TREZEVANT SAVINGS BANK

Grand Opening - September 25, 2007
Founder and Principal:  Milton Burchfield, II
CEO and Instructor:  Tracey Thomas
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FIRST STUDENT RUN BANK IN THE STATE

Visitors to Trezevant Career and Technical Center these days will see something new: the first student-run bank in Tennessee.  The Trezevant Savings Bank opened Tuesday, September 25, 2007, climaxing weeks of practice by students who learned from area bank managers how to be successful.

Eleanor Thomas (left), assistant principal of Trezevant Career and Technology Center, gets some information from student bank teller Carlean Cole, 17, on the first day the state's first student-operated bank opened its doors.

Student Ashley Calhoun was grinning from ear to ear as she showed visitors each area of the bank. "Its hands-on," she said.  Shandrika Houston wants to be a bank manager some day. The junior said she's already seen the benefits just from training.  "It's helped me to communicate better with people," Houston said.  Student Andre Taylor also gives the bank high praises.  "It's been a great experience," Taylor said. "If you want to do this for a living, this gets you the experience."

The idea for the bank came when Trezevant principal Milton Burchfield saw a similar student-run bank in New York City nine years ago. He has wanted to bring the idea to Memphis students ever since.

Burchfield said the focus is on savings because many students in the city come from families who struggle to make ends meet.  Teaching students the value of saving now will help put them on the path to better financial futures, he said.  The money will be deposited daily in an account at First Tennessee, but student bankers will keep all records of transactions, said Tracey Thomas, the school's finance and management teacher.  Because of certain regulations, the bank's accounts will not be interest-bearing.

The skills students are learning could lead to internships and future employment.  Students have received lessons on professionalism, security, safety and bank transactions.  "We are preparing them to receive positions in the industry," Thomas said.  Two students serve as tellers while others serve as bank manager and bank auditor. Students will switch roles every six weeks so they can learn each aspect of running a bank, Thomas said.  "We're trying to build a solid foundation of financial literacy," Thomas said.

By: Dakarai I. Aarons
The Commercial Appeal