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Fri. Jul 19th, 2024

Federal Home Loan Bank of Indianapolis Awards $100,000 in Financial Education Money Masters Scholarships for 2024

By meerna Jul11,2024
Federal Home Loan Bank of Indianapolis Awards 0,000 in Financial Education Money Masters Scholarships for 2024

Federal Home Loan Bank of IndianapolisFederal Home Loan Bank of Indianapolis

Federal Home Loan Bank of Indianapolis

Member-supported program benefits students in Indiana and Michigan

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In an effort to promote and improve financial literacy among college-prepared students and seniors in Indiana and Michigan, Federal Home Loan Bank of Indianapolis has partnered with financial institutions and leading community groups to award financial literacy scholarships through its 2024 Money Masters Scholarship Program totaling more than $100,000.

INDIANAPOLIS, July 10, 2024 (GLOBE NEWSWIRE) — To promote and improve financial literacy among college-prepared students and seniors in Indiana and Michigan, 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 2024 Money Masters Scholarship Program.

More than 70 students received scholarship funds through the following Bank member sponsors or local youth-focused community organizations (e.g., youth groups, charter schools, youth community foundations, or nonprofits with youth programs):

  • Mercantile Bank of Indiana and Grand Valley State University TRIO Program, 22 Scholarship recipients in Grand Rapids, Michigan (awarded April 30, 2024)

  • Elements Credit Union and Center for Leadership Development, 25 Fellows in Indianapolis. (Awarded May 14, 2024)

  • People Driven Credit Union and Rhonda Walker Foundation, nine fellows in Detroit. (awarded May 16, 2024).

  • Merchants Bank and Providence Cristo Rey High School, 15 scholarship recipients in Indianapolis (awarded May 17, 2024).

“Our mission is to support homeownership for as many people in our district as possible,” said Marchelle Costa, AVP, Associate Director, HR-Diversity, Equity and Inclusion at the bank. “We’ve assessed the barriers that prevent people from achieving this goal, and one of them is financial education. Launching in 2023, the Money Masters program aims to improve this by supporting the next generation of leaders in our members’ communities through financial education and money management best practices.”

FHLBank Indianapolis will award up to $25,000 annually to each member institution/partnership of a youth organization for scholarship recipients, up to $75,000 total. These awards will be given annually for a three-year period on a first-come, first-served basis. Scholarship funds are deposited into designated member institution bank accounts, which scholarship recipients can access for discretionary expenses.

“Our Money Masters program is an innovative way to further engage with financial education and the communities the Bank serves,” said Deron Streitenberger, EVP, Chief Business Operations Officer. “These are the same communities our members serve, so it’s a win-win, thanks to the incredible support of our seed partners.”

Scholarship winners are selected based on academic performance, completion of a full-time financial education course and an assessment of the application by a partner member of the Bank or a social group.

So far in 2024, FHLBank Indianapolis has provided financial education to more than 400 students in Indiana and Michigan, and the bank’s leadership is poised to do more.

“We’re just getting started,” Costa said. “We hope our members will sign up and continue to support the program. And that we can double that number in 2025.”

For more information about Money Masters or to apply to participate in the program, contact Marchelle Costa, Vice President of Human Resources, Diversity, Equity and Inclusion, at [email protected].

Contact details for media:
Corporate Communications
Scott Thien, Senior Manager, Internal Communications
[email protected]

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 financing for their member financial institutions, with a focus on providing solutions that support the housing and small business needs of their member customers. FHLBanks are privately capitalized and funded and receive no appropriations from Congress. FHLBank Indianapolis, one of 11 independent regional cooperative banks in the United States, is owned by its member financial institutions in Indiana and Michigan, including commercial banks, credit unions, insurance companies, thrift 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.

The video accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/0bd8971e-a00f-4282-a821-433b75e6d82f

By meerna

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