From coast… to coast… there is ONE bank focused on building a better future.

ONE bank with programs you can trust to help boost YOUR economic picture.

OneUnited Bank.

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Interview of Teri Williams, President & COO of OneUnited Bank about the bank’s financial literacy for youth programs and her book “I Got Bank!”

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OneUnited Bank President Teri Williams to Appeared on WCVB-TV’s CityLine Sunday, February 20, 2011 to discuss “I Got Bank”

Teri Williams, OneUnited Bank President and author of I Got Bank! wrote the book after she discovered that there weren’t any books geared toward educating urban youth about finances. “I was inspired to write I Got Bank! because helping young people acquire financial literacy skills is a personal passion and mission for me and OneUnited Bank,” said Williams. “I could not find a book about personal finance from the perspective of urban youth. Yet, when children learn the lessons of financial literacy at a young age, they form strong habits that can be life-changing.” Ms. Williams has held numerous financial workshops for youth at schools and community organizations.

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There once was a village of creatures

Known by their distinguishing features,

And within their crowd,

A creature so loud,

He swayed public opinion with speeches

His effect became elevated

By laws to remain understated,

He yelled from his lungs,

The creatures were done

‘Til they banished the “one” they created

Through years of creatures he outed,

For many things trumped up and flouted,

Word started to spread

That his yells instead

Were the part of the story they doubted

“One’s” family saw a divider,

‘Tween yells and their life as insider,

They quietly spoke,

The trust they invoked

From their life over yells from one sider

He seeded to make his yells flower,

While he pressed to make creatures cower,

Yet lightness from “one”,

His words can’t undone

The commitment of “ones” to empower

The creatures in this simple foray

Saw yells become an age old story

So they kept their mind

Not to yell in kind

While they worked overtime for all glory

And the lessons the village decreed

In hard times when all yells can mislead

No need to inflame,

Yells cannot sustain,

Every “one’s” work must justly succeed

We must begin with an acknowledgement that the majority of families and organizations in urban communities are meeting their financial obligations. We are working, paying our bills, budgeting and saving for the future. This acknowledgement is important because there is tremendous media attention and justifiable concerns about families and organizations that have been impacted by the financial downturn and have faced foreclosure. However, there is not enough recognition of our financial responsibility.

As the largest Black-owned Bank in the country, OneUnited Bank has loaned more than $500 million to families and charitable institutions, including churches, in low-to-moderate income communities in Boston, Los Angeles and Miami and has had very few foreclosures and minimal losses. Over 90% of our customers are paying their loans as agreed. Our first “teachable moment” must be an understanding that urban communities are filled with responsible families and organizations who work hard to fulfill their obligations – even when they “hit a bump in the road”. By over emphasizing our financial challenges, we paint a picture of our community that is unsupported by the facts.

Conversely, there are instances when families and organizations are not able to meet their financial obligations, miss payments and are in default of their mortgages. Another “teachable moment” is that banks will work with borrowers to assist them in getting back on track. Foreclosure is the least desirable option. OneUnited Bank has experienced very few foreclosures or losses because we work closely with many borrowers with mutual respect and commitment to achieve a successful outcome. The success of “financial healing” and positive resolutions have received little media attention. However, the result is typically a family or organization that stands on a stronger foundation for future success.

In some instances, a bank’s effort to work with a borrower is unsuccessful and foreclosure is the only option. Another “teachable moment” is that a foreclosure only takes place when a borrower has missed several payments and is in default of their mortgage. It is a legal process that requires notifications to borrowers over a period of time, followed by a public notice in a local newspaper and ultimately a public auction of the property. Foreclosure is a painful process for the borrower and their community.

Recently, the press has published a number of articles about OneUnited Bank’s action in Boston. As an FDIC insured depository institution, the Bank has a process for working with borrowers who have had difficulty meeting their financial obligations. It is not the practice of the OneUnited Bank to foreclose on a mortgage in the absence of a borrower’s default. We trust the community will not rush to judgment without full knowledge of all the facts. From its inception as an outgrowth of the civil rights movement, OneUnited always sides with the community to protect our community’s assets. We also believe it’s important to translate the pain our community is experiencing into “teachable moments” about financial literacy.

Free “I Got Bank!” Book for Libraries!

