News Release

Durham bank executive gives more than $1.5 million
to support Kenan-Flagler Business School, scholarships

CHAPEL HILL -- Scott Edwards, a Durham bank executive, is giving more than $1.5 million to the University of North Carolina at Chapel Hill to support Kenan-Flagler Business School and scholarship programs for students from low-income families and for student-athletes.

"We’re deeply grateful for Scott’s generosity," said UNC Chancellor James Moeser. "His commitment will help us meet two of our highest priorities – bringing more deserving students to Chapel Hill and supporting the outstanding faculty who will teach them. The impact of Scott’s gift will be felt across this campus for many years to come."

The $1.5 million will be divided into gifts of $509,415 in each of the three areas.

A UNC alumnus, Edwards said he wanted to give something back to his alma mater. "I believe I was privileged to get an Ivy League education at a public school price," he said.

The gift to Kenan-Flagler Business School will support the school’s endowment, a fund that generates revenue to meet the school’s top priorities, such as student fellowships and faculty support.

Steve Jones, the business school’s dean, said Edwards’ gift matches his vision to attract top people to the school and keep them there.

"As an alumnus, Scott understands how critical this is," Jones said. "He has made a very generous commitment, and we very much appreciate his leadership by example."

Edwards received his bachelor’s degree in business administration from UNC in 1967 and started working at Central Carolina Bank in Durham right out of college. He remained with CCB until October 2004, rising to the rank of chief administrative officer of National Commerce Financial, the bank’s parent company.

CCB has since merged with Atlanta-based SunTrust Banks, and Edwards now is SunTrust’s executive vice president and Carolinas group credit officer.

Edwards said the quality of his UNC undergraduate degree enabled him to compete in the job market with master of business administration graduates from other schools. That academic quality inspired his gift to Kenan-Flagler Business School, he added.

"We need to make sure that the business school maintains that level of excellence," he said.

Edwards’ gift to the Carolina Covenant will create scholarship funds for low-income students who have been accepted for admission into UNC. Through the Carolina Covenant, UNC meets 100 percent of an eligible student’s financial need with a combination of grants, scholarships and federal work-study. This combination enables Covenant Scholars to graduate debt-free.

Edwards said he could relate to the sentiment behind the program. His maternal grandfather and father earned UNC degrees as first-generation college students. Both came to campus from circumstances similar to those experienced by Carolina Covenant Scholars.

"My grandfather hitchhiked to Chapel Hill, lived in Old East and paid his way through school by raking yards and picking blackberries in the summers," Edwards said.

As for his father, he came to UNC on the GI Bill, after serving on a B-29 bomber crew in World War II. Edwards likened the spirit of the Carolina Covenant to the GI Bill, which has provided education vouchers to millions of veterans.

"I’ve always felt like we have an obligation to keep getting deserving folks in school," he said.

Shirley Ort, associate provost and director of scholarships and student aid, said the gift was particularly appreciated because it will bolster the Carolina Covenant endowment.

"Thanks to Mr. Edwards’ generosity, students will benefit from his gift for generations," she said.

Edwards’ gift builds on the support of CCB, which gave $125,000 to the Carolina Covenant in April 2004 through its foundation. That donation marked the UNC program’s largest at the time.

The remaining $509,415 gift will be added to the UNC Department of Athletics endowment, where it will generate scholarship funds for student-athletes. As a student, Edwards lived in the same residence hall as several athletes and came to appreciate the financial challenges they often face.

"They have needs, too," he said.

Edwards said he also appreciates what athletics does for UNC’s image, as well as the character-building lessons that coaches instill in their players.

"There’s a lot more to it than hooting and hollering," he said.

This gift was made to UNC’s Educational Foundation, which raises funds for scholarships and other athletic needs, such as facilities and equipment. Edwards’ wife, Lyn, also endorsed the gift.

John Montgomery, the foundation’s executive director, said the funds would provide many opportunities for future generations of UNC student-athletes.

"Scott and Lyn have been dedicated supporters of Carolina athletics for many years, and this gift demonstrates their love for the Tar Heels," he said.

All three of Edwards’ gifts count toward the university’s Carolina First campaign goal of $1.8 billion. Carolina First is a comprehensive, multi-year, private fund-raising campaign to support Carolina’s vision of becoming the nation’s leading public university.

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Office of University Development contact: Scott Ragland, (919) 962-0027 or scott_ragland@unc.edu

UNC News Services contact: Deb Saine, (919) 962-8415 or deborah_saine@unc.edu