Portage Community Bank and United Way of Summit & Medina today announced that Portage Community Bank has become an approved partner of its Bank On Rubber City initiative. Bank On Rubber City is a coalition led by United Way of Summit & Medina and the City of Akron committed to helping residents of Summit County access safe and affordable banking products and services.
Financial institutions like Portage Community Bank that partner with the Bank On Rubber City initiative offer accounts that meet specific standards of safety and affordability, including a low opening deposit, free debit card and no overdraft or other hidden fees. Portage Community Bank’s Neighbors United Checking Account has been certified to meet the Bank On account standards.
“Becoming an approved partner for the Bank On program means so much to us, as it is a way for us to offer banking services and education to the underbanked members of our community,” said Ann Durr, market president for Portage Community Bank. “The program fits our culture and embodies our motto of ‘Neighbors Serving Neighbors.’”
An estimated 25 percent of Summit County residents are unbanked or underbanked, relying on costly alternative financial services — like check cashers and payday lenders — for routine financial transactions. These fees add up over time. An unbanked individual can spend as much as $40,000 over the course of a lifetime simply to cash checks.
“As a community bank, we recognize the need to work with and educate the underbanked neighbors in our community and to give people the tools for financial empowerment,” said Durr. “Portage Community Bank learned about United Way’s Bank On program through our involvement in the greater Cuyahoga Falls and Akron communities. It was a natural fit for us to work with United Way and learn more about how we could become an approved partner for the Bank On program.”
Bank On Rubber City supports United Way of Summit & Medina’s Bold Goal 3 for Summit County – to financially empower 11,000 Summit County residents. Banking access, which starts with a basic transaction account, is a key pillar of financial stability. People with mainstream banking accounts keep more of their earnings and have higher savings, keeping them better protected against economic shocks and unexpected costs.
“The ongoing economic disruption that arrived with the coronavirus pandemic has demonstrated the importance of promoting financial stability,” said Jim Mullen, president and CEO of United Way of Summit & Medina. “We are grateful to Portage Community Bank for demonstrating their commitment to our community by providing the tools families need to save for the future and prepare for a crisis.”
Portage Community Bank is a wholly owned subsidiary of Portage Bancshares, Inc. To learn more about Portage Community Bank, please visit their website at www.pcbbank.com. Portage Community Bank is an equal housing lender and FDIC Insured.