News Release

New Jersey Department of
Banking and Insurance

Commissioner Tom Considine

For Immediate Release:
April 16, 2010

For Further Information:
Ed Rogan or Marshall McKnight (609) 292-5064

BAYONNE – New Jersey Department of Banking and Insurance (DOBI) Commissioner Tom Considine and Banking Director Terry K. McEwen joined educators and bankers today in teaching a financial literacy program to students at Bayonne High School. As part of the event, Chris Martin, chief executive officer of The Provident Bank presented a check for $1,000 to Principal Richard J. Baccarella of Bayonne High School. The gift will be used by the high school's library and media center to provide financial literacy materials.

Today’s presentation launched the fifth year of the Financial Literacy program. Since 2006, staff at DOBI and New Jersey’s financial institutions have taught thousands of young people how to establish and preserve good credit, set up a budget, open checking and savings accounts and guard against identity theft. The program has reached more than 25,000 students in more than 300 public high schools from all 21 counties.

“Many young people don’t know even the most basic concepts of managing their personal finances, from setting up a budget, establishing credit or even balancing a checkbook,” said Considine. “This program is designed to teach them those things."

“I envision a thriving Garden State when my grandchildren pick up the mantle of responsible citizenship,” Director McEwen said. “Financial literacy is a key component required to help them succeed. We literally owe it to them to do all we can to make that happen.”
 
Commissioner Considine and Director McEwen, supported by Martin, led the one-hour financial literacy class for 550 high school seniors. Throughout the year, DOBI and its public and private sector partners invite school districts to participate in this ongoing financial education outreach project.

“So many milestones in life correspond with personal finances - purchasing a car or a home, paying for higher education, raising a family and, eventually, retirement," said Martin. “Programs that educate our students about managing their finances are invaluable, providing them with the knowledge they need to be financially secure, which in turn helps them achieve their potential.”
                                                                                                                       
Program participants include the New Jersey Department of Education, New Jersey Coalition for Financial Education, Federal Deposit Insurance Corporation, New Jersey Bankers Association, Mortgage Bankers Association of New Jersey, New Jersey League of Community Bankers, New Jersey Credit Union League and the New Jersey Society of Certified Public Accountants.