Bank On Bluegrass announces its official launch

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Lexington, KY – October 22, 2013 - Bank On Bluegrass, an initiative of United Way of the Bluegrass announces its official launch. Bank On Bluegrass is a community-wide partnership designed to help individuals open bank accounts and develop money management and savings plans by promoting financial literacy and improving access to mainstream banking services for low to-middle-income individuals and families.   In partnership with local financial institutions, governments, schools and universities, and social service agencies, Bank On Bluegrass will help individuals gain financial literacy and move away from using high-cost fringe financial services.
 
“This program is a critical addition to United Way’s continuum of work to help promote financial stability among families and individuals in Central Kentucky through innovative ventures and approaches.  Whether an individual lives in the city, on a farm, or anywhere in between, a bank account is the first step toward saving money, gaining assets, and building financially stable families,” said Bill Farmer, President of United Way of the Bluegrass.
 
Bank On Bluegrass will help reach the nearly 25,000 unbanked and 50,000 under-banked households in Fayette and surrounding counties in Central Kentucky. “Unbanked” means a household has no checking or savings account and does not access mainstream banking services; “under banked” means the household has an account, but continues to rely on alternative financial services, like check cashing services, payday loans, rent-to-own agreements or pawn shops. 
 
Joey Mills, Senior Vice President, United Bank, says, “Bank on Bluegrass will have a positive impact on all aspects of our community, allowing the unbanked and under-banked to become a part of our community as well as help them stabilize their financial future.  Many Central Kentuckians are managing their finances largely outside the financial mainstream, having to rely upon costly, fringe products and services to cash their paychecks and often times pay their bills. Bank on Bluegrass will make it possible for families to stabilize their family finances and build productive, financially independent futures.”
 
Participating banks and financial education partners for Bank On Bluegrass, include:
 
BB&T Bank,
Fifth/Third Bank,
Forcht Bank,
PNC Bank,
Republic Bank,
Traditional Bank,
United Bank,
Apprisen,
Catholic Charities,
Community Action Council and
Kentucky River Foothills Development Council.
 
Bank On Bluegrass will offer participants:
 
·         Free financial literacy training
·         Access to no- or low-cost mainstream financial products and services
·         Relief from the cycle of debt created by predatory fringe financial services
 
To learn more about Bank On Bluegrass, please visit www.BankOnBluegrass.com.
 
ABOUT UNITED WAY OF THE BLUEGRASS
United Way of the Bluegrass is a leader and motivator of change for long-terms solutions for Central Kentucky communities. United Way has committed to three focus areas to meet the needs of today and solve the problems of tomorrow: Education, Income and Health. Systems have been developed to evaluate the quality and success of programs supported by UWBG, so investors can be assured that dollars will have maximum impact on the community. For more information, visit www.uwbg.org or call 859.233.4460.
 
Media Contact:
Katie Williams, Director of Marketing and Engagement
United Way of the Bluegrass
859.233.4460
 
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