PITTSBURGH--(BUSINESS WIRE)--March 22, 2006--Three years ago, the victims of a brutal civil war on the east coast of Africa began arriving in America - Somali Bantus flown from the land of "Black Hawk Down" as part of a massive humanitarian effort by the U.S. government. Some 13,000 Bantus, a persecuted Muslim minority barred from school and largely illiterate in their native land, were resettled by the U.S. government to 52 cities after being granted political asylum, each refugee aching for a new way of life. More than half of the immigrants were under the age of 17.

Tuesday evening, six Somali teens in Pittsburgh celebrated another milestone on their path to personal independence when they graduated from a free financial literacy course for at-risk youth. Other young Somalis from among 37 families totaling nearly 300 refugees will enroll in the course, My Money, My Life, shortly.

For 17-year-old Sowda Darbane, learning about goal-setting, budgeting, saving and avoiding predatory lenders is essential to realizing her dream of becoming a family doctor.

Sowda was three years old when her family was airlifted out of Somalia to a refugee camp in Kenya, where she learned over ten years that life can be hard. "Everything was strange there," the winsome teen with a seemingly constant smile explained during Tuesday's graduation ceremony. "Food, water and firewood were difficult... my father had dinner, went to the bathroom, had a problem and died later that evening." Education at the camp consisted of one class for kindergarten through twelfth grade, and when she arrived in Pittsburgh in 2004, Sowda had the educational skills of a second-grader.

For resettled Somalis, financial literacy is an important tool in creating a better life for their families. Exposure to banking in Africa was limited or nonexistent, and many Somali parents cannot read or write. Often it is up to Somali teens to guide their families through financial, housing and employment opportunities.

Enrolling in My Money, My Life, Sowda realized she had plenty to learn, and quickly. "I didn't know the difference between checking and savings. I didn't know how to write a check. I didn't know how to save money to buy things," she admitted.

At Tuesday's final class, Sowda and five other refugees, along with twelve lower-income non-Somalis, discussed the pitfalls of dealing with certain payday lending, check cashing and rent-to-own enterprises. The class calculated interest rates to learn how they could quickly fall deeper in debt unless they avoided unscrupulous lenders.

At graduation, Sowda was joined by Ralia, her mother, two sisters and a brother, who watched in awe as she received a symbolic piggy bank and a fee-free passbook savings account with a complimentary $100 deposit from Laurel Savings Bank. The Federal Home Loan Bank of Pittsburgh (FHLBank) created the program along with Laurel Savings and seven other community banks in late 2004 with the objective of reaching at least 1,000 at-risk young adults through 2009.

"Never give up. Don't give up your hopes," a beaming Sowda said as she held her piggy bank high, adding that she intends to enroll in a new, advanced class of My Money, My Life that provides $200 upon graduation. "It will take a lot of money to plan my college," she added. "I want to be a doctor. I just like to help people."

"Sowda is a model of persistence," remarked Kathy Ramos, her English teacher, standing nearby. "She's a young lady with her eyes on the future."

Sowda and her Somali classmates are the first wave of refugees to graduate from My Money, My Life. Khadra Mohammed, herself a Somali and founder of the Pittsburgh Refugee Center, intends to recruit additional young people for the classes. "I'm watching their backs," Mohammed said, explaining that her own ancestry traces back to the ruling tribe in Somalia that persecuted the Bantus. "We thank Laurel Savings Bank, the Federal Home Loan Bank of Pittsburgh and Neighborhood Housing Services for bringing this critical curriculum to our community."

In addition to achieving better financial literacy, My Money, My Life graduates are able to apply for free academic, vocational and skills training at Job Corps, a U.S. Department of Labor job training program that offers 100 trade and 40 college programs at no cost.

My Money, My Life conducts classes across Greater Pittsburgh.
Current participating banks are: Dwelling House Savings and Loan Association, ESB Bank, Iron & Glass Bank, Laurel Savings Bank, National City Bank, Northwest Savings Bank, PNC Bank, Sewickley Savings Bank and Sky Bank. Additional financial support comes from Allegheny County and the Heinz Endowments.

The FHLBank of Pittsburgh is a $73 billion institution with nearly 340 financial institution members across Delaware, Pennsylvania and West Virginia. The FHLBank System uses private capital distributed through member financial institutions to assure reliable, low-cost credit and grants in support of housing and community development. The FHLBanks serve as a catalyst to build thriving neighborhoods.

Copyright Business Wire 2006

Federal Home Loan Bank of Pittsburgh

Federal Home Loan Bank of Pittsburgh

The Federal Home Loan Bank of Pittsburgh (FHLBank) is a privately-owned, privately-capitalized cooperative of financial institutions operating in Delaware, Pennsylvania and West Virginia. It provides low-cost funding to, buys mortgages from, and makes affordable housing grants through its several hundred member institutions. Chartered by Congress in 1932, FHLBank Pittsburgh uses no tax dollars. It is one of 12 FHLBanks that serve regional banking districts across the country.

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