NEWS

September 1, 2007
Institution for Savings to award $15,000 Annual Scholarships to local high school students

As part of its ongoing commitment to financially supporting local communities, the Institution for Savings, through its Charitable Foundation, will award a $15,000 scholarship to a high school student in each of the three districts in which it currently maintains banking offices, announced President and CEO Mark Welch today.

Beginning in 2008, the bank will award the scholarships to graduating students from Newburyport and Triton Regional High Schools. Additionally, it will expand from $12,000 to $15,000 the current scholarship already established at Ipswich High School by the former Ipswich Co-operative Bank, with whom the Institution for Savings merged this past July. Though the selection criteria and application are not yet finalized, eligibility will be based on a combination of academic achievement, community service and financial necessity.

"As a Foundation, we've always sought to put our charitable dollars into the hands of those who can potentially put them to use for a greater good," said Mr. Welch in announcing the scholarships. "With these new scholarships, we took a page from our new partners at the former Ipswich Co-operative Bank and expanded it. We chose to go in this direction because we believe that a single, substantial scholarship of this magnitude can positively impact a student in ways that several smaller scholarships might not."

"The establishment of this scholarship is a significant event for Newburyport High School and the City," said Newburyport's Superintendent of Schools Kevin Lyons. "The annual recipient will receive a very meaningful award that can make a difference in the college attended or the very affordability of going to college. I expect this scholarship to draw many competitive applications each year and it will be an additional motivating factor for students to strive for excellence in their studies. It will also encourage students to engage in activities that give back to the community and through which they learn about the rewards of community commitment."

Triton Superintendent Sandra Halloran said: "I am very pleased that the Institution for Savings is making this scholarship available to our students at Triton Regional High School. Recognition of academic achievement and community service reflects Triton's commitment to excellence for all. This substantial scholarship will provide the recipient with the financial support necessary to pursue various higher education opportunities."

Applications for the scholarship will be made available through the high schools sometime in February of 2008.