With Support From E*TRADE FINANCIAL, New HOPE Center Teaches Financial
Literacy to Residents in Underserved Neighborhoods
WASHINGTON, May 4 /PRNewswire-FirstCall/ -- Operation HOPE, Inc., with
strong support from E*TRADE FINANCIAL Corporation, will celebrate the opening
of the flagship Washington, D.C./Anacostia HOPE Center today. Festivities
will include a ceremonial ribbon cutting by District of Columbia Mayor Anthony
Williams and a bus tour of the community revitalization East of the River with
local and national public policy makers. The day's events will begin at
9:00 a.m. EDT at 2509 Good Hope Road, SE, Washington, D.C. The new
Washington, D.C. HOPE Center will act as a catalyst in the community,
connecting area residents who want home mortgages or small business loans with
local banks that can provide the access to capital.
Special guests who will take part in the grand opening celebration of the
HOPE Center include Vice Chairman of the Federal Deposit Insurance Corporation
John M. Reich, Assistant Secretary of the U.S. Department of Commerce Dr.
David Sampson, Congresswoman Eleanor Holmes Norton (D-DC),District of Columbia
Mayor Anthony A. Williams, Councilmember Vincent Gray (Ward-7) and
Councilmember Marion Barry (Ward-8).
The newest HOPE Center -- the seventh in the United States -- will provide
local residents with free financial seminars, digital literacy classes,
workforce training, access to a state-of-the-art ATM, and online banking and
lending services provided by E*TRADE FINANCIAL.
"Operation HOPE seeks to bring economic self-sufficiency and a sustained
spirit of revitalization to America's inner city communities," said John
Bryant, Founder, Operation HOPE. "Our partnership with E*TRADE FINANCIAL and
other financial institutions and leaders in the community will help us realize
the vision of the flagship Washington, D.C. HOPE Center -- converting check
cashing customers to banking customers, renters into new homeowners, small
business dreamers into small business owners, minimum wage workers into living
wage workers with new job skills and the economically uneducated into the
economically empowered."
Before there was a physical location to serve the community, the spirit of
Operation HOPE flourished providing more than $2 million in home loans to area
residents since 2004 in partnership with E*TRADE FINANCIAL. Stacy Fuller, a
new homeowner who benefited from the program, said, "The homeownership classes
unraveled all of the mysteries about purchasing a home. I learned how to
correct outdated and erroneous information on my credit report, how to create
a budget to save for a home and how to determine how much home I could afford.
I wouldn't be in my home today without the help of Operation HOPE."
"Home ownership and financial independence are fundamental tenets of the
American Dream. The nation's leaders have encouraged us all to work together
to build an ownership society," said Arlen Gelbard, Chief Administrative
Officer, E*TRADE FINANCIAL. "We are proud to take an active role in doing so
by collaborating with Operation HOPE to expand the reach of financial
education, home ownership and small business development in Anacostia and the
greater Washington, D.C. community."
With a $2.5 million commitment from E*TRADE FINANCIAL, Operation HOPE
built the Washington, D.C. HOPE Center in less than two years. Operation HOPE
has also partnered with more than 80 organizations in the Anacostia area
-- including government agencies, financial institutions, technology
companies, and community based organizations. With the support of E*TRADE
FINANCIAL and these organizations, Operation HOPE provides comprehensive
financial literacy training, financial case management, mainstream banking
services and counsel for would-be and existing entrepreneurs in the community.
The Center features a cyber cafe providing the entire community with
high-speed internet access via 15 Pentium-4 Dell computers. The organization
employs seven team members locally to ensure the mission of the HOPE Center is
met and the residents of the community are served. The HOPE Center is open to
all members of the community from 9:00 a.m. to 7:00 p.m. Monday through
Friday, and 10:00 a.m. to 2:00 p.m. on Saturdays.
About the Greater Anacostia Community
Ward 7 and Ward 8 are known to be the first suburbs in Washington, D.C.,
with a rich historical heritage as home to the abolitionist Frederick Douglas.
Due to a steep economic decline to the area during the 1960s through the early
1990s, Wards 7 and 8 have continuously been defined as the city's poorest
neighborhoods -- with a population of 71,000, 92% African American. Ward 7
and Ward 8 combined have the lowest median income, highest unemployment rate,
highest number of fatherless families, lowest percentage of high school
graduates and 25% subsidized housing. However, recent advancements exemplify
a drive toward community renewal that has come to the neighborhood, spurring
the building of new housing, restoration of historic sites, and an
appreciation of its heritage. Crime has been declining exponentially, middle
class families are moving in, and a new sense of community pride is emerging.
About Operation HOPE, Inc.
Operation HOPE, Inc. (OHI), is America's first nonprofit social investment
bank and a national provider of financial literacy and economic empowerment
programs. Through ongoing collaborations and long-term partnerships with
leading government, private sector, and community interests, OHI works to
bring self-sufficiency and a sustained spirit of revitalization to America's
inner-city communities. OHI's HOPE Centers, a growing network of inner-city
banking centers, have created more than 800 new homeowners and small business
owners, more than $125 million in funded loans, and more than $210 million in
commitments for homeownership and small business loans from their 250 bank and
corporate partners. In partnership with the U.S. Department of Homeland
Security, the Federal Emergency Management Agency, and a network of private
and community partners, OHI's HOPE Coalition America has provided free
financial counseling and casework services to Americans affected by natural
disasters and national emergencies in 125 cities in 35 states to date. Taken
together, these programs make Operation HOPE the national leader in economic
empowerment tools and services for the under-served in America. OHI and its
programs can be found online at http://www.operationhope.org,
http://www.bankingonourfuture.org, and http://www.hopecoalitionamerica.org.
About E*TRADE FINANCIAL
The E*TRADE FINANCIAL family of companies provides financial services
including trading, investing, banking and lending for retail, corporate and
institutional customers. Bank and lending products and services are offered
by E*TRADE Bank, a Federal savings bank, Member FDIC, or its subsidiaries.
Bank deposits are FDIC-insured up to $100,000.
Operation HOPE Media Contacts E*TRADE FINANCIAL Media Contact
Xavier Sibaja Pam Erickson
213-891-2900 617-296-6080
xavier.sibaja@operationhope.org pam.erickson@etrade.com
Jennifer Stoltz E*TRADE FINANCIAL Investor Relations
Qorvis Communications, LLC. Adam Townsend
202-448-3145 703-236-8719
jstoltz@qorvis.com adam.townsend@etrade.com
SOURCE E*TRADE FINANCIAL Corporation; Operation HOPE, Inc.
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Related links:
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CONTACT:
media, Xavier Sibaja of Operation HOPE, Inc.,
+1-213-891-2900, or xavier.sibaja@operationhope.org; or Jennifer
Stoltz of Qorvis Communications, LLC., +1-202-448-3145, or
jstoltz@qorvis.com, for Operation HOPE, Inc.; or Pam Erickson,
+1-617-296-6080, or pam.erickson@etrade.com, or investors, Adam
Townsend, +1-703-236-8719, or adam.townsend@etrade.com, both of
E*TRADE FINANCIAL
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