Farmers Bank was organized in Greenwood, Ark. in 1907 and continues today, over a century later, under the same family ownership and management. Farmers Bank has long been a leader in information technology, providing the best in banking for their customers and the communities they serve. In 2004, Farmers Bank formally adopted the motto, "An Old Tradition for a New Generation." To continue their excellence in meeting the financial needs of a new generation of customers, they have created the Youth Board of Advisors.
Research shows that a large percentage of people of all ages, income and education lack the basic financial knowledge and skills to ensure long-term stability for themselves and their families. "This is why we believe it is never too early to teach young people about banking. The hands-on program, Youth Board of Advisors, provides experiences that build life skills, work skills and financial self-sufficiency," Stanhope Wilkinson, CEO of Farmers Bank, explains.
Farmers Bank’s Youth Board of Advisors is comprised of 11 high school students. The Youth Board of Advisors will hold quarterly meetings in the W.N. Wilkinson Board Room and Library to learn about banking, business, economics, nonprofits, philanthropy and leadership while providing a youthful perspective to the bank’s board and management.
The young members are enthusiastic about getting involved, working with a team and making decisions while learning about banking.
Youth advisory board members will learn about all of the departments of the bank, including Information Technology and Operations, Customer Service, Lending, Marketing, Legal and Corporate Governance. Economists, Regulators and other banking professionals will also provide insights into the industry. Youth board members will also act as youth representatives at various events, and generally represent the customer base of a new generation of customers.
Means Wilkinson officiated the recent Youth Board meeting last week and discussion involving Social Media (Facebook, Twitter and Instagram) as related to the future of banking among the younger generation provided much insight. Their opinions and feedback were valuable to the bank regarding the development of an "E-Student Account" to be rolled out soon. This account will allow students to use ATM’s of other financial institutions without a fee.