The flashback immediately resonated with attendees at the United Way Suncoast BankOn Suncoast Summit on Tuesday.
Bradenton Mayor Gene Brown shared a compelling story about how his family broke into the funeral home business back in the day. His father had to visit 32 banks before he found one willing to give him a loan. After they started the business, he would ride to the bank with his father as he gripped a passbook showing his loan payments. Sometimes, he would wait until 4:30 p.m. in the hopes the check might not clear for a couple of days.
Today, Brown and Sons Funeral Home celebrates its 50th anniversary, but Gene Brown knows his business never reaches that milestone without the initial opportunity that came from Southeast Bank and iconic leader Bill Sedgeman.
“When I look back on that, and I think about today, there’s people out there that need that one shot,” Brown said. “When I look at what we do as a community and how we can make things better, it’s helping the people that need us most at a certain time in their lives. They’re smart people, they’re great people.”
More Than Opening Accounts
Brown’s remarks highlighted the growing prominence of BankOn Suncoast, a collaboration between financial institutions, community-based organizations and local government to ensure that Suncoast residents have the opportunity to be financially healthy. The coalition works to ensure that all households have access to safe and affordable bank accounts that meet their needs, allows them to increase assets, and strengthen their financial stability. Just over 4% of households in the United States are unbanked, living without a checking or savings account. Another 14% are underbanked, relying on fringe services.
BankOn also offers services and resources that help empower people and families to improve their financial capability, health and independence. United Way Suncoast serves as the lead convener of the program, and with the help of UWS Financial Security Manager Mark Smith, the event drew nearly 100 stakeholders to the Goodwill Manasota Corporate Offices.
With two keynote addresses and two panel discussions, the summit spelled out some key factors revolving around financial inclusion. One discussion centered on empowering youth. Another focused on addressing banking access for immigrant communities.
The Cities for Financial Empowerment Fund backs the BankOn Suncoast program. Aaron Hirsh and Cherilyn Richardson offered a compelling list of actions for banks and individuals. Naturally, they encouraged every financial institution to create a BankOn Certified account and report to the BankOn National Data Hub. Tracking the creation of BankOn accounts can only elevate the success of the program regionally and nationally.
For individuals, they suggested that everyone explain the advantages of having an account. Being unbanked can cost $40K over a lifetime due to use of costly alternative financial services for routine financial transactions.
Step Up As Champions
The advice from Hirsh and Richardson echoed the call to action from United Way Suncoast CEO Jessica Muroff. She encouraged the attendees to lift up what’s working, move forward together and build a more inclusive financial ecosystem.
“The work ahead will require us to stay creative, consistent and collaborative,” Muroff said. “It means more culturally responsive outreach, stronger integration into housing, workforce, reentry, and youth initiatives. It means leaning into data, dialogue and shared accountability. And above all – it means each of us stepping up as champions of access, equity and inclusion, no matter our role or title.”
Click here to learn more about BankOn and all the financial security initiatives offered by United Way Suncoast.
