Federal Home Loan Bank of Indianapolis awards $100,000 in Money Masters financial literacy scholarships for 2024
2024年7月11日 - 4:40AM
In an effort to promote and improve financial literacy among
college-bound students and rising seniors in Indiana and Michigan,
the Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis or
the Bank) has partnered with FHLBank Indianapolis members and
leading community groups to award more than $100,000 in financial
literacy scholarships through the Bank’s Money Masters Scholarship
Program so far in 2024.
More than 70 students received scholarship funds through the
following Bank member sponsors or local community organizations
with a focus on youth (e.g., youth groups, charter schools,
community youth foundations or non-profit organizations with youth
programming):
- Mercantile Bank of Indiana and Grand Valley State University
TRIO Program, 22 scholarship students in Grand Rapids, Mich.
(awarded April 30, 2024)
- Elements Credit Union and Center for Leadership Development, 25
scholarship students in Indianapolis. (awarded May 14, 2024)
- People Driven Credit Union and Rhonda Walker Foundation, nine
scholarship students in Detroit. (awarded May 16, 2024).
- Merchants Bank and Providence Cristo Rey High School, 15
scholarship students in Indianapolis (awarded May 17, 2024).
“Core to our mission is supporting home ownership for as many
people as possible in our district,” said Marchelle Costa, AVP,
Associate Director, HR-Diversity, Equity and Inclusion at the
Bank. “We assessed the barriers that prevent people from achieving
that, and one of them is financial literacy. Launched in 2023, our
Money Masters program looks to improve that by supporting the next
generation of leaders in our members’ communities through financial
literacy and best practices in money management.”
FHLBank Indianapolis will award up to $25,000 a year to each
member institution/youth organization partnership for scholarship
recipients for a total of up to $75,000. These awards will be made
annually for a three-year period on a first-come, first-served
basis. The scholarship funds are deposited into bank accounts with
the designated member institutions, which the award recipients can
access for discretionary expenses.
“Our Money Masters program is an innovative way to get more
engaged in financial literacy, as well as in the communities the
Bank serves,” said Deron Streitenberger, EVP, Chief Business
Operations Officer. “These are the same communities that our
members serve, so it’s a win-win for everyone, thanks to the
extraordinary support of our initial partners.”
Scholarship recipients are selected based on their academic
record, completion of in-person financial education curriculum and
application review by the Bank’s partner member or community
group.So far in 2024, FHLBank Indianapolis has delivered financial
education to more than 400 students across Indiana and Michigan,
and Bank leadership is eager to do more.“We’re just getting
started,” Costa said. “We’re hoping our members are going to sign
up and continue to support the program. And that we can double
those numbers in 2025.”
For more information about Money Masters or to participate,
contact Marchelle Costa, AVP, Associate
Director, HR-Diversity, Equity and Inclusion,
at mcosta@fhlbi.com.
Media contact information:Corporate
CommunicationsScott Thien, Sr. Internal Communications
Leadsthien@fhlbi.comFederal Home Loan Bank of Indianapolis:
Building Partnerships. Serving CommunitiesFHLBank
Indianapolis is a regional bank in the Federal Home Loan Bank
System. FHLBanks are government-sponsored enterprises created by
Congress to provide access to low-cost funding for their member
financial institutions, with particular attention paid to providing
solutions that support the housing and small business needs of
members' customers. FHLBanks are privately capitalized and funded,
and they receive no Congressional appropriations. One of 11
independent regional cooperative banks across the U.S., FHLBank
Indianapolis is owned by its Indiana and Michigan financial
institution members, including commercial banks, credit unions,
insurance companies, savings institutions and community development
financial institutions. For more information about FHLBank
Indianapolis, visit www.fhlbi.com and follow the Bank on LinkedIn,
and Instagram and X at @FHLBankIndy.
A video accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0bd8971e-a00f-4282-a821-433b75e6d82f