Peoples Bank strengthens commitment to college education with $52,500 endowment
Peoples Bank of Cambridge Bank President and CEO, Scott Laugen and Peoples Bank Senior Vice President/Market President Clyde Bloyer met with Anoka-Ramsey Community College President Jessica M. Stumpf in late November to fulfill the bank’s pledge of $52,500 to create the Peoples Bank of Commerce Endowed Scholarship Fund.
“Committed investments, such as this by Peoples Bank, are testimonials to the importance of education to a community,” said Anoka-Ramsey Foundation Executive Director, Marc Johnson. “Partnerships between business and education are vital to the success of students who become valued employees.”
Endowment means the principal is not spent; only the annual earned income (interest) is spent. Depending on how the market performs, the amount of earned income will vary from year to year. The minimum scholarship award will be $500 and the maximum will be $1,000.
The Peoples Bank endowment interest will fund college scholarships for single, female parents enrolled at the Cambridge Campus and who maintain a minimum of nine credits per semester. Recipients must also have a high school GPA of at least 3.0, an Anoka-Ramsey GPA of at least 2.5, and be residents of Isanti County.
For more information about supporting education in the Cambridge community, contact Anoka-Ramsey Community College Foundation Executive Director, Marc Johnson at 763-422-6112 or Marc.Johnson@anokaramsey.edu.