Extraco Banks Receives Financial Capability Innovation Award from EVERFI and The Financial Capability Network
WACO, Texas, July 17, 2018 /PRNewswire/ -- Extraco Banks was honored with the 2018 Financial Capability Innovation Award presented by the nation's leading technology innovator, EVERFI, Inc. The award recognizes Extraco's significant efforts to improve the financial capability of central Texans through unique digital learning initiatives.
"Extraco is honored to be a recipient of EVERFI's 2018 Financial Capability Innovation Award! Education and Workforce Development is a mission pillar for Extraco, so our work with EVERFI to educate our community schools and customers on financial literacy is a very important part of who we are and what we do every day to build better people and communities," said Doug Streater, Extraco Banks President and CEO.
Honorees were selected based on a set of criteria that included the scale and reach of their financial education initiatives, the duration of their commitment, and unique employee volunteering activities that supplement their programs.
"Each year, we honor institutions that are truly dedicated to going above and beyond in service to their communities," said Ray Martinez, EVERFI President of Financial Education. "The Financial Capability Innovation Awards have given us the opportunity to share and celebrate the tremendous investment these institutions are making and continue to make in the communities where they live, work, and serve. For EVERFI, our time here reminds us just how critical the role innovation continues to play in empowering Americans to pursue economic opportunity and achieve financial security for themselves, their families, and their community."
Extraco partnered with EVERFI to bring Extraco WISE (Wealth, Investments, Savings Education) to local students at 11 central Texas high schools at no cost to students or taxpayers. Administered by teachers in the classroom, the web-based program offers over six hours of courses on a variety of financial topics including credit scores, insurance, credit cards, student loans, mortgages, taxes, stocks, savings, 401ks and other critical concepts that map to national financial literacy standards.
To date, the program has reached over 1,522 students at 8 active schools with 6,993 hours of total learning. The remaining three area schools should go live in Fall 2018.
Extraco WISE includes platforms for Extraco employees and customers, too. Since customer launch in April, Extraco has had over 1,158 enrollments in the program; typical enrollments within a 1-year period are 1,000, so Extraco has already exceeded the annual benchmark for first year deployment.
"We're very pleased with the results from our first year of formalized financial literacy for area schools, our employees and customers," continued Streater. "We look forward to increasing access to financial literacy and helping folks become more knowledgeable about managing their money and finances."
About Extraco Banks®
Extraco Banks and its affiliate companies are dedicated to building people, businesses and communities. Since the Great Recession, Extraco has extended over $2 billion in loans to 25,000 customers, while financially supporting over 1,275 community organizations working to create economic vibrancy, job growth and overall quality of life to our communities across central Texas. Founded as a cotton warehousing company, Extraco, at $1.4 billion in assets, is the largest and most comprehensive locally owned bank between Dallas and Austin, serving over 120,000 customers' banking, mortgage, insurance and wealth & trust needs with creative and innovative excellence. Learn more at: https://www.extracobanks.com/.
About EVERFI
EVERFI, Inc. is the education technology innovator that empowers K-12, higher education, and adult learners with the skills needed to be successful in life. The company teams with major corporations and foundations to provide the programs at no cost to K-12 schools. Some of America's leading CEOs and venture capital firms are EVERFI investors including Amazon founder and CEO Jeff Bezos, Twitter founder Evan Williams, and Google Chairman Eric Schmidt. Learn more at everfi.com.
SOURCE Extraco Banks
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