Citibank establishes scholarship endowment
Citibank in Sioux Falls has established a scholarship endowment at Dakota State University, in recognition of the ties between the bank and the university. The Citibank Scholarship Endowment was established through a $50,000 pledge to DSU's 2.0 Capital Campaign, and will be paid to the university over 5 years. Recipients will be selected by DSU, with scholarships awarded to full and part-time students who come from low and moderate-income households.
Citibank and Dakota State University have enjoyed a long and prosperous relationship. In 1983, Citibank executive Charles Luke was lent to DSU to serve as president and help establish the school's new mission: preparing people to work with computers in business and education. In 1990, Citibank and DSU entered into an agreement creating the Citibank Scholarship program to fund Information Systems graduates. With this partnership, DSU was able to respond to the needs of its students and the state of South Dakota. More than 130 well-educated DSU alumni have worked and continue to work at Citibank, contributing to the local and state economy.
Citibank relocated its card business to Sioux Falls in 1981, a move that shocked Wall Street and left many skeptical, but brought economic opportunity to South Dakota, along with several thousand new jobs. The move also encouraged the start-up and development of other businesses and spurred like companies to make the move to the Midwest. Today, thousands of people work in the financial services industry in South Dakota.
"Citibank has enjoyed a solid return on every investment we've made over the years with Dakota State University," said Jerry Nachtigal, senior vice president of public affairs for Citibank. "We receive well-trained men and women who are ready to go on the job for Citi on day one, and South Dakota's communities and our nation benefit from students who received excellent training at DSU to become the leaders of the future."
"We are pleased to receive this scholarship endowment, recognizing the strong ties that bind our university to Citibank," said Judy Payne, Vice President for University Advancement at DSU. "This endowment underscores both our commitments to promoting a well-educated workforce. When we help a deserving student achieve their higher education goal, we help secure their future and help promote economic development in the state and region."
Pictured: Citibank's Jerry Nachitgal hands a $10,000 installment of their $50,000 campaign pledge installment to DSU 2.0 Capital Campaign Director Tracy Pardy (left) and Judy Payne (right).