OneUnited Bank Launches Summer School: Free Financial Literacy Workshops

Business Wire, July 9, 2008

BOSTON -- OneUnited Bank, the largest Black-owned bank in the country, announced today the launch of the OneUnited Bank Summer School. The program offers free financial literacy workshops about credit and checking accounts to be held in Boston, Miami and Los Angeles in July and August. OneUnited Bank Summer School provides a warm and friendly environment to learn basic banking skills. Anyone can enroll: simply stop by any OneUnited Bank branch, call OneUnited Bank toll free (877-One-United) or register online at www.oneunited.com.

The mission of OneUnited Bank is to educate urban consumers about banking and financial literacy. The Bank has adapted the Money Smart Program developed by the Federal Deposit Insurance Corporation to teach consumers how to manage a checking account and how to manage credit. There are two workshops - To Your Credit and Check It Out - that will be offered in July and August in seven locations across the country. The dates and times for each free workshop (which are conveniently held on weekday evenings and Saturdays) are also available online, by phone (877-One-United) and are posted in OneUnited Bank branches.

"During these difficult economic times, it is critical that urban communities learn and remember basic banking skills," states Kevin Cohee, OneUnited Bank's CEO and Chairman of the Board. "Given the increase in foreclosures and gas prices, our community will need to do more with fewer resources. We will need to plan and manage our credit to survive until the housing market improves. We will also need to be ready to take advantage of opportunities to buy homes at good prices when they arise. For this reason, we think financial literacy is more important than ever."

The To Your Credit workshop covers how to order a copy of a credit report, how to read a credit report, and how to build and repair your credit history. The Check It Out workshop covers how to use a checking account responsibly, how to complete account reconciliation, and how to determine the best type of checking account for each customer's personal needs. This Workshop also covers ChexSystems and how banks use the information.

"Our Summer School, which takes place in our branches, provides a warm and friendly environment for anyone to ask questions and learn about banking and credit. We hope to help participants make better financial decisions for themselves and their families," states Cohee.

OneUnited Bank is the largest Black-owned bank in the country with over $700 million in assets. OneUnited is also the first Black-owned internet bank and the first Black-owned interstate bank in the country. The Bank's mission is to be the premier bank serving urban communities by promoting financial literacy and wealth building, and offering affordable financial services. OneUnited Bank is also a U.S. Department of the Treasury certified Community Development Financial Institution based on its commitment to supporting the economic development of low to moderate income communities. Over the past four years, the Bank has been honored to be the recipient of the highest Bank Enterprise Award ("BEA") from the U.S. Department of Treasury for its community development lending. The Bank has grown through a combination of organic development and by acquiring community banks that share its mission, including Boston Bank of Commerce in Boston, Massachusetts, Founders National Bank and Family Savings Bank in Los Angeles, California, and Peoples National Bank of Commerce in Miami, Florida.