Bank on Evansville Reaches Milestone

Press Release

Evansville, Ind. -- Mayor Jonathan Weinzapfel announced today that Bank on Evansville has reached more than half of its goal in less than a year. When the program was kicked off in February 2009, we set a goal of opening 1,200 accounts in two years. Through the first three quarters of 2009, our 15 financial partners have opened a total of 625 accounts, more than 51% of our goal.

During the 3rd quarter of 2009, 347 Bank on Evansville accounts were opened in the County and 95 outside of the County. The average monthly balance was $207. The highest number of accounts opened occurred in the 47714 zip code (54) followed by 47710 and 44713 (45 each). Each of our banks and financial institutions reported their results to the Federal Reserve Bank of St. Louis for tracking purposes.

“Bank on Evansville has already exceeded our expectations. The number of accounts opened proves that there are many people who have the desire to enter the mainstream banking system; they just needed access to checking accounts which recognize their unique needs and challenges,” said Mayor Jonathan Weinzapfel. “We are also pleased Bank on Evansville’s success paved the way for Bank on Indiana, which will enable all Hoosiers to have the opportunity to build their financial equity.”

Evansville was the first Indiana community to implement the “Bank on Cities” model, and we have received attention from the National League of Cities, the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Bank for the highly collaborative and innovative manner in which we are implementing the model. This spring, we were named a Faculty City for the National League of Cities and we are providing assistance to nine cities, including Indianapolis and Louisville. In addition, we have been asked for technical assistance by the Federal Reserve to help launch projects in Cincinnati, Owensboro and Memphis.

Bank on Evansville was developed as a response to the high cost of basic financial services for individuals and families who don’t have a checking or savings account. Based on the 2000 U.S. Census and area income data, it’s estimated that there are at least 6,000 households in Evansville that do not have a bank account. “Unbanked” individuals spend on average nationwide more than $800 a year to cash paychecks or government checks and for check writing to pay their bills.

Bank on Evansville accounts are low cost/no cost, have no minimum balance and offer a second chance for people that have had previous trouble with banking; fraud is the exception. Our financial partners include:

Bank of Evansville
Banterra Bank
Diamond Valley Federal Credit Union
Evansville Commerce Bank
Evansville Federal Credit Union
Evansville Teachers Federal Credit Union
Farmers State Bank
Fifth Third Bank
First Federal Savings Bank
First Security Bank
Heritage Federal Credit Union
Integra Bank
Old National Bank
Sterling United Federal Credit Union
United Bank

The United Way of Southwestern Indiana is also a partner with 211 acting as the referral service for Bank on Evansville. The 211 specialists will ask callers a series of questions to help determine which bank or credit union and accounts are most appropriate for them.

Please visit our website, www.BankOnEvansville.org, for more information.

Source: City of Evansville