Virginia Union University and Bank of America Launch Financial Markets Lab with $1 Million Grant
December 05, 2024
Virginia Union University (VUU) and Bank of America announced a transformative partnership aimed at empowering young adults with financial knowledge through the grand opening of the VUU Financial Markets Lab. This initiative was supported by a $1 million grant from Bank of America to launch the Workforce Development and Financial Markets Program, known as MORE (My Opportunity is Real Essential). The program prepared students and the community with essential skills in financial literacy and career readiness, paving the way for greater economic empowerment and generational wealth.
The ribbon-cutting ceremony for the Financial Markets Lab took place on October 24, 2024, from 2:00 to 5:00 PM at Virginia Union University’s Pickford Hall, Room 203. This state-of-the-art lab provided VUU students with the tools and resources needed to excel in the evolving world of finance, underscoring a shared commitment to fostering financial literacy and creating real-world learning opportunities.
"As we officially launched the VUU Financial Markets Lab, we were proud to further our commitment to serving our students and the surrounding communities by providing them with the essential tools for success beyond the classroom," said Dr. Hakim J. Lucas, President and CEO of VUU. "With the support of this generous grant from Bank of America, the MORE program empowered students and local residents with financial literacy skills and career readiness, bringing valuable resources to communities that may otherwise lack access. This initiative was a vital step toward building generational wealth and economic opportunity within our communities."
The MORE program included three key components:
Community Outreach: The program provided students from nine schools across the Tri-county area of Chesterfield, Henrico, and Richmond with access to the Mobile Community Outreach Financial Van. This initiative introduced students, aged 10 to 18, to the fundamentals of finance and banking and also served residents of the Gilpin Court community by offering education on wealth management, investments, and home ownership.
Financial Markets Lab: The new lab featured 30 state-of-the-art computers equipped with planning, budgeting, and investment software, as well as four electronic stock tickers. The lab allowed students to gain practical insights into real-world financial indexes, including NASDAQ and the Dow Jones.
Workforce Development and Assessment: A dedicated Workforce Development coach helped students prepare for internships during their sophomore and junior years. The coach assisted with mock interviews, job placement, and career assessment preparation using Behavioral and Market Competency tests. Additionally, VUU hosted a quarterly Financial Business Speaker Series to expose students to career opportunities in the financial industry.
"We were excited to partner with Bank of America to provide our students with cutting-edge resources that prepared them for success in the financial industry," said Dr. Robin R. Davis, Executive Dean of the Sydney Lewis School of Business at Virginia Union University. "This partnership highlighted our ongoing mission to create opportunities for our students to excel both academically and professionally."
The grand opening of the Financial Markets Lab featured remarks from key leaders, including:
- Dr. Roderick Smoothers, Executive Vice President & Chief Operating Officer, Virginia Union University
- Mr. Victor Branch, President, Bank of America, Richmond Virginia
- Dr. Robin R. Davis, Executive Dean, Sydney Lewis School of Business
The event concluded with a reception at the Douglas L. Wilder Library, where faculty, students, and partners had the opportunity to network and celebrate this exciting new initiative. The collaboration also recognized contributions from partners like Dell Corporation, TELEMET America, Inc., Media Tech, and RISE Display, who played integral roles in bringing this vision to reality. The grant from Bank of America was part of the bank's "Way Forward Initiative," a multi-year collaboration with education firm EAB, which was part of Bank of America’s $1.25 billion, five-year commitment to advancing racial equality and economic opportunity. Virginia Union University was honored to be part of the inaugural cohort of this initiative.
"HBCUs played a vital role in creating opportunities for students and communities of color by providing education needed to address economic and social inequality," said Victor Branch, Bank of America Richmond President. "At Bank of America, we believed it was essential that these institutions received the support they needed to continue in their mission."
The Sydney Lewis School of Business, in collaboration with VUU’s Workforce Development division and the Evelyn Reid Syphax School of Education, led this initiative. Together, they aimed to create lasting change by ensuring that financial literacy and career readiness were accessible to all.
For more information about the MORE program, the Financial Markets Lab, and Virginia Union University, contact Dr. Wendy Jewell, Department Chair, Sydney Lewis School of Business, at wjewell@vuu.edu.