RICE LAKE, Wis.-Royal Credit Union and Tainter Elementary School held a Ribbon Cutting Ceremony to mark the opening of the credit union’s 28th student-run branch. Students gathered in the gym to help celebrate the official ribbon cutting, which included a $250 donation from RCU. Savin’ Sammy, RCU’s Kid’s Club mascot, was on hand to enjoy the fun. Rice Lake Area Chamber of Commerce Ambassadors also attended the event.
RCU reported it has taken a proactive approach to help area children learn the habit of saving money and to develop a good work ethic. RCU “hired” 12 students in fourth grade to work at RCU-Tainter Elementary. The branch is open every Tuesday from 11:00-11:50am. Students and faculty can make a deposit in any amount, there is no minimum requirement. For every 300 deposits that are made, the school receives a $150 donation from RCU.
“Teaching money saving skills to children at an early age helps them to have a better grasp of financial matters later in life,” according to Jackie Molden, RCU’s Tainter Elementary school site coordinator. “We’re very proud to bring this program to Tainter Elementary.”
Separately, Rural Development State Director Stan Gruszynski named Royal Credit Union as a recipient of the 2014 Gold Million Dollar Lender Award.
The Award is presented each year to lenders who have partnered with, and made a significant contribution to, supporting Wisconsin rural residents looking to become homeowners through the USDA Guaranteed Rural Housing (GRH) Program.
In fiscal year 2014, Royal Credit Union utilized $4-million of GRH program funds by financing home purchases to help moderate income families in Wisconsin. Nearly 3,300 families across Wisconsin were able to purchase a home last year through the GRH loan program, totaling nearly $414.6 million.
“Working with our lending partners across the state, we’ve made a difference to those rural families prepared to realize the responsibility and benefits of owning a home,” said Gruszynski. “The last several years have been challenging for homebuyers in rural communities. By partnering with local lenders we are able to leverage our resources and overcome financial barriers in order to help rural communities move forward.”
“We value our partnership with Royal Credit Union,” he added, “and commend their achievement and contributions to meeting rural housing goals for Wisconsin.”
The Million Dollar Lender Award is given at three levels Silver, Gold, and Platinum, based on the total amount of funding utilized by the lender; Silver level disbursed more than $1 million, Gold level disbursed more than $2 million, and Platinum level disbursed more than $5 million during the past year.