regional Executive Leticia Aguilar, who manages the bank’s branches in the Los Angeles and Central California divisions. “We’ve seen tremendous talent and success from the participants in our student-run branch in Fresno and our goal is to replicate that in Los Angeles.”
“Union Bank is committed to this partnership, and we look forward to working with the Los Angeles Unified School District (LAUSD) in our shared mission of providing students and the community with information about how to better manage their personal finances,” said Union Bank Senior Vice President Jan Woolsey, a manager in the bank’s Corporate Social Responsibility division who helped manage the bank’s initiative in Los Angeles. “The real impact is in keeping our youth in school and sending them into the world with better life skills — we’ve seen a 100 percent graduation rate in our student banker population and a greater incidence (97 percent) of going to college than the general population.”
“Our Lincoln High School community is anxiously awaiting the opening of the Union Bank Lincoln High School Branch. We are honored for being selected among all the LAUSD high schools, as one of the new Union Bank High School branches,” said Lincoln High School Principal Jose F. Torres. “This opportunity will serve as the catalyst that will promote financial literacy for our students and their families. This experience also allows student interns to receive high school credit for their work in the branch as they acquire knowledge and hands on experience with the use of Business and Financial curriculum.”
About Los Angeles Unified School District
Second largest in the nation, the Los Angeles Unified School District (LAUSD) enrolls more than 640,000 students in kindergarten through 12th grade, at over 900 schools, and 196 public charter schools. The boundaries spread over 720 square miles and include the mega-city of Los Angeles as well as all or parts of 31 smaller municipalities plus several unincorporated sections of Southern California.
About UnionBanCal Corporation & Union Bank, N.A.
Headquartered in San Francisco, UnionBanCal Corporation is a financial holding company with assets of $102.3 billion at June 30, 2013. Its primary subsidiary, Union Bank, N.A., provides an array of financial services to individuals, small businesses, middle-market companies, and major corporations. The bank operated 422 branches in California, Washington, Oregon, Texas, Illinois, and New York as well as two international offices, on June 30, 2013. UnionBanCal Corporation is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd., which is a subsidiary of Mitsubishi UFJ Financial Group, Inc. Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG, NYSE:MTU), one of the world’s largest financial organizations. In July 2013, American Banker Magazine and the Reputation Institute ranked Union Bank #1 for reputation among its customers. Visit www.unionbank.com for more information.
Contact: Lizzette Patron, 213-241-6180