JACKSON, Miss.--(BUSINESS WIRE)--Trustmark National Bank, State Bank and Trust and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded $32,000 in Partnership Grant Program (PGP) grant funds to Mississippi Community Financial Access Coalition (MCFAC). Local dignitaries today joined bank and project representatives at a check presentation ceremony to award the funds. Representatives from U.S. Representative Bennie Thompson’s office (MS-2) and U.S. Representative Gregg Harper’s office (MS-3) were among those in attendance.
MCFAC will use the PGP funds for organizational capacity building, to hire grant-writing consultants and for research and contractual services.
“Our mission is to serve underbanked and underserved Mississippians and help them achieve financial literacy through access to resources such as financial education boot camps and more,” said Latah Holloway, program director at MCFAC. “We’re so thankful for the grant funds because they will further our reach within the community and advance our mission in a meaningful way.”
The check presentation took place at Jackson State University (JSU), one of MCFAC’s partners. Christina M. Berry, director of the JSU Center for University-based Development, said the grant funds will help reverse the cycle of generational poverty because of the lack of financial knowledge.
“The financial literacy workshops provided by MCFAC have enabled the community to improve their knowledge in financial tools that can build wealth and improve credit scores,” she said. “These funds allow them to continue their mission.”
The structure of the PGP enables FHLB Dallas member institutions like Trustmark National Bank and State 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.
“The partnership aspect of this grant program is unique because it bridges private and public entities for the benefit of the community,” said Steffani Jenkins, first vice president and director of Community Development at Trustmark National Bank.
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.
“As a community bank, our priority is providing top-notch service to our customers, from individuals, businesses or organizations,” said State Bank and Trust Company Vice President and Community Development Manager Rieko Wells. “We’re proud to support the important service that MCFAC provides through the PGP.”
Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas, said the PGP helps promote and strengthen the relationships between FHLB Dallas members and local organizations.
“By matching our members’ contributions, FHLB Dallas is fulfilling the partnership aspect of the program,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “We’re proud to partner with Trustmark and State Bank and Trust to help promote financial literacy in Mississippi.”
About Trustmark National Bank
Trustmark Corporation is a diversified financial services company headquartered in Jackson, Mississippi, with approximately $13.5 billion in assets and more than 200 locations in Alabama, Florida, Mississippi, Tennessee and Texas. Trustmark provides banking, wealth management and insurance solutions through its subsidiaries, including Trustmark National Bank, Trustmark Investment Advisors, Inc. and Fisher Brown Bottrell Insurance, Inc. Visit trustmark.com for more information.
About State Bank and Trust
From a small community bank founded in Rosedale, Mississippi, to a merger with a local bank providing personal banking in Brookhaven, Mississippi, State Bank & Trust Company has survived the Great Depression, countless economic highs and lows, as well as many obstacles surrounding steady growth and sustainability to prevail as a bank with one simple focus – its customers. Relationship banking: with us, it’s personal. Visit statebank1898.com for more information.
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 $66.4 billion as of September 30, 2017, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 840 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.