Students to Buy Bonds in First Ever Savings Bond Day

FOR IMMEDIATE RELEASE

May 17, 1996

Students at six schools will, for the first time ever, have an opportunity to purchase a $50 Series EE savings bond with money they have saved in their school saving program. The schools will all hold their Bond Days during the week of May 20, 1996. The Bureau of the Public Debt and Save For America teamed up to offer students the opportunity to buy a bond as part of the school savings program. Students and parents who don't have a school savings account will also have an opportunity to buy a bond.

Mary Ellen Withrow, Treasurer of the United States said, “We have a critical need to teach young Americans about the importance of saving for ourselves and our Nation. By offering students a once a year opportunity to purchase a bond with the money they've saved we are, once again, giving our children an opportunity to participate in the Savings Bond Program.”

Students who purchase bonds will each receive a special certificate commemorating their participation.

Save For America operates a U.S. Department of Education model program which teams up banks and other financial institutions that sponsor savings programs for students at local schools. Volunteers run the programs in each school. The Save For America program seeks to educate young Americans about the importance of thrift and self reliance to building personal security.

The six schools and five banks were selected to inaugurate Savings Bonds Day, which will be expanded nationwide during the 1996-1997 school year. Some 4,000 schools and 237 banks operate school savings programs under the auspices of Save for America.

According to Sherry Avena, Save For America President, “”The Savings Bonds Program and Save For America share a common interest in educating young Americans about the need to save for their future."

A list of participating schools and banks accompanies this release. Public Debt is the Treasury bureau that administers the Savings Bonds Program.

PARTICIPATING INSTITUTIONS FOR MAY 1996 SAVINGS BOND DAY

JACKSONVILLE, FLORIDA Barnett Bank of Jacksonville: Marjorie K. Rawlings Elementary School and Ponte Vedra/Palm Valley Elementary School

SPARKS, NEVADA Bank of America: Huffaker Elementary School

COHOES, NEW YORK Cohoes Savings Bank: Menands School

URBANA, OHIO Peoples Savings Bank: Urbana Local School

CHARLESTON, WEST VIRGINIA Huntington National Bank: Belle Elementary School