The Village 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.

In addition to its 10 traditional one-time $2,000 scholarship grants, the foundation will award two scholarships totaling $10,000 each, which will be allocated upon successful completion of the first semester of each of the student’s four academic years, the bank said in a statement

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 student or an immediate family member must also have been a customer of The Village Bank since at least Jan. 1, 2008.