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Metro Newsroom 


Bank On Louisville’s First Anniversary Celebration

Tuesday August 30, 2011

Mayor Greg Fischer gathered with representatives of Bank On Louisville today to celebrate the first anniversary of the program and its extraordinary successes.

Following an invitation from the National League of Cities, Bank On Louisville kicked off in July 2010 to help unbanked and underbanked citizens in our community ---those who do not have a checking or savings account---gain better access to the mainstream banking system, saving themselves and their families thousands of dollars.   It’s estimated that fees from fringe financial services like check cashing companies and payday loan providers can add up to more than $40,000 over the working lifetime of one individual.

Bank On Louisville's original goal of opening 500 new accounts in 2010-2011 was quickly surpassed as more partner agencies came on board and the popularity of the program began to soar.  At the end of the first year, 5,952 new accounts were opened, $5,012,655 deposited and more than 90 partners participated.

“Something as simple as opening a checking or savings account can have a huge impact. Suddenly, families are saving thousands of dollars in unnecessary fees and they are able to save for the future,” Mayor Greg Fischer said. “With the network of community-wide partners involved, the program will only continue to grow and achieve more.”

Eleven banks and credit unions (117 branches), and 80 community organizations and government agencies, including Metro Louisville’s Community Services and Revitalization and the Economic Development Department, FDIC and the Federal Reserve, work together to reach the unbanked and underbanked citizens of Louisville. 

Bank On Louisville also helps to connect individuals with numerous financial education opportunities including the Start Fresh! program that guides participants through the banking process and helps them avoid the pitfalls of overdrafts and mismanagement.

There is still a great need in our community for banking and financial literacy and Bank On Louisville is answering this challenge by establishing stretch goals for 2011-2012 including opening 7500 new accounts and increasing partnerships in non-profits, financial, employers and faith-based organizations. 

A free community-wide Bank On Louisville 1st Birthday Bash and Resource Fair is being held this evening, August 30th from 2-6 pm at the Kentucky Center for African American Heritage.

You can learn more about Bank On Louisville by visiting www.bankonlouisville.com or calling Metro Call 311.

Bank On Louisville sponsors and partners include:

Sponsors
Louisville Metro Government
PNC Bank
Metro United Way
Park Community Federal Credit Union
First Capital Bank of Kentucky
BB&T
Fifth Third Bank
Federal Reserve Bank of St. Louis
FDIC
National League of Cities
Old National Bank
CBS Outdoor

Bank Partners
BB&T
 First Capital Bank of Kentucky
Old National Bank
PNC Bank
Chase
Fifth Third Bank
L&N Federal Credit Union
Park Community Federal Credit Union
Republic Bank
Your Community Bank
Class Act Federal Credit Union

Community Partners
American Red Cross
Americana Community Center
Better Business Bureau
Boys/Girls Clubs of Kentuckiana
Center for Accessible Living
Center for Nonprofit Excellence
Center for Women and Families
CLOUT
Community Coordinated Child Care
Dare to Care
ElderServe Inc.
Community Empowerment Center
Consumer Credit Counseling Service
Family and Children's Place
Family Scholar House
Goodwill Industries
GuardiaCare
Habitat for Humanity
The Housing Partnership, Inc.
Iraq Sports Center
Jewish Family and Career Services
Junior Achievement of KY
Kentucky Jump $tart
Legal Aid Society
Louisville Asset Building Coalition
Louisville Central Community Center
Louisville Society for Human Resource Management
Louisville Urban League
Louisville Wheels Transportation, Inc.
Metro United Way
Metropolitan Housing Coalition
National League of Cities
Neighborhood Place
Network Center for Community Change
New Directions Housing Corp.
Plymouth Community Renewal Center
Project Warm
River City Housing
Volunteers of America
Wellspring
Wesley House Community Services
West Louisville Business Association
Women4Women
YMCA of Greater Louisville
Youth Build Louisville
Zoom Group

Government Partners
Community Action Partnership
FDIC
Federal Reserve Bank of St. Louis
Internal Revenue Service
Jefferson County Cooperative Extension
Louisville Free Public Library
Louisville Metro Community Services and Revitalization
Louisville Metro Economic Development
Louisville Metro Government
Ky Dept. of Financial Institutions
Ky Dept. of Community Based Services
Metro Call 311
Office of Congressman Yarmuth

Education Partners
Bellarmine University
Jefferson County Public Schools
Spalding University

Faith-based Partners
Cathedral of the Assumption
Catholic Charities
East Louisville Community Ministry
Eastern Area Community Ministries
Highlands Community Ministries
Interfaith Job Transition Ministry
Kingdom Fellowship Christian Life Center
Ministries United of South Central Louisville
Presbyterian Community Center
Salvation Army
Shively Area Ministries
Society of St. Vincent de Paul
South Louisville Community Ministries
St. Matthews Area Ministries
St. Peters United Church of Christ
Wayside Christian Mission