Federal Deposit Insurance Corporation
Albany State University
FOR IMMEDIATE RELEASE September 26, 2006
FDIC Welcomes Albany State University to
Money Smart Alliance Program
The Federal Deposit Insurance Corporation (FDIC) and Albany State University (ASU), Albany, Georgia, today announced that ASU has joined the FDIC's Money Smart Alliance Program. Under the alliance agreement, ASU will promote the FDIC's Money Smart financial education program throughout the Albany, Georgia, area and its surrounding community.
"We are pleased to partner with Albany State University to bring our Money Smart program to those in the Albany community who may want to buy a first home, launch a home-based business or open a bank account for the first time. Good money management skills can help to secure financial rewards for the future," said Community Affairs Officer Thomas E. Stokes, III, of the FDIC's Atlanta Regional Office, Division of Supervision and Consumer Protection.
ASU's commitment to provide quality educational experiences goes beyond the classroom. ASU is a historically black institution in Southwest Georgia with approximately 3,900 students. The university is dedicated to preparing leaders for underserved populations through a wide range of outreach initiatives, particularly through service-learning programs. ASU plans to begin a new community initiative geared to assist low- to moderate-income families.
ASU, in collaboration with the Department of Housing and Urban Development (HUD) and through funding from Historically Black Colleges and Universities (HBCUs), has partnered in support of the advancement of economic, social, human and physical development of both the Albany, Georgia, region and the state. Through partnerships, the university develops programs that seek to improve the lives of citizens. Central to its community outreach are comprehensive programs that target health care services, social dysfunctions and human disabilities.
The university is also committed to public service, research, technical assistance, and economic and leadership development activities in the region, the state and the nation. The Money Smart Alliance Program will provide a key component in improving financial literacy in the community.
"The crux of this alliance is the economic development of Southwest Georgia," said Derrick Gilmore, Director of Albany State University's Continuing Education program. "By increasing the financial literacy of people in this area, particularly low- and moderate-income families in the region, the program will ultimately give them more buying power when it comes to such matters as financing homes and businesses. By partnering with a proven program, such as the FDIC's Money Smart program, the university has a very real opportunity to have a positive impact on this region of the state."
To learn more about the FDIC's Money Smart program, visit the Money Smart page on the FDIC's Web site at www.fdic.gov/consumers/consumer/moneysmart/index.html. Since June 2002, when Money Smart was launched, more than 495,000 consumers have completed a Money Smart course and more than 95,000 new banking relationships have been established with Money Smart students. Money Smart was awarded the 2003 Service to America medal by the Partnership for Public Service.
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 8,778 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 at www.fdic.gov, by subscription electronically (go to
www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). MS-3-2006