NASHVILLE, Tenn.--(BUSINESS WIRE)--Regions Financial Corporation (NYSE:RF) today announced a $100,000 commitment to Fisk University.
The Regions contribution, pledged over four years, will assist the school with general operating expenses and will be counted toward a challenge grant extended to Fisk by the Andrew W. Mellon Foundation. Regions also will assist Fisk in the establishment of the Regions Financial Literacy and Community Outreach Center, which will serve both the college and North Nashville communities by offering economic education and sound financial planning skills.
“Regions is committed to improving the quality of life and driving the economic engine in the communities we serve,” said Jim Schmitz, Regions Middle Tennessee area executive. “Through the long-standing relationship we have with Fisk University, and specifically through our $100,000 contribution, we are proud to fulfill that commitment for the students and faculty at Fisk, as well as the North Nashville community.”
“Fisk is grateful for this gift from our long time partner Regions Bank,” said Fisk University President Hazel R. O’Leary. “This gift brings us closer to successful completion of our Mellon Foundation Matching Grant and will have profound impact on Fisk’s long term success.
“To date, Fisk has raised a total of $5.9 million in gifts and bequests; $2,905,845 toward our $4 million goal and we look forward to a successful completion of the Mellon Match on June 30, 2008,” O’Leary said.
Plans for the Regions Financial Literacy and Community Outreach Center at Fisk are part of Regions’ overall commitment to promoting financial literacy on the campuses of historically black colleges and universities that are members of UNCF – the United Negro College Fund. Educational literature related to financial topics, such as credit counseling and first-time home buying, will be provided. Regions associates will visit the on-campus Center to answer questions related to banking and conduct workshops for the entire community on various subjects (e.g., the economy, green initiatives).
Since 2001, Regions has provided the Regions Endowed Scholarship for qualifying Fisk students. In addition, Regions earlier this year announced a commitment of $75,000 over five years to fund two annual Regions-UNCF Scholarships for students studying business at a UNCF member institution within the 16 states where Regions operates. Recipients, selected by the business deans at UNCF member colleges, including Fisk, will be students who have already matriculated at their college’s school of business. Each scholarship will provide $7,500 toward the students’ tuition and expenses
Fisk has been awarded two grants by the Mellon Foundation totaling $3 million. The first grant for $1 million is to be used for the school’s immediate financial obligations. The second grant of $2 million is to be used as a challenge grant to be matched on a two-to-one basis within six and a half months. This requires Fisk to raise $4 million by June 30, 2008.
About Regions Financial Corporation
Regions Financial Corporation is a member of the S&P 100 Index and Forbes Magazine's "Platinum 400" list of America's best big companies. With $144 billion in assets, Regions is one of the nation’s largest full-service providers of consumer and commercial banking, trust, securities brokerage, mortgage and insurance products and services. Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates over 1,900 banking offices and nearly 2,500 ATMs. Its investment and securities brokerage, trust and asset management division, Morgan Keegan & Company Inc., provides services from some 400 offices. Additional information about Regions and its full line of products and services can be found at www.regions.com.
About Fisk University
Barely six months after the end of the Civil War, and just two years after the Emancipation Proclamation, three men — John Ogden, the Reverend Erastus Milo Cravath, and the Reverend Edward P. Smith — established the Fisk School in Nashville, named in honor of General Clinton B. Fisk of the Tennessee Freedmen’s Bureau, who provided the new institution with facilities in former Union Army barracks near the present site of Nashville’s Union Station. In these facilities Fisk convened its first classes on January 9, 1866. The first students ranged in age from seven to seventy, but shared common experiences of slavery and poverty — and an extraordinary thirst for learning.
The work of Fisk's founders was sponsored by the American Missionary Association — later part of the United Church of Christ, with which Fisk retains an affiliation today. Ogden, Cravath, and Smith, along with others in their movement, shared a dream of an educational institution that would be open to all, regardless of race, and that would measure itself by the highest standards, not of Negro education, but of American education at its best. Their dream was incorporated as Fisk University on August 22, 1867.