City National Bank Makes $1.5 million Contribution To Scholarship Program

FEBRUARY 22, 2019 | 

City National Bank, Florida’s Big Bank Alternative, has made a $1.5 million contribution to Step Up For Students, a Florida-based nonprofit, which administers scholarships to lower-income schoolchildren. The donation will fund 223 scholarships for children in South and Central Florida – giving them the opportunity to attend the school that best meets their learning needs.

“At City National Bank, we are deeply committed to investing in the communities we serve, and this contribution will help low-income students gain access to education programs that may otherwise not be available to them,” President and CEO Jorge Gonzalez said. “We are proud to partner with Step Up For Students Scholarship Program. This is an investment to building stronger communities through education, and ensuring that every child can have the opportunity to be the best they can be.”

City National Bank announced a $1.5 million contribution to Step Up For Students. Pictured (adults from left to right) are City National Bank Mortgage Business Sales & Service Team Leader Helen Williams-Leyser and Step Up For Students CFO Joe Pfountz. They are joined by students who are benefiting from the scholarship.

This is the first time City National Bank has partnered with Step Up For Students, a nonprofit organization that helps manage the income-based Florida Tax Credit Scholarship Program. The program is funded by corporations with tax-credited donations.

“We are thrilled that City National Bank has partnered with us to provide educational options for lowerincome families in Florida,” said Doug Tuthill, president of Step Up For Students. “We are grateful for their generosity and commitment to helping students in their community.”

The Florida Tax Credit Scholarship Program for financially disadvantaged schoolchildren allows parents and schoolchildren to choose between a K-12 scholarship that helps with private school tuition and fees, or one that assists with transportation costs to out-of-county public schools.

For the 2018-19 school year, Step Up For Students is serving more than 98,500 students throughout Florida with tuition scholarships valued at up to $6,519 per student for kindergarten through fifth grade, $6,815 for sixth through eighth grade, and $7,111 for ninth through 12th grade. More than 1,800 private schools participate in the scholarship program statewide.

About City National Bank of Florida

Headquartered in Miami, City National Bank (CNB) is the financial institution to which Floridians have turned for more than 70 years. With more than $14 billion in assets, CNB is one of the largest financial institutions based in the state. City National Bank is a subsidiary of Chilean bank, Banco de Credito e Inversiones (Bci), and remains a South Florida-based community bank with local decision-making. City National Bank is rated 5 stars “Superior” by BauerFinancial. CNB was voted Best Community Bank, Best Business Bank, Best Bank for Commercial Real Estate, Best Bank for Jumbo Loans, Best Private Bank and Best Foreign National Mortgage Lender by the readers of the Daily Business Review. CNB offers a diversified portfolio of financial products and services from Miami-Dade County to Central Florida.

About Step Up For Students

Step Up For Students is a nonprofit organization that helps administer the income-based Florida Tax Credit Scholarship Program. Students who qualify for the national free or reduced-price lunch, or those who are homeless or in foster or out-of-home care, may qualify. The scholarship program provides tuition assistance to the private school of their parents’ choice or financial assistance to offset the transportation cost to an out-of-district public school. Since 2001, Step Up has awarded more than 680,000 scholarships.

A first-of-its-kind study on the long-term effects of the scholarship program by The Urban Institute found that students who use the scholarship four or more years are up to 43 percent more likely to go to college and up to 29 percent more likely to earn an associates degree than their peers.

Step Up also helps administer the state-funded Gardiner Scholarship for Florida students with certain special needs, plus two new scholarships, the Hope Scholarship for public school students who are bullied and the Reading Scholarship Accounts for third- through fifth-grade students enrolled in public school who struggle with reading.

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