Newburyport bank announces scholarship

The Institution for Savings, a Newburyport-based bank, said its charitable foundation will award a $15,000 scholarship to a high school student who lives in the three districts where it maintains community banking offices.

According to the bank's website, it currently has offices in Newburyport, Ipswich, and Salisbury.

Starting in 2008, the bank will award the scholarships to graduating students from Newburyport and Triton Regional High Schools and from Ipswich High School, the bank said.

Though the selection criteria have not yet been finalized, eligibility will be based on a combination of academic achievement, community service, and financial necessity, the bank said.
(By Chris Reidy, Globe staff)