Banks boost state with scholarships

Twenty banks have teamed with the South Dakota Bankers Foundation to fund scholarships to graduating high school seniors who choose to attend post-secondary institutions in the state.

In its inaugural year, the scholarship program was created with $10,000 from the foundation. The money was

Gates said that the SDBA was forced to turn back more than half of the 44 banks that requested scholarship money, and the program's success has led the foundation to rethink its strategy for next year.

"We're going through a planning process this summer and hope to raise additional funds so we can provide twice as many scholarships next year," Gates said.

The foundation s only requirement was that students must be graduating high school seniors who plan to attend a South Dakota college, university, vocational technical school or community college on a full-time basis.

The 20 South Dakota banks that will award the scholarships are: Dacotah Bank, Aberdeen; State Bank of Alcester; First Midwest Bank, Centerville; First Western Bank Custer; Peoples State Bank, DeSmet; Reliabank Dakota, Estelline; Farmers State Bank, Faith; Merchants State Bank, Freeman; Campbell County Bank, Herreid; Farmers State Bank, Hosmer; Bank of Hovers; Andes State Bank, Lake Andes; Valley Exchange Bank, Lennox; Rushmore Bank & Trust, Rapid City; First American Bank & Trust, Sioux Falls; First Western Bank, Sturgis; First Western Bank, Wall; American State Bank, Wessington Springs; Wilmot State Bank, and First National Bank South Dakota, Yankton.

The South Dakota Bankers Foun lotion was established in 1983 with a gift of $125,000 from the SDBA in an effort to fund a professorial position in banking studies at University of South Dakota. Last year, the foundation shifted its focus to consumer education and offers college scholarships, awards and business competitions for high school students and young adults. Today, the endowment fund has a market value of $990,000.

Interest earned from the endowment will be used for the scholarships.