VOL. 115 | NO. 135 | Tuesday, July 17, 2001
Mid South banking school gets $8 million from Barret trust
Banking school gets $8 million from Barret trust
By MARY DANDO
The Daily News
The Mid-South School of Banking got a new name Monday and received an $8 million grant from the Paul W. Barret Jr. Charitable Trust.
The grant was awarded in response to a proposal for funding submitted by the board of regents of the school.
The regents have approved the renaming of the banking school in honor of Paul W. Barret, Jr., a Shelby County business leader and banker who died in 1999 leaving an estimated $75 million trust for local charitable organizations.
The event took place at Christian Brothers University in the Montesi Executive Center in Buckman Hall.
This is the third major grant from the charitable trust left by Barret, former chairman of Barretville Bank and Trust.
The trusts first major gift was $35 million to Rhodes College for the construction of a new library.
Youth Villages, the nonprofit organization providing a host of programs and services for troubled children received the second grant of $2.5 million recently, which will go toward construction of a new school on the Memphis Boys Town campus.
The board of regents also approved the creation of an annual lecture series named in Barrets honor.
"This extraordinary gift will allow the school to move to the next level in educating students from the financial services industry," said Tom A. Wright, immediate past chairman of the board of regents.
"The industry has undergone many changes in the past decade, and so have the educational needs of its career professionals. Under the direction of the board of regents, this funding will allow restructuring of educational programs to address the needs of students while adding recognition to Memphis and the Mid-South as a location for excellent education for financial services industry professionals," Wright said.
Memphis lawyer Lewis Donelson, attorney for the Barret trust, said he and the other trustees were particularly impressed with Mid-South School of Banking as an organization training young professionals from smaller banks in Mid-South region.
"This was of particular interest to the trustees because the school caters primarily to young banking executives and employees in smaller banks around the area such as Barretville Bank. Its a place that provides training for the kind of bankers that Paul was and that was its major appeal," Donelson said.
Larger banks in the area had their own training programs, but for the smaller banks the school is providing a very important service, he said.
The Mid-South School of Banking has been in existence at 4515 Poplar Ave. since 1972.
Since its establishment, the school has provided banking education for more than 1,500 graduates from 17 states. Memphis School of Banking was incorporated in 1976, and the name was changed to Mid-South School of Banking in 1979 to reflect its regional expansion.
A board of regents governs the school and these include bankers in senior management positions from several states. The regents serve voluntarily without compensation or reimbursement.
The curriculum of the Mid-South School of Banking is designed to provide a high degree of understanding of all commercial banking functions and bridge the gap between primary banking education and the advanced graduate schools of banking. The curriculum is reviewed and updated annually by a committee from the board of regents.