Madison
Students Get Expert Lessons in
Personal and Business Finance
MADISON, Maine -
Students in Ms. Allen's high school accounting and
business classes learned about the financial decisions
individuals and businesses face everyday when two
Skowhegan Savings' employees presented banking and
finance lessons to their classes on November 19,
2009.
"Our
young people need to learn about these things, and
I think it makes more of an impact if they hear
it from an expert in the field," noted Raelene
Allen, teacher of the classes and an 11-year veteran
in the Madison school system. "I think that
if students have some education in basic personal
and business finance, it gives them a leg up when
they get out of school and into the real world."
David Cyr, executive vice president and chief operating
officer for Skowhegan Savings, visited an accounting
class for upperclassmen and discussed lines of credit,
loans, merchant processing and the 5 Cs of Credit:
cash flow, character, capital, collateral and conditions
(of the economy). His colleague, Brenda Dyer, a
customer service representative from the Madison
Branch office, spoke to the personal finance class
and covered a wide range of topics from opening
a checking account to the importance of maintaining
good credit.
The personal finance class is new this year at Madison;
the accounting class has been taught for several
years and can count towards students' fourth-year
math requirement. Ms. Allen plans on bringing in
additional speakers to share their expertise; the
representatives from Skowhegan Savings were the
first to visit the class this year.
"I think it's a great opportunity to present
some real examples and issues that we see everyday
at the bank and get students thinking about and
prepared to address the financial challenges and
opportunities they will face as adults," stated
Cyr.
The guest lectures were an ideal match for Skowhegan
Savings' employees. The bank has recently reaffirmed
its commitment to enhancing financial literacy in
the communities it serves through its charitable
donation program and by supporting employee participation
in programs like the one at Madison High School.
Two students from the accounting class, Seth and
Zack Sweet, were already known to the Skowhegan
Savings' employees, as they had both received Promise
for the Future awards when they were young. Promise
for the Future is a program sponsored by the bank
that encourages students in grades 3-6 to develop
career goals and recognize the importance of education
in reaching those goals. The Sweet brothers had
each won a $100 college savings account and both
are now planning on attending college to major in
business before working in the golfing industry.
"I'm confident that for many students, like
the Sweets, knowing the ins and outs of commercial
accounting will provide a head start for business
school and come in handy if they start their own
company down the road," added Cyr.
###
Photo Caption: David Cyr of Skowhegan
Savings speaks to Ms. Allen's class about business
accounting.
Photo caption: Brenda Dyer of Skowhegan Savings
speaks to Ms. Allen's class about personal finance.
Skowhegan Savings, founded in 1869, is an independent
mutual savings bank dedicated to strengthening the Maine
families, businesses and communities it serves. Named as
one of Maine's Best Places to Work in 2009, Skowhegan Savings'
team of friendly, committed employees takes pride in delivering
personalized, competitive banking services with integrity
and putting the needs of their customers first. An innovative
and progressive approach to banking ensures their customers
enjoy a banking experience that is quick, easy and convenient.
Skowhegan Savings' nine Maine branches include two locations
in Skowhegan, as well as locations in Belgrade, Bingham,
Dexter, Fairfield, Madison, Norridgewock, and Pittsfield.
For more information, visit www.skowsavings.com or contact Customer Service
at 800.303.9511
