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Merrill Lynch Establishes $5 Million Scholarship Fund For Lower Manhattan High School Students Affected By 9/11

Submitted by: Merrill Lynch & Co., Inc.

Categories: Philanthropy & Corporate Contributions

Posted: Sep 06, 2002 – 12:00 AM EST

 

"9/11 Hopes & Dreams Higher Education Scholarship Fund" to Benefit Current and Future Graduates

Sep. 06 /CSRwire/ - NEW YORK, New York - Merrill Lynch (NYSE: MER) today announced the creation of a $5 million scholarship fund to benefit students at three lower Manhattan high schools affected by the tragedies of 11 September. The first recipients, 33 individuals who graduated in June, are already attending the colleges of their choice as a result.

The company's "9/11 Hopes & Dreams Higher Education Scholarship Fund" awarded $2.2 million in financial aid to 50 students — including 33 seniors (class of 2002) and 17 juniors (class of 2003) — from Stuyvesant High School, the High School of Leadership and Public Service, and the High School of Economics and Finance.

Another $2.8 million in college financial aid will be awarded to a number of freshman and juniors who were in attendance at the three schools during the 2001-2002 school year. These students will be identified beginning this fall.
"Many high school students in lower Manhattan directly experienced the horrific events of 11 September and were emotionally affected by what they saw and heard," said David Komansky, Merrill Lynch chairman and CEO, and Stan O'Neal, president and COO. "In addition, a number of them saw their hopes for going to college shattered when their families' income dropped because of lost jobs or reduced work hours in the aftermath. These are the students we intend to help through the Merrill Lynch 9/11 Hopes & Dreams Higher Education Scholarship Fund."

New York City Schools Chancellor Joel I. Klein said, "I want to thank Merrill Lynch for its generous contribution to the education of our students. This act of corporate philanthropy is exactly what we want to see more of in our schools."

Ada Rosario Dolch, principal, High School for Leadership and Public Service, added: "Merrill Lynch's generosity has been a source of joy when we needed it most. They are truly a good neighbor who stepped in to help these students who otherwise may not have been able to attend college. All of us who are responsible for their education are grateful for this opportunity."

Immediately following 11 September, the Merrill Lynch Foundation committed $10 million to disaster relief efforts. As part of that commitment, Merrill Lynch gave $2.3 million to match employee contributions to the September 11th Fund, the New York Police and Fire Widows' & Children's Benefit Fund, and the Twin Towers Fund — generating total contributions of nearly $5 million for those direct relief programs. With the outpouring of support for such relief organizations, company officials felt the remainder of the firm's $10 million corporate commitment could be most effectively used to revitalize the neighborhoods of lower Manhattan. The "Merrill Lynch 9/11 Hopes & Dreams Higher Education Scholarship Fund" grew out of that decision.

Merrill Lynch contacted the principals of Stuyvesant High School, the High School of Leadership and Public Service, and the High School of Economics and Finance, who in turn worked with administrators, teachers and counselors to select students who would benefit most from financial support. While other 11 September funds targeted students who lost parents or guardians, the Merrill Lynch program provides a safety net to those students who have done well academically, but suffered emotionally and economically from 9/11. The fund will be managed by the Citizens' Scholarship Fund of America, of Minneapolis, recognized as one of the nation's best education charities.

Merrill Lynch also committed nearly $2.7 million to support educational and cultural institutions in lower Manhattan as well as other relief programs. Among these are grants of $500,000 each to the Borough of Manhattan Community College, the South Street Seaport and Wall Street Rising — support aimed at restoring the economic vibrancy of lower Manhattan.

About Merrill Lynch

Merrill Lynch is one of the world's leading financial management and advisory companies, with offices in 37 countries and total client assets of more than $1.4 trillion. As an investment bank, it is the top global underwriter of debt and equity securities and a leading strategic advisor to corporations, governments, institutions and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world's largest managers of financial assets. For more information on Merrill Lynch, please visit www.ml.com .

About Merrill Lynch Giving

In 2001, Merrill Lynch's giving totaled nearly $35 million. Following the lead of founder Charles E. Merrill, Merrill Lynch has always made education the primary focus of its grant making, which seeks to increase opportunities for underserved children and youth. Education received the largest share of 2001 grants at $11.4 million, or about one-third of total giving. For more information on Merrill Lynch's global philanthropic programs, visit http://philanthropy.ml.com.

For more information, please contact:

Selena Morris Merrill Lynch
Phone: (212) 449-7283

 

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