Newport News Shipbuilding Employees’ Credit Union
creates
an endowed scholarship for CNU merit students
News Release - April 25, 2006
Media contact:
Carolyn Cuthrell
Office of Communications and Public Relations
(757) 594-733
(NEWPORT NEWS, Va.) — Announcing a named endowed merit scholarship award to Christopher Newport University’s Board of Visitors, Newport News Shipbuilding Employees’ Credit Union President and CEO George R. Dudley Jr. and Credit Union Chairman of the Board, Pamela J. Rowe, presented a $25,000 check to University President Paul Trible Jr. This initial funding establishes the Newport News Shipbuilding Employees’ Credit Union Endowed Merit Award to provide scholarship assistance for merit students at CNU.
Over the next five years matching funds from the Endowed Merit Scholarship Challenge will create a total endowed scholarship of $50,000. Additional gifts may be added to the endowment.
Newport News Shipbuilding Employees’ Credit Union has deep roots in the community. Since 1961, it has invested more than $160,000 in the future of Hampton Roads through scholarships programs to students. Each year it provides 20 scholarships, totaling $50,000, to area high schools and institutions of higher education.
“We are extremely pleased to be part of the CNU Endowed Merit Scholarship program,” said Dudley. “It complements our generous scholarship programs we offer at NNSECU and will be a continual source of funding for deserving NNSECU students/members for many years to come.”
“Newport News Shipbuilding Employees’ Credit Union, under the great leadership of George Dudley and its board of directors, has a long tradition of supporting this community and education through their wonderful scholarship program,” said President Trible. “I want to thank George and the members of the Credit Union for this investment in higher education and the students of CNU.”
With an endowed scholarship, the principal is never invaded. As the fund grows through investments and additions, the merit award will be up to five percent of the annual market values. The first award for will be in 2007 and annually thereafter.
Criteria for selecting recipients include students attending the University on a full-time basis and meeting the qualifying standards for merit achievement. Preference will also be given to students matriculating from Virginia high schools in the cities of Chesapeake, Franklin, Hampton, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach and Williamsburg, and the counties of Gloucester, Isle of Wight, James City, Southampton, Surry and York.
Newport News Shipbuilding Employees’ Credit Union has ten locations and assets of $950 million dollars. It has been serving members since 1928.
Christopher Newport University is a four-year public university in Newport News, Virginia. CNU enrolls 4,800 students in programs through its College of Liberal Arts and Sciences and the Luter School of Business and offers great teaching, small classes and an emphasis on leadership, civic engagement and honor. Visit us at www.cnu.edu.