Home > Consumer Protection > Financial Education & Literacy > Money Smart Press Releases




Money Smart Press Releases

BANCORPSOUTH JOINS FDIC MONEY SMART ALLIANCE PROGRAM

FOR IMMEDIATE RELEASE
MS -12 - 2003 (07-01-03)
Media Contact:
Rosemary George (202) 898-6530

The Federal Deposit Insurance Corporation (FDIC) today announced that BancorpSouth has joined the Money Smart Alliance Program. The announcement was made at the Rotunda of the New Capitol Building in Jackson, MS, by Donna Gambrell, Deputy Director of the FDIC’s Division of Supervision and Consumer Protection , and Aubrey B. Patterson, Chairman and CEO of BancorpSouth. Mr. Patterson is also the current Chairman of the American Bankers Association (ABA). Also present at the event was Peyton Prospere, the newly appointed Mississippi State Treasurer.

“We are extremely proud to welcome BancorpSouth as a member of the Money Smart Alliance Program," said FDIC Chairman Don Powell. "I am particularly impressed by the way they have already been implementing the program and the successes they have had in already taking more than 600 people through the Money Smart program. BancorpSouth's example in making such a strong commitment to community service should serve as a shining light for corporate America.”

BancorpSouth is a $10.2 billion-asset bank holding company, with 250 offices in Alabama, Arkansas, Louisiana, Mississippi, Tennessee and Texas.

As a partner in the FDIC’s Money Smart Alliance Program, BancorpSouth will reach low- and moderate-income individuals in these six states. BancorpSouth will provide staff for training, classroom space and grants to community-based partners who teach the Money Smart curriculum to local citizens.

“BancorpSouth is committed to expanding adult financial literacy,” said Aubrey Patterson, Chairman and CEO of BancorpSouth. “We are honored to be recognized by the FDIC for something so critical to the economic structure of the communities in which we serve.”

"The Money Smart financial education curriculum is an excellent way to help people gain the knowledge necessary to function within our financial system," said Powell. "No one is born being ‘Money Smart.’ That’s something you learn, and the Money Smart curriculum will help people begin to establish positive banking relationships, build assets, and move towards a secure financial future for themselves and their families.”

Mr. Joe Mack, a Jackson State University employee who went through the program, also spoke at the event. “Ms. Edwards of BancorpSouth worked with me during the Money Smart classes,” said Mack. “She reviewed my credit report and showed me how to clean it up, something I previously tried to do myself without much success. Her suggestions worked. Now my family owns a home, has savings and an improved credit report.”

The FDIC developed the Money Smart curriculum to help low- and moderate-income adults enhance their money management skills, understand basic financial services offered by the financial mainstream and build their financial confidence to use banking services effectively.

The Money Smart curriculum is comprised of ten comprehensive instructor-led modules covering basic financial topics including an introduction to bank services, tips on obtaining credit and information on buying a home. It can be easily reproduced for wide dissemination and has no copyright restrictions. Money Smart is free to users.

In addition to the English, Spanish and Chinese CD-ROM versions now available, Money Smart is being translated into Korean and Vietnamese. Those versions are scheduled for release later this year.

Any organization interested in financial education can use Money Smart. For information and instructions on how to obtain copies of the curriculum go to www.fdic.gov, or call 1-877-275-3342 or (202) 942-3404.

# # #

Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 9,314 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet via the World Wide Web at www.fdic.gov and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 202-416-6940).

Last Updated 7/01/2003 communications@fdic.gov