DULUTH, Ga.--(BUSINESS WIRE)--Primerica, Inc. (NYSE: PRI), the leading distributor of financial products to middle income families in North America, announced today that The Primerica Foundation, the company’s philanthropic arm, awarded a $50,000 grant to the nonprofit The Orange Duffel Bag Initiative (ODBI). The grant funding will support ODBI programs that help Georgia teens who are homeless, at-risk, or aging out of foster care system.
The presentation was made at the Georgia Dome in Atlanta during the opening session of Primerica’s International Convention, with approximately 40,000 people in attendance. Primerica CEO Glenn Williams presented the grant award to Sam Bracken, the co-founder of ODBI.
“Primerica is a company that cares – and we don’t just say it – we show it each and every day,” said Williams. “It’s unimaginable that thousands of Georgia teens are homeless or will soon be too old to remain in the foster care system. These kids did not choose to be in this situation and they deserve a chance for a better future. We applaud the exceptional work done by the ODBI and are proud to support this worthwhile organization.”
“ODBI is grateful to Primerica for its belief in Georgia’s most vulnerable students and its investment in their future success. Together we are breaking the cycle of poverty and changing the trajectory of their lives,” said Sam Bracken, Co-Founder of The Orange Duffel Bag Initiative and co-author of My Orange Duffel Bag: A Journey to Radical Change. Bracken was once a homeless teen who went on to become a star football player for Georgia Tech, and is now an executive with FranklinCovey. The reference to the “Orange Duffel Bag” refers to a point in time in Bracken’s life when everything he owned was packed in an orange duffel bag.
Studies show among Georgia teens who sign themselves out of foster care, less than 20% will earn high school diplomas, nearly 40% will become homeless, and almost 60% of boys will commit crimes. Over half of all foster children in the U.S. become victims of identity theft. The nation’s public schools report 1.2 million K-12 students are certified homeless; 35,000 are Georgia’s own.
The Primerica Foundation has provided funding to ODBI since 2013. The funding has been used to purchase laptops for the students graduating from the program, transportation for teens participating in ODBI programs and other program expenses. Over 500 teens have graduated from ODBI programs.
Launched in 2011, The Primerica Foundation’s focus is supporting organizations and programs that help low- to moderate-income people become self-sufficient. “The work that The Orange Duffel Bag Initiative is doing is a perfect fit for our philanthropic focus,” said Karen Fine Saltiel, President of The Primerica Foundation.
About Primerica, Inc.
Primerica, Inc., headquartered in Duluth, GA, is a leading distributor of financial products to middle income households in North America. Primerica representatives educate their Main Street clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. In addition, Primerica provides an entrepreneurial full or part-time business opportunity for individuals seeking to earn income by distributing the company’s financial products. We insured more than 4 million lives and have over 2 million client investment accounts at December 31, 2014. Primerica stock is included in the S&P MidCap 400 and the Russell 2000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI”.