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In 2000, Cardinal Bank was created as a branch of Mitchell Bank. Cardinal Bank is a full-service bank operated by the students of South Division High School. Each year approximately a dozen students participate in running the bank as part of a internship program. With each new class, a President, Vice President(s), and a Board of Directors are chosen from the students.
Under the tutelage of a teacher and the Mitchell Bank staff, the students are responsible for marketing the bank, opening accounts, establishing budgets, balancing the vault, and conducting transactions for their customers.
Cardinal Bank teaches the internship students about the many different skills required to run a bank. Having the bank inside the school has also helped educate the entire student body about the importance of saving.
Many of the students at South Division come from backgrounds in which they are the first person in their family to ever have a banking relationship. Cardinal Bank has not only helped expose the students to the importance of banking, but in many cases, has provided banking access to their families as well.
Since its inception, Cardinal Bank has opened hundreds of accounts, offered loans to its customers, and affected hundreds of students and their families. As Cardinal Bank moves forward, we continue to look for new and exciting ways to reach out to the student body and the community. It is our goal to reach as many young people as possible, and to provide them access to the banking system and the necessary education to begin their financial lives with a sound foundation.
Cardinal Bank has received attention for its efforts locally and nationwide, including positive recognition from the Federal Reserve.