News

Contact:

Pat McGuire, Will County Treasurer, (815) 740-4685

JT Credit Union Aims to Increase Saving by Teens

Joliet, IL September 1, 2008  --- A unique partnership between government, education, and a local financial institution aims to turn today’s tech-savvy teenagers on to the old-fashioned habit of saving. 

Ribbon-cutting ceremonies to launch the JT Credit Union take place at Joliet West on Wed., Sept. 3 and at Joliet Central on Fri., Sept. 5, both at 11:00 a.m. JT Credit Union is a collaboration between Prairie Trail Credit Union, Joliet Township High School District 204, Will County Regional Superintendent of Education Jennifer Bertino-Tarrant, and Will County Treasurer Pat McGuire. According to McGuire, “This volatile 21st century economy requires us all to save regularly, spend wisely, and invest for a secure retirement. The JT Credit Union gives today’s students—tomorrow’s parents and homeowners—a convenient opportunity to open a savings account and become smart managers of their money.”

JT Credit Union, staffed by students supervised by JT faculty and mentored by a Prairie Trail Credit Union professional, is open during lunch hours two days a week at each campus. “This is a unique opportunity for our students to learn financial literacy within the school environment.  The program is a great example of the relevant educational opportunities that are provided within our career academies,” said JTHS Board of Education President Jeff Pierson. 

 “We are as excited about opening these branches as the students are. Our goal is to help teach students the basics of money management and bring the value of mainstream banking to life by giving each student a solid foundation on which to make financial decisions for their future,” said Matthew Thraen, President/CEO of Prairie Trail Credit Union. “The school-based branches are a unique opportunity for the students working in JT Credit Union and all the students at JT Central and West who now will have access to basic money management skills including budgeting and saving.”

Prairie Trail Credit Union received an Illinois Credit Union Foundation Financial Independence and Revitalization Effort (FIRE) grant to defray JT Credit Union start-up costs. JT Credit Union is the first student-run credit union to open in a Will County high school. Nationwide, 200 credit unions operate student-run branches in over 700 schools.

Prairie Trail Credit Union’s youth programs in 2008 won first place in the Desjardins Youth Financial Education competition sponsored by the Illinois Credit Union League and the Credit Union National Association. Prairie Trail’s youth programs include the Star Savers Youth Club, the CU Succeed Teen Program, Bank-at-School at Lynne Thigpen Elementary School, Junior Achievement at St. Jude’s School, National Credit Union Week activities, and participation in Reality Stores at local high schools.

Will County Treasurer McGuire offers a how-to manual to help schools set up in-school credit unions or banks. “If students throughout Will County start building nest eggs now, they’ll have a head start on  paying for college or trade school, opening a small business, or making a down payment on a home.” McGuire can be reached at (815) 740-4685, Treasurer@willcountyillinois.com, and at 302 N. Chicago St., Joliet, IL 60432.

The JT Credit Union is staffed by job co-op students paid by Prairie Trail Credit Union. Shonteese Booker, a senior, is enrolled in West Campus’Academy of Human Services. Teaonta Pruitte, also a senior, is a student in Central Campus’ Academy of Business Management and Information Systems.

Will County Treasurer Pat McGuire greets PTCU President/CEO Matt Thraen. McGuire said that thirty years ago Thraen, then a credit union loan officer, helped McGuire and his wife, Lora, finance their first new car. 42^nd District State Senator Linda Holmes, who represents the Troy Township portion of JTHS District 204, is at right.

Cutting the ribbon are PTCU Executive Vice President Ann O’Neill, PTCU Board of Directors President Phil Branshaw, PTCU President/CEO Matthew Thraen, Joliet West Principal Cheryl McCarthy, JT Credit Union student employees Shonteese Booker and Teaonta Pruitte, State Senator Linda Holmes, PTCU Branch Manager Deanna Wolff, and Will County Treasurer Pat McGuire.

Pictured at the Sept. 5 ribbon-cutting ceremony for the Joliet Central branch of the JT Credit Union are Prairie Trail Credit Union's Executive Vice President Anne O'Neill, President/CEO Matthew Thraen, and Board of Directors Chairman Phil Branshaw.