2021 CSBS Community Bank Case Study Competition Journal

FIRST PLACE: The University of Tennessee at Martin impacts that incentivizing good work ethic in local youth will have on the community, as well as teaching the basic importance of finance at an early age. The Star Student program creates a dialogue between TriStar bankers and students enrolled in local education systems. The goal of this program is to introduce young students to school districts prior to the end of the first grading period (A. Petty, E-mail, March 26, 2021). The Star Student program has allowed TriStar to proactively invest in the youth of its communities. Serving Underbanked Populations via Financial Literacy Education

banking and learn how to save their money. Students bring their report cards to bank tellers at local TriStar branches and open a TriStar Youth Savings Account to deposit the funds received each time a report card is reviewed. Students earn $1.00 for every A grade and $10.00 for perfect attendance. Students have the option to withdraw funds received during the school year or continue saving in June of each year. In the academic year 2017–2018, TriStar awarded more than $10,000 to students through the Star Student program. The Tennessee Education Association found the Star Student program benefited the middle Tennessee students immensely and commended TriStar by awarding it a “Friend of Education” distinction in 2018. Due to the pandemic, school systems taught remotely in 2020. TriStar believed the incentive program was needed more than ever during the 2020 quarantine. The Bank worked to ensure that all students would have the opportunity to participate in the program, no matter what form of schooling they were undergoing; therefore, the program’s eligibility was opened to public, private, homeschool, and remote learners. TriStar markets this program through social media and also sends flyers to every student in the Dickson, Maury, and Williamson County

Bank CEOWilliams explained that regulators and policy makers could support community banks efforts to address diversity, inclusion, and economic fairness by promoting financial literacy to lower socio-economic groups. He explained that the market is working, and that banks and other financial institutions are ready and motivated to help minorities, low-income households, and special groups with financial products including loans and deposits. Williams also described that when having meetings with minorities in TriStar’s markets, he found that

Bank CEO Williams explained that regulators and policy makers could support community banks efforts to address diversity, inclusion, and economic fairness by promoting financial literacy to lower socio-economic groups.

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