Reliance Bank Creates Trustee Scholarship at Penn State Altoona
Tuesday, June 3, 2014 - 525 hits
Altoona, Pa.—Altoona-based Reliance Bank has made a $50,000 gift commitment to Penn State Altoona to create the Reliance Bank Trustee Scholarship in support of students who reside in Blair County.
“Reliance Bank has a long history of support for our college,” said Penn State Altoona Chancellor and Dean Lori J. Bechtel-Wherry. “On behalf of all Penn State Altoona students who will benefit from the Reliance Bank Trustee Scholarship, I express heartfelt thanks to the Reliance Bank Board of Directors and executive staff. This Trustee Scholarship will endure as yet another symbol of Reliance Bank’s philanthropic spirit, belief in the value of higher education, and commitment to giving back to our community.”
Reliance Bank will be recognized for the commitment at the annual Student and Benefactor Dinner in the fall and a future Ivyside Society Induction Ceremony. The ceremony is the college’s primary donor recognition event. Previously, Reliance Bank was inducted into the Ivy Circle category of the society, which represents the highest level of giving.
Reliance Bank has consistently extended philanthropic support to Penn State Altoona over the years. In 2010, Reliance Bank presented a $110,000 gift to the college that is one of the largest gifts ever designated for the support of the intercollegiate athletics program. The gift was used to purchase two new scoreboards in the gymnasium of Adler Athletic Complex. Reliance Bank also participated in the Force Advanced Technology Center and Community Arts Center building funds, past capital campaigns, and a variety of other development initiatives.
“Reliance Bank is dedicated to providing expertise, knowledge, and of course, financial support to our customers and our community,” said Dennis E. Doll, President/Chief Operating Officer of Reliance Bank. “In that spirit, we have agreed to create a Trustee Scholarship that will benefit Blair County residents attending Penn State Altoona. Our roots are in Blair County, so this partnership with Penn State Altoona showcases our desire to work together to enhance the lives of others. Reliance Bank has been in this community for close to seventy-five years, and it is our plan to remain here for at least seventy-five more. Together we will find a way to continually improve and support the Blair County community.”
The Trustee Matching Scholarship Program maximizes the impact of private giving while directing funds to students as quickly as possible, meeting the urgent need for scholarship support. For Trustee Scholarships created through the end of For the Future: The Campaign for Penn State Students on June 30, 2014, Penn State will provide an annual 10 percent match of the total pledge or gift. This level is an increase from the program’s original match of 5 percent, and it is available only for new endowments of $50,000 or more. The University match, which is approximately double the endowment’s annual spendable income, continues in perpetuity, multiplying the support available for students with financial need.
The gift from Reliance Bank supports the goals of For the Future. This University-wide effort is directed toward a shared vision of Penn State as the most comprehensive, student-centered research university in America. The University is engaging Penn State’s alumni and friends as partners in achieving six key objectives: ensuring student access and opportunity, enhancing honors education, enriching the student experience, building faculty strength and capacity, fostering discovery and creativity, and sustaining the University’s tradition of quality. The campaign’s top priority is keeping a Penn State degree affordable for students and families.