Wayne A. Cottle, President and CEO of Dean Bank, announced today that Dean Bank hosted 23 of this area’s newest and youngest millionaires at the Bank’s parent volunteer appreciation luncheon where the winners of the Bank’s 13th annual “If I Were a Millionaire for a Day” contest were officially declared. Over 150 parent volunteers and school officials who work with the Bank to administer its “Save for America” school banking program attended the festivities. Dean Bank sponsors its school savings program in the Bellingham, Blackstone, Millville, Mendon-Upton and Franklin school districts. The banking program is designed to provide elementary and middle school students with an education in banking and saving and the ability to actually do banking at their school on a weekly basis. The “Millionaire for a Day” contest is one of the vehicles used by the Bank to stimulate interest in the banking program.

Earlier in the day, the 23 student millionaires, along with their chaperones, were picked up at their schools in one of four limousines. Police escorted the limos as they formed a spectacular motorcade en-route to the Bank’s main office. There, the “millionaires” received a private tour of the Bank and were then escorted to the Coachmen’s Lodge in Bellingham to join their parents, teachers, school administrators, bank staff, and Save for America program volunteer for a luncheon.

Nancy Davidge, Senior Vice President of Dean Bank, introduced the millionaires to the group and explained the contest rules. The “If I were a Millionaire for a Day” contest poses a question to participating banking students as to what they would do if they had one million dollars. Poster and essay entries answering that question were judged by Bank employees according to good deeds and unselfish acts, originality, creativity and neatness. One first place winner from each participating grade level in each of the five school districts was selected to become a millionaire. Each of these 23 winners literally became millionaires by actually receiving a one million dollar deposit from the Bank into their school savings account for five days. Each winner was allowed to keep the interest earned on the million dollars.

Davidge presented each winner with a framed copy of their account statement, clearly showing the million dollar transaction and balance in their account. Jane Curran of Jane’s Frames in Franklin graciously assisted with professionally framing the statements for the students to predominantly hang as proof that they were truly a millionaire for a day.

State Representative James Vallee, who also attended the luncheon, spoke to the young millionaires and congratulated each one of them with a citation from the Massachusetts House of Representatives. Congratulatory letters from Senator Edward Kennedy were also presented to each student, along with a t-shirt from the Bank that said “Dean Bank made me a millionaire!”

In addressing the gathering, Davidge expressed her gratitude to the parents and officials in attendance who have volunteered to bring the banking program to their schools. “Thanks to the volunteers who assist with the program and the teachers who encourage the students to participate, programs like Save for America are possible and encourage financial literacy within the schools.” To show further appreciation to the teachers, the Bank randomly drew 10 teachers’ names for a $50 Staples Gift Card each.

Tess Faulkner, one of the contest winners, had previously announced to the bank her intent to donate the interest she earned on her million dollar deposit to the Massachusetts Eye and Ear Infirmary. Nancy Davidge surprised Miss Faulkner by proudly presenting her with a matching donation at the luncheon.

The millionaire contest’s winning posters and essays will be on display for the next few weeks in the lobbies of the Bank’s Bellingham, Blackstone, Mendon and Franklin offices.

Dean Bank, founded in 1889, is a Massachusetts state-chartered, mutually owned institution with assets in excess of $200 million. The bank has offices located in Franklin, Blackstone, Bellingham, and Mendon and a full-service educational and training facility at Tri-County Regional Vocational High School in Franklin. As a member of both the FDIC and the SIF, the bank’s deposits are insured in full.

The names of the winners are listed below:

Any parent in the Bellingham, Blackstone, Millville, Franklin or Mendon school districts who is interested in having their child participate in the Save for America school savings program or would like to volunteer with the program may contact their elementary school or a representative of Dean Bank.

Photo Credits: Rick Pace of Photography Associates in Bellingham.

Tell us…What do you see?
For more information on any of our products and services, to provide us with your comments or feedback, or simply to tell us about your own dreams and visions so that we can help you get there, please use our information request form, or call any of our offices.