IRVINE, Calif.--(BUSINESS WIRE)--President Bill Clinton, Founder of the Clinton Foundation and the 42nd President of the United States, will keynote the world’s largest financial literacy education event on November 9, 2014 at the University of Southern California’s Galen Center. Presented by Banc of California, the event will include over 5,000 at-risk youth from communities throughout Southern California.
President Clinton was the first Democratic president in six decades to be elected twice – first in 1992 and then in 1996. Under his leadership, the country enjoyed the strongest economy in a generation and the longest economic expansion in U.S. history, including the creation of more than 22 million jobs. After leaving the White House, President Clinton established the Clinton Foundation with the mission to improve global health, strengthen economies, promote health and wellness, and protect the environment.
“We are proud to be joined by President Clinton as our Keynote Speaker at Banc of California’s record setting financial literacy training event on November 9th. Banc of California recognizes President Clinton and the Clinton Foundation for their commitment to expand financial opportunities for youth across America. Banc of California is proud to commit its resources to improving the financial literacy of at-risk youth throughout California,” said Steven Sugarman, Banc of California’s President and CEO.
Mayor Antonio Villaraigosa, the 41st Mayor of Los Angeles, will join with Sugarman to lead the financial literacy training. The event builds on Banc of California’s ongoing efforts to strengthen financial literacy for California’s at-risk youth.
“Having an understanding of basic financial concepts such as how to balance a check book can make a tangible difference in a young person’s ability to succeed. Financial literacy needs to be as fundamental as reading, writing and arithmetic,” said Villaraigosa. “Banc of California wants to help improve financial literacy education for our young people so that they can better fulfill the American dream. This event is an example of that effort.”
The bank has developed partnerships with non-profit, community and faith-based organizations to hold financial literacy classes, including partnerships with the University of Southern California and San Diego State University, designed to improve financial literacy education for underserved youths throughout Southern California.
Millions of Americans lack basic financial knowledge. A 2008 National Foundation for Credit Counseling, Financial Literacy Survey found that only 34 percent of American parents taught their teenagers how to balance a checkbook and even fewer have discussed how credit card interest and fees work. The same survey found only 59 percent of millennials say they pay their bills on time every month and that three out of every four Americans say they are not saving enough.
Banc of California has received record support from community organizations throughout California who have applauded Banc of California’s community development activities, including its focus on financial literacy training.
“Lower income communities are disproportionally impacted by a lack of financial skills, which drastically lowers upward mobility. Our event is designed to teach these important skills, but also to shine a bright light on the need for improved financial literacy for at-risk youth,” said Chad Brownstein, Vice Chairman of Banc of California’s Board of Directors.
Schools, non-profits and faith-based organizations interested in participating in Banc of California’s financial literacy event can register their students by emailing: literacy@bancofcal.com.
About Banc of California, Inc.
Since 1941, Banc of California, Inc. (NYSE: BANC) through its banking subsidiary Banc of California, National Association, has provided banking services and loans to private businesses, entrepreneurs and homeowners in California and the West. For more information on Banc of California, please go to www.bancofcal.com.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are necessarily subject to risk and uncertainty and actual results could differ materially from those anticipated due to various factors, including those set forth from time to time in the documents filed or furnished by Banc of California, Inc. with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and Banc of California, Inc. undertakes no obligation to update any such statements to reflect circumstances or events that occur after the date on which the forward-looking statement is made.
