A $100,000 check was recently presented to FAU from Bank Atlantic. “It is not a gift,” Linda Holtz, of the public relations department of FAU, said about the recent contribution.
At first Dr. Kenneth Jessell, Vice President for Financial Affairs and the Chief Fiscal Officer for FAU, did not know how to classify the check.
Jessell simply explained that Bank Atlantic, “made a payment to the University and the University would use it to do good things.” When pressed, however, he admitted it was not a gift and it was a part of the negotiations on the contract renewal between FAU and Bank Atlantic.
Ned Shandloff, the Office of the Chairman at Bank Atlantic, referred to the check as an, “Investment in FAU’s future.”
“We thought it was something good for the school. It would make a statement that we are committed to the school,” said Shandloff, about why Bank Atlantic would make such a generous contribution. He also noted that Bank Atlantic was the founder of the Athletic Club at FAU.
The check is a one-time payment that will most likely be used for athletic and general scholarships. In addition to that check Bank Atlantic is also providing another $15,000 dollars, $12,500 of which will go to a full athletic scholarship and the rest will go to the business school. This additional money is on top of the rent they pay for their use of FAU’s space.
A small ceremony attended by officials from both FAU, and Bank Atlantic took place within the Office of the President to commemorate the check.
“I think it is good publicity for Bank Atlantic,” Jessell commented when asked why Bank Atlantic would make such a generous contribution.
The partnership between FAU and Bank Atlantic began in 1997 and they just signed a contract extending that partnership for another seven years. “Bank Atlantic stepped up to the plate to do the check cards,” Shandloff said was one of the reasons why the partnership began.
Shandloff believes Bank Atlantic is the perfect bank for students because they are open seven days a week, open earlier and close later than most banks. Currently there are 10,461 FAU students who have accounts with Bank Atlantic.
