Where can you uncover a full-service credit union along with a first-class high school education all in one place?
This unique combination can be found at LOC (Livingston Oakland County) Federal Credit Union in Howell, Michigan. Housed at the new Parker Campus, this innovative venue incorporates both Howell High School and Lansing Community College. At the campus, high school students can learn about credit union operations and earn credits toward graduation at the same time.
LOC has operated student credit unions since 1993, but Parker campus is the first full-service branch to date. Before launching this past October, accounting students applied and interviewed for positions within the credit union. Eight students were selected to work with LOC employees to operate the full-service “high school” branch. In addition to earning credits, some of the students will have the opportunity to obtain a paid position in the branch for the summer. According to Debbie Mashinske, vice president of marketing for LOC, the business conducted at these branches is fairly basic deposit and withdrawal transactions; however, the experience is a true extension of the classroom. Students' math, accounting, economic, and marketing skills are put to work and refined. While the Parker branch provides financial services to students, staff, and other credit union members, the students working in the credit union are gaining hands on knowledge of how a credit union operates.
“This is no different than any of our other three branch locations,” states Mashinske. It’s small, but we can do everything there we do at our other branches. And these students are not just tellers; they do everything from marketing to statistical reporting to new accounts and balancing the ATMs. They also had to meet with the principal to see what we’re allowed to put in the school for marketing. They were a bit nervous before the meeting but came back beaming and enthusiastic. That is something they’ll never forget and an opportunity that not everybody gets.”
Karla Walker, branch manager and student trainer, states” You learn to do everything. The students are wonderful and they’ve caught on so fast. It blows my mind. I learn something from them all the time.”
Kassie Daavettila, a junior and one of the credit union students, notes “It’s a lot easier to learn something like this hands-on instead of in a class.”
The students are also exposed to interactions with senators, CEOs, and other school administrators. In addition, some students have had the opportunity to present at important gatherings such as school board meetings.
Mashinske noted that the program has been very successful so far. In the first three months of operation, lobby transactions have been going up at a steady pace.
LOC is classified as a community credit union, available to all those who live or work in the area, and holds three other branches in Michigan besides the one at the Parker campus. The institution was first established in 1950 and currently boasts about $120 million in assets and over 50 full and part-time employees. With total membership at greater than 19,000, LOC provides a full array of financial offerings, including up-to-date electronic applications and account services.
According to President/CEO Denny DeWitt, it was a thrill to be selected as one of several business partners at the distinctive campus, as well as the only financial one. The innovative high-tech, open-campus method aims at providing real-world experiences to the education of both high school and college students. This is the first known partnership between a high school and a college in this fashion.
Additionally, Principal Bill Smith made reference to the fact that if all goes as planned that he would like to see students graduate with a high school diploma and an associates degree all at the same time with five years of education. This would coincide with the more stringent high school standards that have been established in the state, enabling students to be better prepared for college and the working world.
This partnership with the high school is a true expression of community loyalty and the uniqueness of the credit union. It is apparent that the credit union wants to establish a good sense of financial literacy at an early age amongst citizens of the area. Students are not only learning how a credit union operates, but they are also gaining important knowledge on wise money management.
LOC offers other innovative programs which coincide with their philosophy of educating young people on the importance of effective money management. In the Quackers Club, geared toward youngsters 12 years and under, children are able to save in their own account and watch their money grow. As the children enter their teens, they can experience more sophisticated money management in the Teen Club, at which time they may obtain an ATM card and participate in home banking and online bill pay. For older teens, a checking account and VISA® check card are also available, as well as car loans.
Credit union employees, students, and members look forward to continuing to learn and grow together in the future.
