First Tennessee to Invest $1 Million in Financial Education
First Tennessee Bank in Memphis announced Wednesday that it will commit $1 million to Operation Hope's new HOPE Fund to offer free financial literacy education in low-income communities.
The $25 billion-asset unit of First Horizon National will partner with Operation HOPE, a nonprofit dedicated to provide financial literacy empowerment for the underserved and middle class, to found the First Tennessee Financial Education and Empowerment Program.
As part of the initiative, First Tennessee plans to open 10 more Operation Hope-run financial literacy centers inside its branches. The bank already has five so-called Hope Inside centers up and running in Memphis, Nashville and Knoxville and it plans to open three more this year and seven in 2017. Operation Hope counselors will provide financial educational training to youths, small businesses and individuals in these Hope Inside offices.
"First Tennessee is committed to providing financial literacy education, tools and support to help our customers and communities reach their financial goals," Bryan Jordan, First Horizon's chairman, president and chief executive, said in a news release. "We are committed to making our communities stronger, because we know that when our communities succeed, First Tennessee can succeed."
Operation Hope has opened more than 40 Hope Inside offices within bank branches since 2014 and has plans to open dozens more in the coming years. Other bank partners include SunTrust Banks in Atlanta, Regions Financial in Birmingham, Ala., Synovus Financial in Columbus, Ga., and Mutual of Omaha Bank in Nebraska.
First Tennessee said that roughly 2,400 Operation Hope clients have received credit counseling within its branches since 2014.