Capital One Bank (NYSE: COF) today announced the opening of a new bank branch at West Side High School in Newark.
The West Side High School branch will be Capital One Bank's second student-run banking center in the Tri-State area.
Nine West Side High students will operate the in-school branch three days a week under the supervision of Capital One Bank management. The new in-school branch provides an opportunity for select students to work with Capital One Bank to develop practical financial knowledge and skills through a structured work environment and share what they have learned with their peers. The bank will offer tools to help students save for future financial responsibilities such as the cost of attending college, and banking services will also be available to school administrators and teachers.
"Capital One Bank developed this student-run bank branch at West Side High School as a part of our commitment to providing innovative financial education programs for the citizens of New Jersey," said Jon Trombley, New Jersey and Virginia State Executive Vice President of Branch Banking at Capital One Bank. "Given recent economic pressures, financial literacy is more important than ever. Our goal is to help give students a solid foundation of money management knowledge and skills so that they can make wise financial choices in the future."
Overall goals of the partnership between West Side High School and Capital One include:
- Promoting sound money management skills;
- Promoting mainstream banking;
- Providing critical life-skills training;
- Connecting students to industry professionals for mentoring opportunities;
- Developing career awareness and work readiness skills;
- Influencing academic achievements by providing college preparatory guidance; and
- Bringing financial education to the local community through the Capital One Financial Education Community Center.
In preparation for the branch opening, student bankers participated in formal teller training, financial education classes and received on-the-job experience at local Capital One Bank branches. Students also participated in a college prep program at Drew University.
"This program provides an incredible opportunity for all West Side High School students to learn smart money management principles such as saving and budgeting from their peers. At the same time, the student bankers receive hands-on experience that will help them get ahead in college and in the workforce," said Dr. Clifford Janey, Superintendent of Newark Public Schools. "This initiative was also supported by the Newark Public Schools Advisory Board when it was first presented by the district earlier this year."
Dr. Janey added, "The local school community and the school district are considering ways to add more "capital" to West Side High School by making it a magnet school with a new brand name...the West Side High School of Business and Finance."
To complement the in-school banking center, Capital One Bank plans to create a Community Financial Education Center at West Side that will offer financial education seminars for community residents in partnership with local nonprofit organizations.
"This corporate partnership addresses the critical need for financial education among our students and their families in Newark," said Mayor Cory A. Booker. "By working with Capital One Bank, we are empowering our students with the sound money management principles they will need to function as self-sufficient adults and achieve personal prosperity."
In October 2007, Capital One Bank established its first student-run bank branch at the Fordham Leadership Academy for Business and Technology in the Bronx, New York. All of the student bankers who participated in the program last year are now enrolled in college and report that they are more financially aware and responsible as a result of their banking experience.