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Home / News
and Information / News - July 2005 / Statesboro Banker Names BPC as Beneficiary
in Trust
Statesboro Banker Names BPC as Beneficiary
in Trust
A long-time banker and supporter of Brewton-Parker College from Statesboro
named the college in his Last Will and Testament as an income beneficiary of
a trust held by the Georgia Baptist Foundation.
 Wallis G. Cobb Sr., who died just shy of his 102nd birthday in May, left assets
that were held in a revocable trust in his estate and were transferred to the
GBF as additional endowment for several Baptist ministries.
The Mary Virginia Cobb Memorial Fund B was established to administer the new
funds. This trust, whose market value on June 30 was $2.8 million, was funded
effective June 30 and has already yielded more than $13,000 to Brewton-Parker
this year.
The annual payments are for general educational
purposes and will continue to be part of Brewton-Parker’s total distribution from the foundation
on June 30 each year. Brewton-Parker has previously received a portion of the
income from Cobb’s previous gifts, paid annually from the Mary Virginia
Cobb Memorial Fund A.
“Christian colleges like Brewton-Parker College are able to attract
and retain quality students only because of generous gifts like this one from
the Cobb Memorial Fund,” said Dr. David R. Smith, Brewton-Parker’s
president.
“Such funds memorialize the noble
pursuit of evangelism and missions while strengthening BPC so that we can
continue to fulfill our mission of providing
the very finest higher education in an unapologetically Christian context.
We are very grateful to this fine gentleman for remembering the college and
its important work in south Georgia.”
The funds are named in honor of Cobb’s
deceased daughter, who served three five-year terms in Lebanon beginning
in 1953 at age 25.
“It was around that time that I first met Harry Smith of the newly formed
Georgia Baptist Foundation,” Cobb said in a feature story in VISION95,
a GBF publication in the spring of 1995. “He convinced me that starting
a small trust would pay great dividends for my family and later for the Lord’s
work.”
For a period of 15 years, the first $25,000
of earned income credit each year from Fund B will be sent directly to Cobb’s
church, First Baptist Church of Statesboro, where he taught Sunday school
for 43 years.
The other charitable beneficiaries, including Brewton-Parker, will receive
their designated percentage of the remaining income balance. After the specified
time, each ministry will received the designated percentage on the full amount
of annual income earned by the trust.
“It is our privilege to have known this fine Christian gentleman and
to be of service through the administration of these trust accounts that benefit
the ministries he held so close to his heart,” said Pamela Mills, trust
services manager of the GBF.
A banker for 49 years, Cobb made numerous gifts to the GBF during his lifetime
for the benefit of Baptist ministries and educational institutions.
“The careful management of trust funds by the Georgia Baptist Foundation,
and later a well-planned memorial trust in my daughter’s named, has really
helped me to lend support to the Lord’s work in the ways that I do,” Cobb
said in the 1995 feature.
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