Kenneth C. Brennan, president and CEO of The Village Bank, announced today that the Bank’s Auburndale Community Charitable Foundation will award a total of $40,000 in college scholarships to Newton and Wayland residents who are graduating from high school this year and intending to pursue studies at an accredited college or university in the fall.

The Foundation will award 10 one-time $2,000 scholarships and two $10,000 scholarships that will be allocated upon successful completion of the first semester of each of the student’s four academic years.

To be eligible for one of the two $10,000 scholarships, a student must have demonstrated active involvement in local community and/or charitable causes.

“The Village Bank has always had a strong commitment to the community,” said Brennan. “The special $10,000 scholarships give us the opportunity to recognize local students who share that commitment.”

While the $2,000 scholarships also take into account an applicant’s community/charitable experience, it is not a requirement for consideration. The scholarships will be presented upon successful completion of the students’ first semester.

Each of the scholarship awards can be applied toward college tuition, room and board or supplies. Requirement information and application forms are available at local high schools and at The Village Bank branches in Auburndale, Newtonville, Nonantum, Newton Highlands, Waban, West Newton and Wayland, and online by clicking here. Completed applications must be received by the Bank no later than April 13, 2012.

Auburndale Community Charitable Foundation scholarships are funded in part by the Bank’s Annual Golf Classic each fall. The scholarship program began in 1998 with the announcement of five $2,000 scholarships to be awarded to members of that year’s graduating class.

The Foundation’s total investment in education since the program began will total $390,000 with this year’s awards, according to Brennan.