“This fund will help us to have even more impact in the communities we serve through our competitive grant process,” she said.
Barnett estimated proceeds from the endowment will provide enough revenue for two more grants.
DeBiasi, who joined American Savings Bank in 2007 and served on the MCF board, called the organization “good stewards of the funds” and said he expects the grants to help with a variety of needs in the city.
American Savings Bank was founded about 130 years ago. DeBiasi said those at American “couldn’t think of a better way to keep our name alive” than to provide an endowment.
“We wanted to do something extra to show a commitment to the community,” he said.
Valley Central Bank operates out of the two former American Savings Bank locations in Middletown and has three additional locations, branches in Liberty Twp. and Reading and a loan production office in Montgomery.
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