Ogden business executive John B. Goddard and his wife, Geraldine W. Goddard, will establish a $6.5 million endowment for the College of Business and Economics at Weber State University, the university announced Tuesday.

In return, WSU will name its business college the John B. Goddard School of Business & Economics.The school will remain housed in the Wattis Business Building. A formal naming ceremony will be held in the fall.

"The Goddards' generosity will propel WSU's business school to a new level," said WSU President Paul H. Thompson. "Their gift provides supplemental funding for excellence, enabling us to build the academic quality of programs, increase the number of scholarships, enhance faculty research and development, purchase new equipment and expand resources."

Goddard was founder of Western Mortgage Loan Corp. and United Savings Bank. He later sold both companies to Washington Mutual.

He has been active in state higher education for some two decades and served on the Utah Board of Regents from 1985 to 1997.