MERCED, CA— In keeping with its commitment
to education, Merced School Employees Federal Credit Union has
donated $25,000 to start an endowed scholarship fund to benefit
students at the University of California, Merced.
“We know that even if students do well in high school, financial
reasons may prevent them from attending a university,”
President/CEO Nancy Deavours said. “Through scholarships, we have
an opportunity to assist in helping further the education of young
people in the San Joaquin Valley.”
The credit union has begun the Merced School Employees Federal
Credit Union Scholarship Fund because of a strong belief in the
next generation and a commitment to providing students with
opportunities to further their educations.
“The philosophy of credit unions is the cooperative spirit of
people helping people,” Deavours said. “This cooperative spirit
will be reflected by us helping some of our members with financial
support to further their education at UC Merced.”
The scholarship is designated to be awarded annually to an
undergraduate student. To be eligible, students must be an MSEFCU
member, or the spouse or child of a member.
“For many deserving students, attending a top research
university like UC Merced is often beyond their reach financially,”
said Jan Mendenhall, associate vice chancellor for development for
the Division of University Relations. “We are thrilled that MSEFCU
has committed to providing our students with scholarships to help
them achieve their dreams.”
MSEFCU is a not-for-profit cooperative formed in 1954 by seven
school employees looking for a safe place to save and borrow money
at fair interest rates. Robert Wayne, one of the founding fathers,
managed the credit union out of a shoe box in his apartment and
took loan applications in his bedroom. When the credit union was
large enough, he quit his teaching job. He retired after 39 years,
and Nancy Deavours became the President/CEO. Under her direction,
MSEFCU has become a full-service financial institution with four
branches in Merced, Atwater and Los Banos that serve more than
35,000 members, with $340 million in assets and 84 employees.
UC Merced opened September 5, 2005, as the 10
thcampus in the University of California system and the
first American research university of the 21st century. The campus
significantly expands access to the UC system for students
throughout the state, with a special mission to increase
college-going rates among students in the San Joaquin Valley. It
also serves as a major base of advanced research and as a stimulus
to economic growth and diversification throughout the region.
Situated near Yosemite National Park, the university is expected to
grow rapidly, topping out at approximately 25,000 students within
30 years.
