Original Poster here - forgot to login!
The gift is a "mini diploma" - a wallet sized replica of their diploma laminated. You give the company a blank, signed diploma from the school and they type in the names from a list you give them. The diploma is on one side, and on the reverse side there is a "Congratulations from ________ Bank! with the bank's logo, name, number and address. (Similar to a business card). Most of the seniors love them! I work with someone who still has his from 20 years ago! They run about $3 a piece without the gift envelopes - we usually give them to the school and they hand them out with their actual diploma.
If anyone would like the contact info for the company we use, please pm me and I will e-mail it to you as I don't know if I can "promote" a business on the forums. It is probably too late for this year, but maybe you can put it aside for next year