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"Connecting with local colleges is an excellent opportunity that too many banks overlook," wrote Tom Williams, the regulatory relations director at Silicon Valley Bancshares in California. He told of a few ideas it uses.
"This year we have launched a program to annually hire a student intern from the economics department at Santa Clara University to conduct a socioeconomic review of our CRA assessment areas," Mr. Williams wrote. The department likes to use the internship as a reward for one of its best students, he said.
"The resulting report will form the basis of the 'context' for our CRA performance" and will be included in the bank's CRA public file, Mr. Williams wrote. In addition, "the student gets some excellent real-world experience."
Silicon Valley also serves as a liaison between local colleges and community groups and schools that need volunteers, Mr. Williams wrote.
"Many need educated volunteers to help with accounting, fund-raising, public relations, or student mentoring. Banks, through their CRA programs especially, are often familiar with these … needs."
But why connect with colleges to provide the help?
"Colleges are sometimes better suited to meet these needs than banks," Mr. Williams wrote, "since it's easier for high school students in need of mentoring to connect with young college students than gray-haired bankers like me."
Michigan banker Dawn M. Horner wrote:
"When we opened Clarkston State Bank in 1999 we started a dinner for the top 10 graduating seniors from the high school and their families, as recognition of their accomplishment. … Many high schools honor their top athletes, but we sometimes forget about the top scholars.
"This past year we also included the top two graduates from the Renaissance High School, which is the alternative school where children go if they are having trouble in the high school. This was very well received."
Clarkston State said it also works with younger children, wrote Ms. Horner, its president and CEO.
"We have started school bank programs in three of the five elementary schools in Clarkston," she wrote. The fifth grade runs a "bank" at the school, taking deposits from students who have opened accounts. A parent volunteer oversees the process and brings the deposits to Clarkston State.
"The students apply for roles in the 'bank' - such as manager, assistant manager, tellers - and are interviewed and selected by the parent volunteer, the principal, and the contact person from Clarkston State Bank," Ms. Horner wrote.
The student-run bank is open before school one day a week for about half an hour. "It has proved to be a very educational opportunity for the students."
