- Distinguished Alumni Service Award (1961)
Lewis Stephen Armstrong was a master of the art of finance. He steadily advanced in his career, becoming president of an institution of primary importance in the state of Indiana, quickly becoming a pioneer in the development of new and better ways to serve the banking public. Armstrong was the originator of the concept of consolidating retail credit accounts into a single-pay, bank-managed collection system; a plan that was ultimately utilized everywhere. He devoted hours of service to his community, and felt a keen sense of public responsibility, leaving a legacy of his efforts as an exemplary citizen, successful man of finance, Hoosier, friend, and benefactor.