JPMorgan Chase Bank Foundation will provide $150,000 in scholarship aid to city students who will be incoming freshmen at the University of Rochester.
Malcolm "Sandy" Wolcott Jr., regional president of JPMorgan Chase Bank in the Rochester area, presented the first of three $50,000 gifts creating the scholarship to University President Joel Seligman.
"JPMorgan Chase is extremely committed to education and this scholarship program for the University of Rochester is one way in which we demonstrate our support of education and to the Rochester community," said Wolcott.
The scholarships will benefit talented city high school students with financial need. Each of five students chosen will receive $10,000 in scholarship aid for their freshman, sophomore, and junior years of college.
"The JPMorgan Chase Bank Scholarship will reach city students who have excelled in high school and can develop academically as undergraduates at the University of Rochester," said Seligman. "JPMorgan Chase and its foundation realize the value of investing in Rochester's young people and opening their world to a national research university like ours."
Rochester Mayor Robert J. Duffy described the gift as "an outstanding commitment to one of our community's basic tenets: education is the foundation to a successful future. Education, public safety, and jobs are inextricably linked, and thanks to the University of Rochester and JPMorgan Chase Bank, we are improving all three in Rochester," the mayor said.
Manuel Rivera, superintendent of the Rochester City School District, stated: "Our plan is to set a course to improve education at the secondary level and increase the number of students graduating. We are committed to transforming our high schools to better equip all students with the knowledge and skills needed to succeed in today's world."
In his comments on the new scholarship, Rivera added: "The scholarship aid provided by JPMorgan Chase Bank for our students to attend the prestigious University of Rochester affirms the commitment of our partners to support the district's mission in significantly improving student performance and providing our students with opportunities for the future. The involvement of this business and university is invaluable to the success of our students and the vitality of our community."