DRIVEN BY MISSION.

Participating black-owned bank in the Department of the Treasury Minority Bank Deposit Program (MBDP)

A QUARTER OF AMERICAN HOUSEHOLDS ARE UNBANKED OR UNDERBANKED.


Largely, these are working families who are forced to pay costly financial transaction fees, must overcome hurdles to simply pay their bills and are excluded from living, working and spending with dignity in today's 21st century economy.

Vermont State Bank is committed to empowering the un- and underbanked by providing bank accounts. Together with our partners, we can combat historic and systemic barriers to banking — ensuring everyone has the opportunity to secure their financial future.

BY THE NUMBERS:

UNBANKED AND UNDERBANKED COMMUNITIES

Underbanked Households

715,000

An estimation of the number of Illinois households that are un- or underbanked. They are primarily working class, rural, Black, Brown or residents of under-resourced communities.

Underbanked Fees

Nearly $90B

The amount of fees unbanked Americans pay each year. This represents an average of $2,500 per family.

Minority-owned Closures

47%

The percentage of minority-owned banks that have closed in Illinois since 2008. As small and community banks are purchased and merge with larger institutions, they leave banking deserts in their wake.

Disappearing Banks

70%

The percentage of banking institutions that have disappeared since the early 1980s. This number has declined from nearly 18,000 in 1984 to fewer than 5,000 today.

Founded in 1947 with a mission to provide loans and banking services to people often ignored by traditional banks, VSB is continuing its legacy of serving working families and expanding opportunities for under-resourced communities.

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Vermont State Bank 106 North Main Street

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