WASHINGTON, D.C. – On Wednesday, May 18, 2016, 34 banks and credit unions received the America Saves Designation of Savings Excellence, which recognizes banks and credit unions that went above and beyond to encourage people to save money during America Saves Week and/or Military Saves Week.
Congratulations to Armed Forces Bank, Broadway Bank, and First Arkansas Bank & Trust for receiving the America Saves Designation of Excellence Award. You all have gone above and beyond and deserve to be recognized for all you do to support saving in your military communities.
34 Banks and Credit Unions Receive America Saves Designation of Savings Excellence
Over 100,000 new wealth building accounts opened as part of America and Military Saves Week
Designation of Excellence Recipients
- Air Force Federal Credit Union
- Andrews Federal Credit Union
- Armed Forces Bank*
- Arsenal Credit Union
- BancorpSouth
- Belvoir Federal Credit Union
- Biddeford Savings
- Broadway Bank*
- Dean Bank
- Democracy Federal Credit Union
- District Government Employees Federal Credit Union
- Dover Federal Credit Union
- Eglin Federal Credit Union
- Electro Savings Credit Union
- Farmers Savings Bank
- First Arkansas Bank & Trust*
- First Central Credit Union
- FirstCapital Bank of Texas
- Guadalupe Credit Union
- Hanscom Federal Credit Union
- Keys Federal Credit Union
- LUSO Federal Credit Union
- M&T Bank
- Mechanics Bank
- Navy Federal Credit Union
- Pacific Marine Credit Union
- Pen Air Federal Credit Union
- Pioneer Valley Credit Union
- Quontic Bank
- I.A. Federal Credit Union
- Torrington Savings Bank
- TS Bank
- VISION Bank
- WesBanco
The 15 banks and 19 credit unions were recognized at the 2016 America Saves National Savings Forum on May 18th, and received a Designation of Savings Excellence seal for their website along with a plaque. “For years, hundreds of banks and credit unions have participated in America Saves Week and Military Saves Week by encouraging individuals to save money and build wealth,” said Nancy Register, America Saves Director. “This designation allows us to recognize banks and credit unions that successfully encouraged individuals to save money during the week. We commend these 34 institutions and hope to award hundreds in the future.”
Credit unions and banks encouraged thousands to save as part of America Saves Week. At credit unions, 96,842 new accounts were opened, 2,713,844 people added to existing accounts, and 1,195,110 automatic savings deposits were made. At banks, 7,000 new accounts were opened, 416,325 existing accounts had higher balances during America Saves Week promotion, and 819 new automatic savings accounts were opened.
Recipients were chosen by two selection committees, one for banks and another for credit unions. Christiane Gigi Hyland, Executive Director of the National Credit Union Foundation chaired the committee of credit union leaders. “The Foundation is proud to be working with America Saves on the designation,” says Hyland. “The America Saves Week effort is great for credit unions to be aware of in terms of helping their members save, as encouraging savings and financial literacy are part of credit unions’ DNA.”
Steve Bartlett of Treliant Risk Advisors chaired the committee of bank leaders. “These designations recognize those institutions that have acted affirmatively on behalf of the long-term interests of their customers and their families,” says Bartlett. “Savings equals long-term security and quality of life.”
America Saves Week is an annual opportunity for financial institutions to encourage individuals to save money – with an emphasis on reaching low- to moderate-income families. America Saves is recognizing banks and credit unions that succeeded in promoting savings or other wealth building accounts and had high levels of accounts opened or added to during America Saves Week 2016.
For more information about the America Saves Designation of Excellence visit:
Bank Designation: http://americasavesweek.org/america-saves-designation-of-excellence-for-banks-criteria/
Credit Union Designation: http://americasavesweek.org/america-saves-designation-of-excellence-for-credit-unions/
America Saves, a campaign managed by the nonprofit Consumer Federation of America, seeks to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. The research-based campaign uses the principles of behavioral economics and social marketing to change behavior. Nonprofit, government, and corporate groups participate in America Saves nationally and through local, regional, and statewide campaigns around the country. America Saves encourages individuals and families to take the America Saves pledge and organizations to promote savings year-round and during America Saves Week. Learn more at AmericaSaves.org and AmericaSavesWeek.org.