After a long career as a commercial banker in St. Louis, more than a decade ago Alex Fennoy joined Midwest BankCentre. He helped transform the community bank into one that has won awards—including a 2019 ABA Foundation Community Commitment Award—for its responsiveness to local needs.
Homeownership, savings and holding down a job are three keys to financial well-being and moving out of generational poverty, so that’s what Southern Bancorp focuses on in its home Mississippi and Arkansas Delta region, one of the nation’s poorest.
On the latest episode of the ABA Banking Journal Podcast, Old National Bank’s Ben Joergens discusses his bank’s experience launching a Bank On-certified account.
The ABA Foundation’s 2020 George Bailey Distinguished Service Award co-winners put the spotlight on the industry’s financial inclusion efforts.
The share of U.S. households that are unbanked continued falling in 2019, reaching 5.4%, the lowest rate yet recorded in a biennial FDIC report.
To help reduce the number of unbanked Americans, ABA President and CEO Rob Nichols today urged all banks to offer a Bank On-certified account.
One in five adults employed in February had been furloughed or laid off by April, according to the Federal Reserve’s annual Report on the Economic Well-Being of U.S. Households released today.
There’s a clear business case for offering Bank On-certified accounts as a way for financial institutions to both serve the unbanked and grow their banks.
Sixty-one percent (up 11 points from 2013) said they could cover a $400 emergency expense in cash, a benchmark often cited by policymakers.