Cabela's announces gift to UNL and expands Tech Park presence
World’s Foremost Bank, a subsidiary of Cabela’s Incorporated (NYSE: CAB) and the issuer of Cabela’s CLUB Visa credit card, announced today plans to expand its Lincoln, Neb., facilities and commit $1 million toward an educational endowment fund to benefit University of Nebraska-Lincoln students.
World’s Foremost Bank is expanding its facilities in order to meet its growing business needs as the addition will accommodate up to 400 new employees. The company will break ground on the 40,000-square-foot addition in a few months and expects to complete construction by spring 2012.
The current 76,000-square-foot facilities, part of the University of Nebraska Technology Park located just off Interstate 80 near the intersection with U.S. 34, serve as the headquarters for World’s Foremost Bank. The building also contains call centers for Cabela’s catalog and credit card services as well as some of the company’s corporate tech support operations, housing more than 700 employees.
“It’s an exciting time for our company as World’s Foremost Bank and its employees continue to thrive in Lincoln,” said Tommy Millner, Cabela’s Chief Executive Officer. “We’re proud to be able to include a focus on environmental sustainability in both our expansion plan and education fund.”
As part of the expansion, World’s Foremost Bank will acquire 9.41 acres of land from the University of Nebraska Technology Park. While the company expects the upcoming addition to meet its needs through 2017, the design will leave room for the possibility of another 40,000-square-foot expansion in the future.
The company, in partnership with the University of Nebraska Technology Park, will grant access to the University of Nebraska-Lincoln to undeveloped and environmentally sensitive property for educational field programs related to sustainable environmental practices and natural resources studies, among others. This agreement complements the $1 million gift commitment from World’s Foremost Bank to the University of Nebraska Foundation, which will be used to create a permanently endowed scholarship fund.
Beginning with the 2012-2013 academic year, 16 need-based scholarships from the fund will be awarded annually by the University of Nebraska-Lincoln to graduates of Nebraska high schools, with preference given to applicants whose parents or guardians work for Cabela’s Inc. or a subsidiary. Half of the scholarships will be designated for students pursuing fields of study related to environmental sustainability.
Three scholarships will be awarded for the 2011-2012 school year. The fund will also support University of Nebraska-Lincoln student research, experiential learning opportunities, community outreach and education related to environmentally sustainable methods.
“This tremendous corporate commitment means many more Nebraska students will receive the support they need to obtain an education today,” said Clarence Castner, president of the University of Nebraska Foundation. “The gift also provides support to the university’s Campaign for Nebraska and its top goal to increase scholarship support for students.”
About Cabela’s Incorporated
Cabela’s Incorporated, headquartered in Sidney, Nebraska, is a leading specialty retailer, and the world’s largest direct marketer, of hunting, fishing, camping and related outdoor merchandise. Since the Company’s founding in 1961, Cabela’sâ has grown to become one of the most well-known outdoor recreation brands in the world, and has long been recognized as the World’s Foremost Outfitterâ. Through Cabela’s growing number of retail stores and its well-established direct business, it offers a wide and distinctive selection of high-quality outdoor products at competitive prices while providing superior customer service. Cabela’s also issues the Cabela’s CLUBâ Visa credit card, which serves as its primary customer loyalty rewards program. Cabela’s stock is traded on the New York Stock Exchange under the symbol “CAB”.