OneUnited Bank is offering a free financial literacy book for youth – “I Got Bank!” – to any public library or middle school upon request (supplies are limited). To submit your request, see form below by September 30, 2012.

2^nd Annual “I Got Bank!” Essay Contest for Youth

OneUnited Bank is sponsoring its second annual essay contest for youth between the ages of 8 – 12 years old. Simply write and submit a 250 word essay about what you learned from the book “I Got Bank!” (or from another financial literacy book available in your library or home) and how you can use what you learned in your life or the life of your family. You must have your parents’ permission to participate. Your essay may be published by OneUnited Bank. All submissions must be postmarked or emailed by June 15, 2012. (Children of employees of OneUnited Bank are ineligible to participate.) Winners will be selected by OneUnited Bank in our sole discretion. Three (3) winners will receive a $1,000 savings account by August 31, 2012 (with cooperation from parents). No purchase required. Awards are subject to 1099 reporting. To submit your essay, see details below.

	“I Got Bank!” Jazz Ellington says to his best friend Marquis “I got bank!” And he does. At ten years old, he has over two thousand dollars in the bank. And his savings keep growing. His granddad taught him to save his allowance and set up a bank account to make sure he did. But everyone else in his family – his mother, sister and brother – are trying to spend his money. Hanging out with Marquis in their urban community, Jazz learns about banking, credit scores, payday loans, check cashers and other money matters. He tries to help his family, yet stay true to his granddad’s words. Finally a book about money, you’ll love reading. The book I Got Bank! increases financial awareness while sharing the lives of two African-American boys growing up in the city.

Teri Williams, the President and Chief Operating Officer of OneUnited Bank, was interviewed by Gwen Blackburn, who produces and hosts Minority Counterpoint. The show airs over WXKS/KISS 108 FM every Sunday morning at 7:30 AM. Minority Counterpoint is the longest continuously running radio program focused on the minority community in Boston and reaches around 90,000 listeners.

One of the challenges the minority community faces in Boston is that it lacks a minority-owned radio station with significant broadcast power. There are several minority owned AM stations and low frequency FM stations, but minority content on major stations is often limited to half hour programs. There is no dedicated high frequency FM station to envelope the minority community with information, music and access.

As part of its financial literacy initiative, OneUnited Bank decided to honor Minority Counterpoint by having an event to give away copies of Teri Williams’ children’s book about financial literacy, I Got Bank! What My Granddad Taught Me About Money.

OneUnited Bank developed flyers and print advertisements to promote the event. These flyers were sent to the local YMCA, Boys & Girls Club, Urban League, NAACP and other community organizations. The Bank also issued a press release which was sent to local newspapers and radio stations. A local FM station, TOUCH 106.1 FM heavily promoted the event. Ms. Williams conducted interviews with several community papers, such as the Dorchester Reporter. The Boston Herald a city-wide paper with a large circulation also requested an interview.

The Boston Herald’s coverage of the event failed to appreciate its value to the community. OneUnited received several calls from customers and community leaders who were offended by the article. The Dorchester Reporter article appeared later and focused on the benefits of the event and OneUnited’s efforts to promote financial literacy to young people.

On the day of the event before the official start, people were lined up waiting to receive copies of the book. Ms. Blackburn came with T-shirts and other give-a-ways from KISS 108 FM and Minority Counterpoint. Brother Charles, from TOUCH 106.1 FM, also broadcasted live from the event and encouraged the community to come and support financial literacy. The Bay State Banner, another community paper, sent a photographer.

The diversity of those who came to the event reinforces OneUnited Bank’s community development mission. Moms and dads came with their children to get a free copy of the book and meet the author. They introduced their children to Ms. Williams and some referred to her as a role model. Ms. Williams shared her story of growing up in an urban community just like them.

OneUnited Bank customers came to obtain a free book and compliment the bank and branch staff about the wonderful customer service they receive – and how much they love the bank. Other customers came to voice customer service issues that have not been resolved. Ms. Williams committed to follow up with them and has. Community leaders also came to the book signing – including Councilor Charles Yancey – to show their support. Charles Yancey is the namesake of the Yancey Book Fair, which is referenced in her book.

