First Premier Bank and Premier Bankcard will add an additional $50 million to the state’s Freedom Scholarship endowment, South Dakota’s needs-based scholarship for higher education, the banking giant announced Tuesday.

The additional money will increase the endowment to $225 million, which means it will have the capacity to fund up to $9 million in scholarships for South Dakota students who need financial assistance. It’s on top of the $100 million previously given to the endowment by Premier Bank and Premier Bank founder T. Denny Sanford.

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In announcing the latest gift, Miles Beacom, the CEO of Premier Bankcard, said it’s time to drive home the message to high schoolers and middle schoolers that they can pursue higher education even if they come from modest means.

“Financial needs should not stop them from chasing their dreams,” he said.