NEWS RELEASE
Banks, Charities Join to Promote Financial Stability for Families
Redding, CA, April 5, 2017 – Shasta County residents who are struggling to make ends meet will learn to manage finances and be able to open a no- or low-cost bank account under an initiative spearheaded by three local banks, United Way of Northern California and other community agencies.
Redding Bank of Commerce, in partnership with Good News Rescue Mission, has launched the Bank On Initiative, holding the first “Money Smart” class in a process that culminates with the opening of bank accounts.
According to Anthony Zippay, Education and Job Readiness Center Director for Good News Rescue Mission, “The Money Smart Class and Bank On are great opportunities for our students to learn how to save money and manage their finances wisely.” By providing financial literacy and consumer education, Bank On participants learn to build savings; improve credit scores; avoid predatory loans, and plan for a successful future.
Without access to adequate banking services, some Shasta County residents are forced to rely on predatory lenders who charge high fees to cash checks. “Fringe” financial services, which typically offer check-cashing and payday and title loans, are expensive and often cost-prohibitive and eat up what little money people receive with high fees and interest charges.
Bank On is a key component of the Prosperity Initiative, a community-wide project aimed at breaking cycles of poverty and providing positive pathways for youth. The project has been led by United Way of Northern California in partnership with Shasta County.
Bank On aims to serve about 40 participants in its first year, and expand over time. “An estimated 17,000 Shasta County residents lack full access to conventional banking services,” said Larry Olmstead, United Way President & CEO. “This is a great example of organizations in our community coming together to help people who are struggling to make ends meet.”
Once coursework has been completed, clients can open a bank account at a participating financial institution. Tri-Counties Bank and U.S. Bank are also offering financial literacy classes and the Bank On accounts.
Other agencies partnering in this venture include: Shasta County CalWORKs, the Redding Library, One Safe Place, and Shasta Community Health Center.
“We are excited to have the opportunity to collaborate with United Way and its partners to work towards helping individuals in our community create a financially stable future,” said Randy Eslick, President and CEO of Redding Bank of Commerce. ”We understand that this cannot be successful by just offering a low-cost account, but by teaching them the skills they will need to ensure a bright financial future,”
For more information about Bank On and how to enroll in classes, please contact the United Way of Northern California at 530-241-7521.
Media Contact:
Norma Mosqueda, , 530-241-7521
About United Way of Northern California:
United Way of Northern California (UWNC) was established in Redding in 1953 and serves nine counties: Butte, Glenn, Lassen, Modoc, Plumas, Shasta, Siskiyou, Tehama and Trinity. Its mission is to fight for the education, income and health of all residents in the community. UWNC raises funds for non-profit agencies and operates two 24/7 human services helplines: 2-1-1 Shasta and 2-1-1 Tehama, collectively known as 2-1-1 NorCal. UWNC also operates Volunteer NorCal, a website that connects volunteers to agencies (volunteernorcal.org), and currently coordinates the Prosperity Initiative, a collective impact project that promotes financial stability and youth enrichment. For more information about United Way of Northern California visit
About Good News Rescue Mission:
Founded in 1964, the Good News Rescue Mission offers a hand-up and the opportunity for a new life to thousands of men, women and children in our community. It provides subsistence services to the poor, needy and homeless. The Rescue Mission is located at 2842 S. Market Street, Redding, CA 96001.
About Redding Bank of Commerce
Redding Bank of Commerce is an FDIC-insured California banking corporation providing community banking and financial services through nine offices located in northern California. Redding Bank of Commerce opened on October 22, 1982, and operates under two separate names (Redding Bank of Commerce and Sacramento Bank of Commerce, a division of Redding Bank of Commerce). Bank of Commerce Holdings is a bank holding company headquartered in Redding, California and is the parent company for Redding Bank of Commerce. Bank of Commerce Holdings’ common stock is listed on the NASDAQ Global Market and trades under the symbol “BOCH.”