At a special event, Daniel J. Peterson, president and CEO of The Stephenson National Bank & Trust (SNBT) presented a $20,000 donation to the M&M Area Community Foundation (MMACF) for the benefit of the Future Fund. With the donation, Peterson posed a challenge to the local community to help increase the impact of the Children’s Savings Fund.
“We believe in the Future Fund, and we believe in what it represents: Hope. Though a Children’s Savings Fund may seem like a simple concept, the true power of the Future Fund is that it’s an unlimited multiplier,” said Peterson. “The Future Fund provides an opportunity for every child to feel valued, learn about saving money, and imagine what their future could look like beyond high school.”
“We want to make sure the Future Fund continues to impact more lives,” continued Peterson. “That’s why we’re making this $20,000 donation and issuing a challenge today. I’m asking members of the community to give to the Fund. Please give. Whether you can invest $50, or match our $20,000, your commitment helps ensure the Community Foundation can continue providing this gift of hope to all students across Marinette and Menominee Counties.”
The Future Fund is a long-term savings account designed to encourage hope, build savings, assist with career training and post-secondary education expenses, and increase financial literacy among area youth. The M&M Area Community Foundation spent several years learning about children’s savings accounts before establishing the program.
Since its inception in 2019, kindergarten students across Marinette and Menominee Counties had a $50 savings account established for them by the MMACF. Each child’s account will grow through the Foundation’s goal of providing yearly monetary incentives throughout their K-12 school career. For this reason, it’s vital that the Fund continues to grow.
For decades, SNBT has been recognized for its financial literacy program. Most recently, it was cited for its outstanding service to education through its involvement in regional and national programs. The financial education initiative has made a positive impact through its educational supplements, hands-on materials, classroom activities, online curriculum, and annual scholarships.
“It is rewarding to see the next generation getting excited about saving money for their future,” said Lisa Hower, Financial Literacy Coordinator. “The Future Fund accounts provide a tangible way for students to engage with and really understand what saving money can do for their future.”
Research shows that children with dedicated savings are three times more likely to attend college and four times more likely to graduate with a postsecondary degree. Having savings for postsecondary education results in higher parental expectations, higher aspirations among children, improved non-cognitive development, and a greater likelihood of attending and completing postsecondary schooling.
The MMACF encourages community support and philanthropy for the growth and expansion of the Future Fund program. For more information on how to give back to our communities via the Future Fund, please contact MMACF Executive Director, Paula Gruszynski, at 906-864-3599. Checks for this fund may be mailed to the Foundation at 1110 10th Avenue, Suite L-1, Menominee, MI 49858 or made online at www.mmacf.org.
The Stephenson National Bank & Trust is a 147-year-old independent community bank with over $1.5 billion in Bank, Mortgage, and Trust & Investment assets under management. Offices are located in Marinette, Wausaukee, Crivitz, Pembine, and Oconto, Wis. and Menominee, Mich. with a Trust & Investment Office in Marquette, Mich. and a Commercial Loan Services Office in Green Bay, Wis. For more information about The Stephenson National Bank & Trust visit www.snbt.com.
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