TUCUMCARI, N.M.--(BUSINESS WIRE)--Located just off Highway U.S. 40 is one of Route 66’s most iconic small towns — Tucumcari, New Mexico. Described by Tucumcari MainStreet Corporation Executive Director Gail Houser as a “friendly town where everyone knows each other,” the town of nearly 6,000 is undergoing a revitalization.
Thanks to $16,000 in Partnership Grant Program (PGP) funds from Tucumcari Federal Savings and Loan Association and the Federal Home Loan Bank of Dallas (FHLB Dallas), revitalization efforts will be boosted. As part of Tucumcari MainStreet Corporation’s goal to encourage, foster and stimulate the preservation of downtown Tucumcari, Mr. Houser said he and his team want to take the small-town charm for which Tucumcari is known and breathe new life into the downtown area. The funds will be used to offset annual operating expenses, continue educational opportunities for entrepreneurs and develop fundraising programs.
Representatives from the banks were joined by Tucumcari MainStreet Corporation’s leadership, New Mexico State Senator Pat Woods, R-7, and Ron Wilmot, regional representative for U.S. Congressman Ben Ray Luján, D-NM, at a check presentation yesterday announcing the grants.
Tucumcari Federal Savings and Loan Association President David Hale said the PGP supports his institution’s commitment to serve the community.
“As a mutual thrift, we have a strong interest in the entire community,” said Mr. Hale. “Because we are owned by our depositors and borrowers, we have a considerable commitment to the community that has made us what we are today.”
The structure of the PGP enables FHLB Dallas member institutions like Tucumcari Federal Savings and Loan Association to make a contribution of $500 to $4,000 to a community-based organization (CBO), which FHLB Dallas will match at a 3:1 ratio. In 2017, FHLB Dallas awarded $300,000 in Partnership Grant Program (PGP) funds through 31 member institutions to assist 30 community-based organizations. Combined with the $104,550 contributed by FHLB Dallas members, a total of $404,550 was awarded to the organizations. This is the first time Tucumcari Federal Savings and Loan Association has utilized the PGP.
“The PGP has the potential to create a positive effect on communities in more ways than one,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “Member financial institutions who utilize the program strengthen their bond to the community and the community itself works toward revitalization, stimulating the local economy.”
Mr. Hale said Tucumcari Federal Savings and Loan Association is proud to be an FHLB Dallas member.
“We are pleased to be a part of the FHLB Dallas PGP program and we’re excited about the prospects of greater things for downtown Tucumcari,” said Mr. Hale.
Mr. Houser said the grant funds will help the organization achieve its goal to reinvest in the community.
“I can’t express my sincere appreciation in the banks’ support of our operation,” he said. “This grant is astonishingly important to our organization.”
To learn more about the PGP, visit fhlb.com/pgp.
About Tucumcari Federal Savings and Loan Association
Tucumcari Federal Savings and Loan Association was founded in 1934 to provide a safe place for residents of the community to deposit their money, and to help residents own their own homes. Tucumcari Federal continues to employ its original philosophy: to provide a safe place for depositors’ hard-earned money, pay competitive rates and support homeownership for residents in Quay County. For more information, visit tucfed.com.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank system created by Congress in 1932. FHLB Dallas, with total assets of $62.9 billion as of June 30, 2017, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.
