UCA, bank announce credit card program.
A new partnership between First Arkansas Bank & Trust and the University of Central Arkansas Alumni Association is expected to provide scholarships to UCA students.
Larry Wilson, chairman, president and CEO of First Arkansas Bank & Trust, and Karen Sullards, president of the UCA Alumni Association, announced plans Feb. 20 for an Alumni Association credit card affinity program. The entities hope the program will benefit the alumni and provide additional scholarships to university students in the process.
Through the partnership, First Arkansas Bank & Trust will provide credit card applications to UCA alumni. In return, the Alumni Association will receive an initial lump sum and royalties based on approved applications. A portion of the royalties will be designated for scholarships.
Wilson told Arkansas Business on Tuesday that the bank provided the Alumni Association $10,000 up front, in addition to $1,000 for scholarships.
In the future, for every approved application, the Alumni Association will receive $10, and for every 1,000 applications, $1,000 will go toward the Alumni Association scholarship program, according to UCA Director of Alumni Services Jan Newcomer
For more than 20 years, UCA had an affinity program with MBNA and then Bank of America In August 2012, Newcomer said Bank of America decided to drop all university affinity programs with less than an alumni database of 100,000, which meant the end of the partnership with UCA. Newcomer said UCA's alumni database was about 55,000.
The end of the affinity program with Bank of America became official last summer.
But since August 2012, UCA's alumni association has actively searched for another bank to partner with to continue with the program, and looked for one with a presence in Faulkner County.
Each of the banks was invited to make a proposal to the Alumni Association, which was then reviewed by an alumni committee.
"First Arkansas Bank & Trust was selected because their proposal will bring the most benefit to the Association and UCA students," Sullards said in the release. "We were particularly pleased with the bank's commitment to student scholarships."
Caption: Larry Wilson
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|Date:||Mar 10, 2014|
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