The donation will support the new Excellence in Banking Program.
Greg Garland, president of FirstBank & Trust Texas, said the bank is proud to partner with "one of the leading business schools in the country" to help develop future banking leaders.
"With this new partnership, FirstBank & Trust Texas is proud to support a professional development program that will equip students through curriculum, financial modeling and industry networking for a career in commercial banking," he said. "The Rawls College of Business has ensured business students continue to have a variety of educational options that create opportunities for both students and financial institutions."
The donation will be used to directly support student scholarships and a range of academic activities, including keynote speakers, student conference travel, certificate exam fees and travel to industry field sites such as the Federal Reserve Banks.
Margaret L. Williams, dean of Rawls College, said FirstBank & Trust Texas' "incredible gift" will help the college recruit the best and brightest students into the program.
"This exciting new program exists because partners like FirstBank & Trust Texas have stepped up with their support," Williams said. "The level of enthusiasm expressed by this gift ensures that the program will attract top students who will be prepared to lead the banks of the future here in West Texas and beyond. We are grateful for the trust they have placed in us."