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FDIC Announces Korean Language Money Smart Initiative in Hawaii

FOR IMMEDIATE RELEASE
MS-01-2004 (01-17-2004)
Media Contact:
California: Linda Ortega (415) 808-8115
Washington: Rosemary George (202) 898-6530

The Federal Deposit Insurance Corporation (FDIC) today announced that Central Pacific Bank (CPB) will be sponsoring classes of the Korean-language version of Money Smart, the FDIC's adult financial education curriculum. The announcement was made at a news conference held at CPB's Makiki Branch, one of the sites of Money Smart classes for Korean-speaking residents of Honolulu.

"It is especially fitting that Korean Money Smart should taught in Hawaii, which was the first point of entry for Korean immigration to the United States in 1903," said FDIC Chairman Don Powell. "Knowledge of the U.S. banking system gives people the ability to better leverage their personal and business financial interests and puts them on the road to economic self-sufficiency. I'd like to thank Central Pacific Bank for stepping up to the plate to help deliver Money Smart to the Korean-American community." "We are very pleased to be able to partner in bringing such an educational and easy-to-learn program for Korean immigrants and their families, who are not only adapting to a different way of life, but an extensive banking system," said Clint Arnoldus, Chairman, President and CEO of Central Pacific Bank.

"We hope that these series of free workshops will provide essential fundamentals in money management, from savings to investing, as well as home ownership, which in turn will help to secure a better financial future for our Korean population here in Hawaii," Arnoldus said.

The Hawaii Korean Chamber of Commerce and the Korean American Coalition, in conjunction with Central Pacific Bank, were the FDIC's key Money Smart Alliance Partners in the effort to deliver financial education to Korean-speaking residents in Hawaii. Classes will begin in February 2004 and are scheduled for delivery at the Bank's Makiki and Mapunapuna branch locations.

Since the introduction of Money Smart in July 2001, more than 175,000 people have completed the course nationwide. Nationwide, the FDIC has distributed 100,000 copies of Money Smart to more than 24,000 financial institutions, faith-based organizations, city and community colleges, and federal government partners. Money Smart is currently available in English, Spanish, Chinese, and Korean, and a Vietnamese version will be introduced in February 2004. Any organization interested in financial education can use Money Smart. For information and instructions on how to obtain copies of the curriculum, click on the FDIC Money Smart link at www.fdic.gov, or send an e-mail to publicinfo@fdic.gov.

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nationís banking system. The FDIC insures deposits at the nationís 9,237 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 Ė insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov or contact the FDICís Public Information Center (877-275-3342 or 202-416-6940).


Last Updated 01/30/2004 communications@fdic.gov