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February 5, 2009. FDIC Advisory Committee on Economic Inclusion Bank Successes in Reaching the Underserved Monroe Bank & Trust. Monroe Bank & Trust (MBT). $1.5B Community Bank Founded 1858 – celebrated 150 th last year Traded on Nasdaq (MBTF) since May, 2003 25 branch locations

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February 5 2009

February 5, 2009

FDIC Advisory Committee on Economic InclusionBank Successes in Reaching the UnderservedMonroe Bank & Trust


Monroe bank trust mbt
Monroe Bank & Trust(MBT)

  • $1.5B Community Bank

  • Founded 1858 – celebrated 150th last year

  • Traded on Nasdaq (MBTF) since May, 2003

  • 25 branch locations

  • Recently acquired deposits of Main Street Bank

  • MBTeam Banking


Market overview

Market Overview

  • Headquartered in Monroe in Southeast Michigan between Detroit and Toledo

  • Branches located in suburban and agricultural areas in Monroe County and southern Wayne County

  • Over 10.6% unemployment statewide

  • 9.6% in Monroe*

  • National Unemployment 7.2%*

  • Over 20% high school dropout rate**

  • *US Bureau of Labor Statistics December 2008

  • **Monroe Public Schools


  • CRA Assessment Areas:

    • Monroe: 1 low and 1 moderate; 2 minority

    • Wayne: 2 low and 2 moderate since acquisition of Plymouth and Northville areas; 21 minority

      • (previously 1 low, 1 moderate, 6 minority)

  • Recognized a need to assist people in reestablishing good financial management practices or improving history

  • Needed to maintain consistency among branch personnel at account opening for persons with financial challenges


  • Product design
    Product Design

    -Personal Accounts only

    -$50 minimum deposit to open

    -$10 monthly service fee

    -No minimum balance required

    -Free online access

    -Unlimited check writing

    -Free eStatement

    -ATM/Debit card with no deposit ability and daily withdrawal limit of $300

    -Proof of paid balances at other FI’s

    -”Graduate” to traditional products in 12 months


    Results to date
    Results to Date

    • - 49 Accounts opened

    • 15 Closed – 69.4% retention

    • 11 of the 15 closed with negative balances (73% of closed or 22.4% of total)

    • -$9,534 in current balances

    • -$194.57 average balance on open accounts

    • $606 in unpaid overdrafts (6.4% of current balances)


    Young adult checking
    Young Adult Checking

    -Launches in April 2009

    -Designed for 18 – 24 year old group

    -$50 to open, no minimum balance

    -$20 of free ATM use each month

    -ATM/Debit card with deposit capability/standard daily withdrawal limit

    -Will require training at account opening

    -100 debit rewards points at account opening

    -Defaults to High Interest checking product on 25th birthday


    Critical element mbt outreach education efforts
    Critical Element:MBT Outreach & Education Efforts

    • Elementary Partnership in Education Program

    • -MBT Scholarship Program

    • -Bank At Work Programs

    • -MBT ID

    • -CARE Process


    -ENLIST Volunteer Program

    -25th Anniversary Year

    -137,000 Volunteer Hours to date

    -Average 5,480 hours per year; currently 9,000

    -325 members (85% of employee base)

    -$45,112 in additional funds raised

    -Over 100 organizations served each year

    -National and regional recognition


    -MBTeach

    -Extension of “ENLIST”volunteer program

    -41 of 380 (11%) Employees Certified as MBTeachers

    -14 organizations requesting classes after 1 ad

    -FDIC Money Smart Curriculum

    -High Demand for:

    -Your Own Home

    -To Your Credit

    -Money Matters


    -The Learning Bank

    -Low income, underserved population

    -31% African American and 5.2% Hispanic

    -Collaboration with

    Monroe County Community College Monroe County Opportunity Program

    Monroe County Intermediate School District

    Southeast Michigan Community Alliance State of Michigan Department of Education

    -GED Prep and Testing

    -COMPASS Testing

    -Financial Literacy Courses via MBTeach


    Opinion Piece

    Monroe Evening News

    January 29,2009


    Conclusion
    Conclusion

    Multiple approaches to areas served

    Concentration on literacy supported by products


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