PARSIPPANY — Spencer Savings Bank, a community bank headquartered in Elmwood Park, once again awarded scholarships as part of an annual initiative to support promising young students in the region.
On June 24, an awards ceremony was held at the bank where two local students received scholarships. Parsippany High School student Priyal Patel was presented with a $1,000 scholarship.
In addition, Parsippany Central Middle School student Andrew Lie received a $500 scholarship in the form of a Coverdell Education Savings Account.
In total, 31 local students received $23,500 in scholarships this year. Through the program, 16 high school students each received a $1,000 scholarship, along with 15 middle school students who each received a $500 Coverdell Education Savings Account. The Bank’s annual scholarship program is designed to recognize and encourage those with academic potential as they plan their future educational endeavors.
“Investing in our community starts with helping secure an education for our children,” says José B. Guerrero, Chairman, President and Chief Executive Officer of Spencer Savings Bank. “Education is expensive and much needed for a bright future. We are so proud to support these young scholars in their academic pursuits, hopes and dreams.”
Since the inception of the Spencer Scholarship Program in 2002, a total amount of $315,500 has been awarded to students from the Bank’s service area, including Clifton, Cranford, Elizabeth, Elmwood Park, Garfield, Garwood, Lodi, Lyndhurst, North Caldwell, Nutley, Parsippany, Saddle Brook, Union, Wallington, Wayne and Wood-Ridge. In addition to the scholarship program, Spencer also hosts financial education programs in area schools.
“Being able to continue our long-running scholarship program is one of the greatest privileges and responsibilities of Spencer Savings Bank,” Mr. Guerrero says. “Our children are our legacy and we are very proud to support these local students in our community and to celebrate their accomplishments.”
