Sorrell College receives gift from Troy bank

Troy University’s Sorrell College of Business is the recipient of a $1.5 million gift from Troy Bank and Trust. 

The money is set to establish the Community Banking Endowed Chair, a first for the university and an investment in the future of Alabama’s financial sector. It honors Charles Henderson, a former Alabama governor and university founder. 

“Governor Henderson was more than a successful entrepreneur and philanthropist,” said President of Troy Bank and Trust Jeff Kervin. “He was a visionary leader whose belief in education led to the founding of Troy University in 1987.” 

After Henderson passed away in 1937, Henderson’s wealth set the foundations for a charitable trust. As of today, that trust owns more than 50%of Troy Bank and Trust, which Henderson and others founded in 1906. 

“The endowed chair represents a powerful alignment between Troy Bank and Trust and Troy University,” Kervin said. “It's a continued alliance because we’ve been supporters of the university and the university of the supporters of the bank. 

“That's very critical and, on behalf of the bank, we thank the university for that. We look forward to not only continuing our partnership but growing it as well.” 

University Relations photo

Troy Bank and Trust Chairman Sherrill Crowe signs the endowment to the College of Business.

With the new endowed chair, organizers say Henderson’s will solidifies a well-established partnership in education by serving both Troy students and Alabama's banking industry. 

“The chair, through the endowment and the proceeds of the endowment, will allow us to attract some of the best banking talent across America,” said Chancellor of Troy University Dr. Jack Hawkins. 

Alabama State Treasurer Young Boozer also believes the new endowed chair will benefit everyone involved.  

“There is no question in my mind that this is going to be an incredible investment,” Boozer said. “It will create dividends for everybody involved in this.” 

The chair is also expected to serve as a resource for community banks across the region, supporting research and outreach to strengthen local economies. 

Founded in 1906, Troy Bank and Trust have had a longstanding commitment to serving the community. This latest gift ensures that commitment extends to future generations through education and developing the future workforce.