University Park, Pa. -- Penn State alumnus Edward Anchel and his wife, Judith Anchel, have committed $2.5 million to establish two scholarships in the Smeal College of Business. The Edward and Judith Anchel Trustee Scholarship and the Edward and Judith Anchel Undergraduate Scholarship in Business will benefit outstanding Smeal College students who demonstrate financial need.

Edward Anchel, a 1960 graduate in business administration and a member and past chairman of Smeal's board of visitors, is managing partner of Eminent Capital Partners LLC in New York. He credits his Penn State education with playing a large role in getting him to where he is today, and said he established the scholarships for students who need help paying for college.

"There are a lot of talented students with enormous potential who want to go to Penn State," he said. "When you look at your life and all that you've accomplished after earning your degree, you want to help make sure that everyone who wants to go to Penn State has the financial means to do so. I think everyone who has benefited from what the University has done for them should be willing to give back in some way."

The Anchels have a long history of dedication to Penn State. Edward Anchel is a past president of the Penn State Alumni Association and chaired the Smeal College component of Penn State's Grand Destiny capital campaign. Previously, the Anchels established the Jonas Anchel Professorship in Business Administration, currently held by Arvind Rangaswamy, and they have supported the University Libraries. The Edward and Judith Anchel Music Seminar Room in Pattee Library is named to recognize their philanthropy.

"We're incredibly grateful for the generosity of Ed and Judith," said Smeal College Dean James B. Thomas. "These scholarship endowments don't even begin to tell the full story of their devotion to the University and Smeal. Ed has truly made the most of his Penn State education, and he is passionate about empowering future generations of exceptional students to be able to do the same, regardless of their financial situations."

Already this semester, 24 Smeal undergraduates are benefiting from the Anchels' scholarships. Jessica Harcourt, a junior in finance, credits her Anchel scholarship with allowing her to continue her studies.

"My education is heavily dependent on the generosity of others," she said. "Because of this scholarship, I'm able to remain involved in clubs and organizations at Penn State and maintain a respectable GPA. The Anchels' support will always be appreciated and remembered."

The Trustee Matching Scholarship Program is designed to ensure that a Penn State education is accessible to qualified students, regardless of their financial means. Implemented in 2002 upon approval by the University's Board of Trustees, the program has a unique matching component in which the University matches 5 percent of the principal of each gift annually and combines these funds with income from the endowment to effectively double the financial impact of the scholarship. The program assisted nearly 4,400 students University-wide in 2006-07.

Since its inception in 1953, more than 64,000 students have graduated from Penn State's Smeal College of Business. With a current enrollment of about 6,000 students in its undergraduate and graduate programs combined, Smeal is one of the largest business schools in the world.