Today, America Saves proudly announced its recipients of the 2019 Designation of Savings Excellence. Comprised of 18 financial institutions, these banks and credit unions are recognized for their commitment to motivate their communities to become more financially stable through opening new savings accounts, increasing savings deposits, and creating an automatic savings plan. This is the fifth year of the America Saves Designation of Savings Excellence Award.
“Almost half of all Americans are facing a savings crisis with the inability to meet an emergency of $400 without incurring debt. That is a staggering statistic,” said George Barany, Director of America Saves. “Financial institutions are in a unique position to positively impact their community’s financial ability and stability. We are proud to recognize and highlight the significant achievements of these 18 financial institutions. Together, these banks and credit unions encouraged over 280,000 people to deposit over a half billion dollars into new or existing accounts during America Saves Week. Furthermore, these awardees motivated more than 17,000 people to set up automatic saving, the key to any financial stability.”
America Saves Week is an annual event that inspires Americans to assess their financial status and make a simple savings action plan that starts or increases their savings. The event is coordinated by America Saves, with input from planning support that includes federal government agencies such as the FDIC and CFPB, corporations like Fidelity and Bank of America, as well as nonprofits and Cooperative Extension educators.
“Credit unions were created to help people economically prosper, and we know that being able to save is a critical component to achieving financial freedom,” said Gigi Hyland, Executive Director at the National Credit Union Foundation. “The Foundation was honored to once again serve as Chair of the America Saves Designation of Savings Excellence Credit Union Selection Committee and are proud of the credit unions selected that went above and beyond to serve their communities.”
“The America Saves Designation for Savings Excellence is a distinction awarded to banks that promotes a savings culture among their customers,” said Steven Lepper, Association of Military Banks of America President and Chief Executive Officer. “The 2019 designation recognizes those banks that led the way toward a common goal of maximizing savings to help build the financial security of thousands of individuals and families across multiple generations of Americans. It’s with great pride that we recognize these outstanding banks.”
2019 America Saves Designation of Savings Excellence Recipients:
- Armed Forces Bank
- BancorpSouth Bank
- Farmers Savings Bank, Colesburg, IA
- First Arkansas Bank & Trust
- First Commonwealth Federal Credit Union
- Fort Hood National Bank
- Hanscom Federal Credit Union
- Home Federal Bank
- Jax Federal Credit Union
- Navy Federal Credit Union
- R.I.A. Federal Credit Union
- SmartyPig by Sallie Mae Bank
- Southern Bancorp
- Today's Bank
- Town & Country Bank and Trust Co.
- WesBanco Bank, Inc.
- Westmark Credit Union