One grandmother expressed her disappointment that there was not a “line around the block”. Ms. Williams said she understood that for kids, reading about financial literacy is not very exciting, but that is why she wrote the book – to possibly “breakthrough” to some of our youth. The book is intended to be both educational and fun to read. Over 100 books were signed and given away in less than three hours.

The Bank’s experience with the event shows the challenges of leadership. There will always be supporters and detractors of efforts to build community. There will always be challenges and opportunities to help improve lives. Anyone who leads recognizes the “rollercoaster ride” and is not deterred, but emboldened to continue the work. We are!

Our next free book give-away is taking place on October 8^th at OneUnited Bank’s Compton branch in Compton, California. For this event, Ms. Williams is signing and exchanging her book for slightly used children’s books to be donated to BookEnds – a non-profit organization that recycles children’s books and places them in schools and youth organizations in need of books (www.bookends.org). Since 1998, BookEnds has donated more than two million books to Los Angeles area organizations and schools. Hope to see you there!

OneUnited Bank announced its I Got Bank Essay Contest winners on August 31, 2011. The contest was designed to promote financial literacy for youth (ages 8 – 12). All the essays submitted were fabulous. We think you will agree.

Here is one of the three winning essays:

JORDAN A. HARTWAY

Age 10

I am Jordan Hartway an honor roll student at Columbus Africentric Early College. Saving money is important to me because when hard times come I will be able to get through them with ease. I can get money by getting it through allowance. I can earn money too. I can earn money by helping to do chores around the house and cutting hedges. My purpose for saving money is to pay for my college tuition. I also would like to use my saved money to build my own business and in this business I will sell robots because when I grow up I want to be a robotist. A robotist is someone who makes robots. My saved money will also help my business get sponsored.

            My goal is to be a multi millionaire by the age of 30. To reach that goal, I’ll have to graduate from college with a degree, build my business, and start investing now. When you save money and invest doors will start opening you’ll be able to buy a sturdy home get a great job with good money coming in and better yet you could own your own business and profit from that. According to the Teenvestor book that I have been reading a study of 4,309 families done by the U.S.  Federal Reserve found that minority families have a net worth of $16,400. While white families have a net worth of $94,900, a gap of $78,500. They state that there are social reasons why the wealth gap is so wide. One of the major contributions to this gap is the lack of minority participation in the stock market. I don’t know if this type of investment is right for me because if it crashes I loose all of my earned money.

After reading the I Got Bank book, I like the idea that Jazz’s grand father had about saving ALL of your allowance this was one of the first things I learned from this book. I also learned in order to save money you have to make tough decisions. For example his mom needed a new car, his sister wanted to buy concert tickets, and his brother wanted to buy everything.  Each time he said no and found creative ways to earn money and help his family like the car wash. In my family, my two brothers and I created a Christian dance video and sold it to family, friends, and teachers to earn money. We believe that God helps those who help themselves.

What I’ve learned from reading these three books I Got Bank, The Totally Awesome Money Book for Kids and the TeenVestor are how to save money, earn money and how to invest. In my opinion I say that you should start saving when you’re young. The money book for kids has taught me something very important it said if you know exactly what you want you half way got it. From this point on I will save my money rather than spend it. The challenge for me now is earning more money and learning new ways of investing. In order to make my dreams come true of being a robotist. I have visited Morehouse twice now I am looking forward to attending Morehouse College after graduating high school.

Thank you OneUnited Bank for giving me a chance to win $1,000 and at the same time helping me to learn about investing and saving money.

OneUnited Bank announced its I Got Bank Essay Contest winners on August 31, 2011. The contest was designed to promote financial literacy for youth (ages 8 – 12). All the essays submitted were fabulous. We think you will agree.

Here is one of the three winning essays:

Jaidah Lindsey

11

Grade 5

Did you ever want to know the dos and don’ts of banking? In this presentation you will find out about financial literacy (that means understanding money). Like first of all how to start saving. You’re never too old or young to start. If you’re 1, or 5, or 11 like me, just save your allowances each week. Maybe you get $5 because you’re 5 years old, or $11 dollars because you’re 11 years old, try to save it all, or most of the money fast. Don’t take anything out NO MATTER WHAT!!! If you need money fast maybe you could ask your parents if you could do some extra chores in the house to earn more money.

