SouthTrust Donates $500,000 Gift to Tuskegee's Legacy Campaign, Its Largest to an HBCU

8/31/2004

TUSKEGEE UNIVERSITY, AL − (August 31, 2004) − SouthTrust Corporation’s $500,000 contribution is Chairman and CEO Wallace D. Malone Jr.’s half-million-dollar challenge to other Alabama businesses and corporations.

With its recent gift to Tuskegee University’s $60 million Legacy Campaign, Birmingham-based SouthTrust Corporation is one of the state’s largest donors to the effort to build the Andrew F. Brimmer College of Business and Information Science.

SouthTrust recently presented Tuskegee’s President, Dr. Benjamin F. Payton, with the check to be used in constructing the $12 million, 45,000-square-foot, state-of-the-art center for business and information science. About $4 million has been raised for the project.

"Tuskegee University already has an outstanding, nationwide reputation for higher learning. This new business and information center will take the University to the next level. I am pleased that SouthTrust can be a part of helping Tuskegee prepare for the future," said Malone. "In order for this campaign to be a success, the rest of the corporate community needs to join SouthTrust in this effort. The state, the region and the community will all benefit. This is a great opportunity to give a lot of young people a better start in life."

The gift is the largest SouthTrust has given to a Historically Black College or University or HBCU.

"On behalf of the University, I want to express my sincere appreciation for your gift of $500,000 toward the construction of the Andrew F. Brimmer College of Business and Information Science," Payton expressed to Malone. "It s an impressive endorsement that highlights the importance of this project to potential donors, particularly those residing in the state of Alabama. Thank you for your commitment to preparing a skilled, educated and diverse work force."

Tuskegee has raised more than $53 million of its $60 million fund-raising goal. The University will wrap up its Legacy Campaign in 2005. The business and information science facility is at the center of the major fund-raising initiative and will bear the name of longtime Tuskegee Board of Trustees Chairman, Dr. Andrew F. Brimmer.

The College will house classrooms, laboratories, an auditorium and other rooms that will bear the names of major donors. A highly respected economist, Brimmer is a former Harvard Business School professor, a management consultant and is the first African-American to serve as a member of the Board of Governors of the Federal Reserve System (1966-1974).

Accredited by the Southern Association of Colleges and Schools to confer baccalaureate, master’s, professional and Ph.D. degrees, Tuskegee University (www.tuskegee.edu) in Tuskegee, Ala., offers more than 50 areas of study and 11 graduate programs. National and specialized accreditation and approvals are enjoyed by the University’s programs of study.

SouthTrust Corporation (www.southtrust.com) is a $52.9 billion regional bank holding company with headquarters in Birmingham, Ala. SouthTrust operates 736 banking and loan offices and 890 ATMs in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia. The company offers a complete line of banking and other related financial services to commercial and retail customers.

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