MasonComets.Org

Comet Savings & Loan is the first student-run bank in Southwestern Ohio. Mrs. Donnelly and other administration visited four high school banks over the following years: 1998 Dixie Central Savings (Kentucky), 2001 New Albany H.S. and Jefferson H.S. (Indiana), and 2002 Jumper Security (Kentucky). Because of the lack of space in the old high school, a decision was made to open and design the bank when the new high school opened. In October of 2001, the Board of Education approved the idea for a student-run bank. Just a few months later, our administration chose First Financial Bank as our banking partner and the partnership began. In the spring of 2002, the Board of Directors for the bank met with First Financial representatives and worked on the layout of the bank and also finalized the terms of the partnership.

8th year of operation –-09-10
CS&L has changed partnerships from First Financial Bank to Fifth Third Bank.

7th year of operation –-08-09
CS&L continued to work on making the banking process as smooth as possible. Interest rates remain the same so far for this year. Student-banker interaction has recieved a new emphasis and employees are focused on making customers feel welcome through our promotions and our Customer Appreciation rewards. As of March there are 360 Accounts and the highest total deposits are $50,280.66. With the current economic situation, CS&L continues to place a renewed emphasis teaching financial literacy and saving for their future and will extend this knowledge to the future students of Mason High School.

6th year of operation –-07-08
Due to the impending economic crisis the interest rate from First Financial Bank to CS&L dropped from 4.5% to 2.5%. As a result in February, the new interest rates were instated: Savings Account 1%, Comet Classic 1.5%, and Certificate of Deposit 2%. CS&L had 350 account holders and their continued loyalty was much appreciated. With the highest total deposits being $51,184.88 the bank continued to achieve financial success. The 6th year of operation also saw the initiation of the Customer Appreciation program. This successful program displayed CS&L's appreciation of the bank's valued customers. As the bank started to generate new promotions and focus efforts on smoothing out the banking process; students, teachers and administrators were looking at a bright future for Comet Savings & Loan.

5th year of operation -- 06-07:
More than just a banking provider, CS&L used its efforts to help the community, teaming up with MHS teacher Ms. Ziegler to raise money for the AIDS Angel Ride. Through the help of CS&L the AIDS Angel Ride was able to raise over $100,000 for this worthy cause. CS&L continued to offer the same interest rates. With 272 total accounts and the highest total deposits being $43,127.28 the bank did not meet all the expectations that they had set. As the school improved technology and helping parents become more informed about students' lunch balances, instant loans began to drop off. The employees moved with a new vigor and determination to help the bank achieve the objectives for the next year.

4th year of operation -- 05-06:
CS&L continued to offer the same interest rates, and found themselves competing with local banks primarily with Savings accounts. The marketing team focused their efforts on promoting Savings accounts. Later in the year CS&L petitioned First Financial Bank for an increase in the interest rate. Fortunately, CS&L was able to gain a higher interest rate. The marketing team then began to promote long term saving due to the new interest rates that were marginally higher than other banks in the Greater Cincinnati area. This year of operation saw the Savings for Success program garner 122 accounts as well. During the 05-06 year the highest total deposits were $57,082.32 with 308 account holders. With the bank in its fourth year of operation, CS&L continued to provide high quality banking for the students and staff of Mason High School.

3rd year of operation -- 04-05:
Over the course of the year, CS&L began to experience the effects of having lower interest rates. The local banks were beginning to offer better rates which resulted in customers moving their CD money away from CS&L. The deposits on hand went down because we were no longer as competitive with Savings accounts, with that in mind the marketing team made a conscious effort to market Savings accounts. The 1% Savings Account rate at the school bank was still better than many local banks and the marketing teams experienced the fruits of their efforts by the addition of several new customers. Another year of the Savings for Success program was highly successful; in only one trimester 110 accounts were generated through the program. During 04-05 the highest total deposits on hand for CS&L was a little under $75,000, and CS&L grew to 301 account holders.

2nd year of operation -- 03-04:
After our first year of operation, our banking partner made a decision to lower CS&L’s interest rates so they were more in line with the local banks. As a result, CS&L lowered the rates they were offering to customers. The CD rate lowered to 2%, while the Comet Classic rate was lowered to 1.5 % and the Savings Account rate lowered to 1%. Even at a lower rate, CS&L was still competing with local banks. The 2nd year of operation saw the commencement of our instant loan program. Account holding students who may have forgotten lunch money or need some money during school, were now able to receive a same day loan from CS&L. The 2nd year of operation also saw the beginning of the highly successful Savings for Success financial literacy program. For one trimester Comet Savings & Loan employees visited the Mason Intermediate School to teach the students financial literacy and encourage opening accounts. The bank overall saw a small decline on total deposits, but continued to increase the total number of accounts. During the 03-04 school year the highest total deposits were over $122,000 and they had 176 account holders.

1st year of operation -- 02-03:
When school began in 2002, the first trimester class was responsible for creating all the policies and procedures for the bank as well as the terms and conditions. This was done in conjunction with representatives from First Financial Bank. The name Comet Savings & Loan was chosen to be the name and the CS&L logo was created. The bank opened in October of 2002 and within four months CS&L had over $100,000 on deposit. CS&L was offering outstanding interest rates which helped to attract large deposits from our customers. The school bank offered an interest rate of 4% on CD's, 3.5% on Comet Classics and 3% on Savings accounts which was significantly higher than all the local banks. During the 02-03 school year, the highest total deposits were over $158,000 and the school bank had 117 account holders; establishing a solid start for Mason High School's very own student operated bank. With the foundation laid for CS&L, employees looked to build a solid structure of financial literacy education and student banking for the students of Mason High School.