Canadian Western Bank has honoured its longtime chairman and local businessman Jack Donald by creating a pair of Red Deer College scholarships in his name and bankrolled with a $50,000 endowment.
Bank president and CEO Larry Pollock said the organization wanted to do something “near and dear to Jack’s heart” as recognition of his commitment to the community and the bank.
Donald was one of the bank’s founding members and has sat on the board for all of the bank’s 25 years, but will be retiring at the end of March. The businessman has been a big booster of the Red Deer College and the two scholarships will go to students attending the Donald School Of Business, established by the college in recognition of a $3-million donation towards the college’s expansion project by Donald and his wife Joan in 2007.
“I was totally surprised. It’s a great honour,” said Donald of the announcement at the college’s new $83 million Learning Common on Wednesday.
Donald was pleased that a pair of students each year will get financial help in pursuing their education. It will give people a “kickstart in life,” he said.
In accepting the honour, he emphasized the important position the college holds in allowing students to pursue a post-secondary education without leaving home and for providing a valuable community resource and a source of “meaningful jobs.”
Donald, who is co-chairman of the college’s capital fundraising campaign with his wife, said he has been urging the college to seek support from the bank for some time.
“It’s a real Western Canadian success story, it really is.”
College associate vice-president of community relations Michael Donlevy said the scholarships will be worth a minimum of $1,000. The first recipients will receive them for the 2010 school year.
The college aims to match the endowment from other sources to provide enough of an endowment to offer four scholarships in two or three years.
One scholarship is earmarked for one or more students entering full-time studies in the second year of the RDC Financial Services Diploma program. The other will be awarded to at least one student who has completed one of the college’s Continuing Education certificates in management skills for supervisors, project management or human resource management.