Back to School for Medway Co-operative Bank—
Local Bank Collaborates with Medway Co-operative Bank High in New Initiative
Students Run Bank Branch in School Lobby, Learn Banking Principles
Oct 24, 2006, Medway, MA—In an effort to provide hands-on banking education for high school students, Medway Co-operative Bank is pleased to announce the recent opening of a full-service branch office in the main lobby of Medway Co-operative Bank High School. The School Bank Program is a for-credit curriculum geared toward qualified juniors and seniors. Now open for business, the new branch will serve Medway Co-operative Bank High School students, faculty, staff and visitors on school days from 10AM to 12:45PM.
Because of its ongoing commitment to its community, as well as the financial education of its students, Medway Co-operative Bank sought to collaborate with the Medway Co-operative Bank High School and bring this beneficial program into fruition. Modeled after successful School Bank Programs throughout more than 35 communities in eastern MA, the inaugural Medway Co-operative Bank effort is intended to be an invaluable, annual, “real life” working experience. Also, the school-based facility will be another convenient branch for current and new Medway Co-operative Bank customers. School Banking Supervisor Nancy Sherman, an employee of Medway Co-operative Bank, will oversee the new branch.
Ms. Sherman will train Medway High School students in the basic principles and practices of banking. These “student bankers” will operate the branch when school is in session, offering the complete line of Medway Co-operative Bank consumer and business banking deposit and loan services. They will interact with the public, accrue knowledge of the banking system, and develop responsibility and accuracy. Emphasis will be placed on security, cash handling and settlement, decision-making, and scheduling, among other topics. Students will earn school credit, and may be given the opportunity to work at Medway Co-operative Bank after school hours and during school vacations.
Medway Co-operative Bank has invested over $40,000 to retrofit the high school lobby space, the site of the new branch. The Bank has installed computer equipment, security cameras, alarms, vaults, secured dedicated data lines, routers, and supplied furniture. Additionally, the Bank intends to invest nearly $20,000 annually to cover ongoing expenses, such as the salary of the School Banking Supervisor, data communication lines, and facility and equipment maintenance.
“Bringing a branch of Medway Co-operative Bank into our school has provided a great learning opportunity for our students,” confirmed Richard L. Pearson, Principal, Medway Co-operative Bank High School. “They are learning to be tellers and how to function in a professional, real-world business environment with all the responsibility that such an experience entails. Our general student body and faculty seem to be benefiting as well. Students are opening accounts - some for the first time -- and our staff finds that conducting personal banking on-site here at the school is extremely convenient. This has been a thoroughly positive development for Medway Co-operative Bank High School.”
“We all benefit from teaching young people about good banking practices, and encouraging their fiscal responsibility,” confirmed Jack Hamilton, President and CEO, Medway Co-operative Bank. “Our significant investment in this project underscores our ongoing dedication to our Medway Co-operative Bank friends and neighbors. By facilitating youth banking education and increasing convenience for our customers as well as school administrators, the new School Bank Program should provide an ongoing service for all concerned. ”
Medway Co-operative Bank—with assets of $130 million—was founded in
1915, and continues to offer a wide range of individual and business banking services, as the only purely mutual, solely local bank in the community. Medway Co-operative Bank has been voted the #1 Community Bank in Medway and earned the Silver Award as Favorite Community Bank in the 13-town region in the CNC Readers Choice Awards. The Bank continues to earn the highest rankings for financial strength from nationally recognized bank-rating companies including a Four-Star rating from Bauer Financial. Medway Co-operative Bank, a member of the FDIC and the SIF, is located at 70 Main Street in Medway MA.
For further information, visit www.medwaycoopbank.com or call 508.533.8661.