Don’t, I repeat DON’T, go to quick check cashers! They basically steal your money. Say you borrow $500, when you’re done paying them back it will be like you’re paying $700 back or more. They make it easy because they only ask you to pay back a little at a time. That money can be saved in the bank for the future. If they give you a loan and you are under the age of 18 that is illegal and they could go to jail.

A loan is when someone lends you money, but you have to pay it back. If you can’t pay off a loan or credit card you could end up with bad credit and that will make it hard for you to buy a house or get a student loan for school in the future. The repo man will come and take the car you bought away if you can’t finish making the payments.

Let’s talk about collateral. If you get a loan from the bank and you put your house for collateral and don’t pay the loan they kick you out of your house and sell your house to get the money back.

You really shouldn’t spend your money on things you really don’t need. It’s ok to buy something you want as a treat, but not all the time. You could donate money also. Donating means to give away money to a good cause because you want to.

Some places like check cashers take your money too. They charge a fee to cash your check, and adults use these places to pay their water and electricity and phone and cable bills. They charge a fee for bill paying too. A fee is when you have to pay extra money to use something. Like loans if you are late paying them you have to pay a fee. If you need money from a credit card use an ATM. ATM means Automatic Teller Machine. You can find them on the sidewalks or in the bank. A credit agency is an agency that keeps track of how much money you owe and they give you a credit score. A credit score is a number that tells the bank if you paid back your loans on time. If you need to put money somewhere (which you should) open up a bank account. Some banks needs at least $100 to open an account. Then you always have to have at least $100 in your account no matter what. I learned most of this from a great book called I Got Bank.  I found it funny, really exciting, and its educational. I loved this book.

The author did a really good job in writing this book to make it easy for kids to understand about money and how to treat it.

This book inspired me to follow in the footsteps of Jazz Ellington. I wasn’t sure how to explain everything that he did, but I thought it was important to know. In the book his grandfather was wise and helped him learn all of this, and I wish to have over $2000 saved in the bank one day really soon. Financial Literacy means to understand money, make it, save it, be smart about it, and understand how to share what you know so you could help others. I hope I helped you learn a little something today, but I am still learning too, maybe someday you’ll be reading my book.

OneUnited Bank announced its I Got Bank Essay Contest winners on August 31, 2011. The contest was designed to promote financial literacy for youth (ages 8 – 12). All the essays submitted were fabulous. We think you will agree.

Here is one of the three winning essays:

What I Learned from “I Got Bank!”

by Nailah Pierce (age 12)

             It is important that children learn how to use money wisely at a young age because if they do not, they could make a financial mistake that could cause problems for the rest of their life.   From my reading,  I learned the following things: Be careful about sharing money; advertisements can trick you; keep track of  payments; banks keep track of how you pay your bills; avoid  check cashers and payday loan lenders; and wants and needs are different. Here’s how I plan to use all that I learned in my life.

             Be careful about sharing money with friends and family because they may spend it badly.  If you do give away money, explain how to use it wisely.   Someone who continually asks for money is in financial trouble or not using the money wisely.  It is OK to help someone who needs the money who can be trusted to spend it wisely.   I will only give money to friends and family if I know I can trust them to use it wisely.

Advertisements can trick you with get rich quick schemes that do not really work. The truth is you have to work hard for your money whether the task is as small as taking out the trash, or as large as becoming a lawyer.   I now know I need to work hard and I will not be deceived by get rich quick schemes.

Always keep track of money payments and pay on time because if you do not, the bank can take back whatever you bought, bounce back your checks, or tell others that you do not pay on time. Banks keep track of who does not pay.  If you do not pay your monthly payments, your credit score will get too low and you will not be able to get a loan. I will keep up with my monthly payments when I am an adult.

Check cashing businesses charge high fees for the same services the bank does for less. A payday loan is when you borrow money at a very high interest rate until the next time you get paid using your check as collateral.  It is best to steer clear of check cashing businesses and payday loan lenders. If you get a loan, make sure you can pay it back and that you know all the facts about the loan and the lender.

Wants and needs are two things that we often get confused. WANTS are things that you do not need. NEEDS are things that are necessities but you do not always want. Just because something looks great does not mean you should buy it because you might need that money later. I will not confuse wants and needs.

The biggest thing I learned from this book is that there is a lot to learn about money.  I will always try my best to use my new money knowledge and not make mistakes as I grow up.