A critical component of the FRF’s Individual Development Account (IDA) initiative was to secure a strong bank partnership. Matt Vessely, the Regional President of 1st Source Bank, immediately saw the benefit of such a relationship as the initiative brought a unique and focused path for the bank to meet their mission of “helping people achieve security, build wealth and realize their dreams.”
FRF Individual Development Account participants work directly with staff at 1st Source Bank on financial training
The bank’s role in the FRF IDA program is substantial: helping participants open savings accounts; developing modules for both basic financial training and more detailed components targeting the areas that have been identified as goals (home ownership, business development, etc.); leading training sessions and keeping in contact with participants; providing reports on progress; and working with the FRF committee to move the initiative forward.
In order to assure its priority, Matt assembled a senior 1st Source team composed of Luis Zapata (Vice President, Financial Wellness), Solomon Anderson (Assistant Vice President, Banking Center Manager) and Brittany Crawford (Client Services Representative, Valparaiso West) who have coordinated to provide the training and support for the first cohort of FRF IDA participants. In addition,1st Source awarded the FRF a significant grant to further bolster the effort. Planning is now underway to build on what is being learned through the initial IDA cohort to take on an additional group this fall.
1st Source Bank Partners with the Freedom Recovery Fund
Matt sees the collaboration with the FRF as a way for 1st Source to better reflect the community that it serves and to provide an opportunity to find new ways to break down barriers that may be preventing optimal connection between the bank and the Black community. The benefit inherent in the connection between the1st Source team and the IDA participants, both through the formal training and through the more informal interactions that surround these sessions, has broadened the understanding for all involved. As Matt says, “We are giving a great deal but getting so much back – we are 100% invested.”