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FDIC Advisory Committee on Economic Inclusion Bank Successes in Reaching the Underserved Monroe Bank & Trust February 5, 2009.

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Presentation on theme: "FDIC Advisory Committee on Economic Inclusion Bank Successes in Reaching the Underserved Monroe Bank & Trust February 5, 2009."— Presentation transcript:

1 FDIC Advisory Committee on Economic Inclusion Bank Successes in Reaching the Underserved Monroe Bank & Trust February 5, 2009

2 Monroe Bank & Trust (MBT) $1.5B Community Bank Founded 1858 – celebrated 150 th last year Traded on Nasdaq (MBTF) since May, branch locations Recently acquired deposits of Main Street Bank MBTeam Banking

3 Market Overview Headquartered in Monroe in Southeast Michigan between Detroit and Toledo Branches located in suburban and agricultural areas in Monroe County and southern Wayne County Over 10.6% unemployment statewide 9.6% in Monroe* National Unemployment 7.2%* Over 20% high school dropout rate** *US Bureau of Labor Statistics December 2008 **Monroe Public Schools

4 Market Share: 53% market share in Monroe County.9% in Wayne County CRA Assessment Areas: Monroe: 1 low and 1 moderate; 2 minority Wayne: 2 low and 2 moderate since acquisition of Plymouth and Northville areas; 21 minority (previously 1 low, 1 moderate, 6 minority) Recognized a need to assist people in reestablishing good financial management practices or improving history Needed to maintain consistency among branch personnel at account opening for persons with financial challenges

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6 Product Design -Personal Accounts only -$50 minimum deposit to open -$10 monthly service fee -No minimum balance required -Free online access -Unlimited check writing -Free eStatement -ATM/Debit card with no deposit ability and daily withdrawal limit of $300 -Proof of paid balances at other FI’s -”Graduate” to traditional products in 12 months

7 Results to Date - 49 Accounts opened -15 Closed – 69.4% retention -11 of the 15 closed with negative balances (73% of closed or 22.4% of total) -$9,534 in current balances -$ average balance on open accounts -$606 in unpaid overdrafts (6.4% of current balances)

8 Young Adult Checking -Launches in April Designed for 18 – 24 year old group -$50 to open, no minimum balance -$20 of free ATM use each month -ATM/Debit card with deposit capability/standard daily withdrawal limit -Will require training at account opening -100 debit rewards points at account opening -Defaults to High Interest checking product on 25 th birthday

9 Critical Element: MBT Outreach & Education Efforts -Elementary Partnership in Education Program -MBT Scholarship Program -Bank At Work Programs -MBT ID -CARE Process

10 - ENLIST Volunteer Program -25 th Anniversary Year -137,000 Volunteer Hours to date -Average 5,480 hours per year; currently 9, members (85% of employee base) -$45,112 in additional funds raised -Over 100 organizations served each year -National and regional recognition

11 - MBTeach -Extension of “ENLIST”volunteer program -41 of 380 (11%) Employees Certified as MBTeachers -14 organizations requesting classes after 1 ad - FDIC Money Smart Curriculum -High Demand for: -Your Own Home -To Your Credit -Money Matters

12 - The Learning Bank -Low income, underserved population -31% African American and 5.2% Hispanic -Collaboration with Monroe County Community College Monroe County Opportunity Program Monroe County Intermediate School District Southeast Michigan Community Alliance State of Michigan Department of Education -GED Prep and Testing -COMPASS Testing -Financial Literacy Courses via MBTeach

13 Opinion Piece Monroe Evening News January 29,2009

14 Conclusion Multiple approaches to areas served Concentration on literacy supported by products


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