JONESBORO, Ark.--(BUSINESS WIRE)--The Federal Home Loan Bank of Dallas (FHLB Dallas), IBERIABANK and Evolve Bank and Trust have awarded $12,000 in Partnership Grant Program (PGP) funds to Habitat for Humanity of Greater Jonesboro (Jonesboro Habitat). The banks announced the grants yesterday at a ceremonial check presentation.
Jonesboro Habitat, an organization that assists families achieve homeownership through collaborative construction and rehabilitation of homes, will use the funds toward equipment and the salaries of two part-time employees.
“Any time we can secure some kind of funding, whether it’s $500 or $5,000, every dollar counts,” said Micheal Sullivan, executive director of Jonesboro Habitat. “Through this funding, we can continue to pay our staff for their hard work.”
The structure of the PGP enables FHLB Dallas member institutions like IBERIABANK and Evolve Bank and Trust 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.
“We are pleased that this donation will help the local Habitat team to continue their mission of helping families achieve the reality of homeownership,” said Paul Hutcheson, IBERIABANK Northeast Arkansas president.
Evolve Bank and Trust Vice President Blake Johnson said the funds will greatly help families in Jonesboro.
“Many would-be homeowners need access to organizations such as Jonesboro Habitat,” he said. “Programs such as the PGP not only help the nonprofit better serve the community, but also give financial institutions like ours an advantage because we’re able to better serve our customers.”
Bruce Hatton, FHLB Dallas vice president and Affordable Housing Program manager, described the benefits the PGP offers FHLB Dallas members.
“One way in which the PGP benefits our members is that it strengthens the relationship between the financial institution and the nonprofit,” said Mr. Hatton.
Mr. Sullivan said he is thankful for the grant.
“We’re so thankful and blessed that FHLB Dallas offers programs such as the PGP to organizations like ours,” he said. “This funding will help us continue to make a difference in the community.”
The event was attended by Jonesboro Mayor Harold Perrin; Sherrie Mitchell, senior casework manager from U.S. Representative Rick Crawford’s (R-AR) office; as well as representatives from the three banks.
To learn more about the PGP, visit fhlb.com/pgp.
IBERIABANK Corporation is a financial holding company with 335 combined offices, including 228 bank branch offices and one loan production office in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, and South Carolina, 24 title insurance offices in Arkansas and Louisiana, and mortgage representatives in 68 locations in 10 states. The Company has 13 locations with representatives of IBERIA Wealth Advisors in four states, and one IBERIA Capital Partners L.L.C. office in New Orleans.
About Evolve Bank and Trust:
Headquartered in Memphis, Tennessee, Evolve Bank and Trust currently operates three bank loan production offices and four full-service retail bank branches in Arkansas and Tennessee as well as over 25 mortgage production offices across the country. In addition to banking and mortgage banking services, Evolve is a nationwide Preferred SBA Lender and also offers trust and fiduciary services, equipment finance and leasing, and physicians lending to its customers throughout the United States.
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.