C&G Savings Bank, based in Altoona, 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, will enable Penn State Altoona to present merit-based awards to one Blair County student and one Cambria County student every year.
The endowment will generate approximately $1,000 per year for the awards.
"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."
In 2006, C&G Savings Bank was inducted into the platinum category of the college's Ivyside Society, which 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."