Member-supported program benefits students in Indiana and Michigan
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 has partnered with member financial institutions 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.
INDIANAPOLIS, July 12, 2024 (GLOBE NEWSWIRE) — 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 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 Communications
Scott Thien, Sr. Internal Communications Lead
sthien@fhlbi.com
Federal Home Loan Bank of Indianapolis: Building Partnerships. Serving Communities
FHLBank 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
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