Penn State Altoona receives endowed award from C & G Savings Bank

Monday, January 23, 2012 - 703 hits

ALTOONA — C&G Savings Bank, based in Altoona, Pennsylvania, has presented a $25,000 gift to Penn State Altoona to create the bank's first endowed student award at the college. The C&G Savings Bank Directors Endowment, which honors the service of the bank's board members past and present, has already been activated with funds enabling Penn State Altoona to present merit-based awards to one student from Blair County and one student from Cambria County per year in perpetuity.

“Each scholarship and award at Penn State Altoona helps one more student in need,” said Chancellor Lori J. Bechtel-Wherry. “On behalf of our entire campus community, I express gratitude to the leadership of C&G Savings Bank for choosing to honor the individuals who served on the bank's Board of Directors in a manner that will help our students achieve their academic goals.”

The endowment adds to the considerable philanthropic legacy C&G Savings Bank has created at Penn State Altoona. In 2006, C&G Savings Bank was inducted into the Platinum category of the college's Ivyside Society, which was established by the Penn State Altoona Advisory Board to honor those who, through their philanthropic support and leadership, share a commitment to the continuing excellence of Penn State Altoona. The Platinum category represents the highest level of giving.

“C&G Savings Bank is proud to continue our support of Penn State Altoona,” said William E. Ritenour, President and CEO. “We've wanted to honor all those who have served on our board, and to be able to do so in a way that provides needed financial support for students in our service area makes it all the more rewarding.”

Previously, C&G Savings Bank created an endowed enhancement fund in support of the college's Entrepreneurship Program. The C&G Savings Bank Endowed Enhancement Fund supports initiatives that provide students with opportunities to gain hands-on learning experience while developing leadership and communication skills. Private support also enables the Entrepreneurship Program to sponsor annual workshops focusing on improving economic development and offer a variety of community outreach programs. In addition, C&G Savings Bank has supported Penn State Altoona over the years with gifts for two major campaigns and various academic excellence initiatives, including Summer Kids' College.