According to the student pilot, he was performing takeoffs and landings in the local traffic pattern. While on short final, he flared too high, the airplane stalled, then landed hard and bounced. He attempted a go-around; however, the airplane veered to the left and struck a show bank. A Federal Aviation Administration inspector reported that the left wing and engine firewall sustained substantial damage. The pilot reported that there were no mechanical problems with the airplane at the time of the accident.