The chairman of Fidelity State Bank and Trust in Topeka has donated $500,000 for a Kansas University professorship in business, the KU Endowment Association announced Tuesday.

Anderson W. Chandler, a 1948 KU graduate from the School of Business, created the fund. The interest will support a KU faculty member in business.

Chandler’s family purchased Fidelity in 1958. Chandler also is vice president of First Bank of Newton and chairman of Fidelity Bankshares Inc. The family also operates First National Bank in Pratt and the Wichita-based Intrust Bank.

Chandler has served as chairman of the KU Memorial Corporation, which operates student unions, and is a member of the School of Business Board of Advisers and the KU Endowment Board of Trustees.

In 1996, he donated $500,000 to establish the Anderson Chandler Lecture Series at KU, which brings in nationally and internationally known speakers.