JONESBORO, Ark.--(BUSINESS WIRE)--Representatives from BancorpSouth Bank, Evolve Bank & Trust, First Community Bank, First Security Bank, IBERIABANK and the Federal Home Loan Bank of Dallas (FHLB Dallas) joined local dignitaries last week to award $26,000 in Partnership Grant Program (PGP) funds to Habitat for Humanity of Greater Jonesboro (Habitat). This is Habitat’s second PGP award, which the organization will use to support office operations.
Habitat Executive Director Micheal Sullivan said the grant funds will also help the organization focus on furthering its mission.
“If you ask any nonprofit what’s the No. 1 thing they need, they will all respond ‘more money for operational support or programming,’” said Mr. Sullivan. “Not worrying about where the funds will come from to support our office allows us to focus on the mission of Habitat.”
FHLB Dallas’ PGP awards provide 3:1 matches of member contributions to provide grants up to $12,000 that help promote and strengthen relationships between community-based organizations and FHLB Dallas members. The PGP also complements the development activities fostered by FHLB Dallas’ Affordable Housing and Community Investment programs.
Blake Johnson, vice president of Cash Management and Lending at Evolve Bank & Trust, said one of the reasons the bank chose to support Habitat through the PGP is due to the work it has done in recent years.
“Mr. Sullivan has done a good job in stepping up Habitat’s game, including the volume of their projects and community outreach,” said Mr. Johnson. “Programs like the PGP are very important because they keep a well-balanced community and endorse member banks’ activities in the community.”
In 2018, FHLB Dallas has awarded $300,000 in Partnership Grant Program (PGP) funds through 31 member institutions to assist 32 community-based organizations. Combined with the $114,010 contributed by FHLB Dallas members, a total of $414,010 has been awarded to the organizations.
First Community Bank President and COO Boris Dover said the PGP has been a valuable element of the bank’s 21-year partnership with FHLB Dallas.
“The PGP leverages the capital we can contribute to a nonprofit organization,” said Mr. Dover. “It’s enabled us to assist our citizens in obtaining affordable housing. The Federal Home Loan Bank of Dallas has truly been a great partner for us.”
Joe Williams, president of BancorpSouth Bank’s Northeast Arkansas division, said the PGP strengthens the bank’s ties to the community.
“BancorpSouth is committed to being a part of making homeownership affordable and making a difference in the communities it serves,” said Mr. Williams. “We’re proud of our continued partnership with FHLB Dallas. Its 3:1 match enhances our contribution and strengthens our relationships in the Jonesboro community.”
First Security Bank President and CEO Brad Edwards said the bank is proud to further Habitat’s mission through the PGP.
“The PGP provides not just community-based organizations an opportunity to expand, but also a strategic opportunity for local banks to work together for a common goal,” he said.
FHLB Dallas Vice President and Affordable Housing Program Manager Bruce Hatton said the PGP’s partnership component makes it a great community investment tool.
“The Partnership Grant Program was created to help our members help the communities in which they operate and serve,” said Mr. Hatton. “It also offers other member institutions an opportunity to partner to support a common cause.”
IBERIABANK is pleased to be part of this effort to support Habitat and the work it does for the community.
“We have seen firsthand how the Partnership Grant Program benefits the community,” said Michael Hallmark, senior vice president and Northeast Arkansas commercial group manager for IBERIABANK. “We commend the Habitat team, fellow banks supporting this effort, FHLB Dallas and the volunteers who donate countless hours to make homeownership possible.”
Mr. Sullivan said community-based organizations also benefit from the partnership.
“The PGP builds our relationship with local banks. Having that connection with community banks and building those relationships is important to us,” he said.
To learn more about the PGP, visit fhlb.com/pgp.
About BancorpSouth Bank
BancorpSouth Bank (NYSE: BXS) is headquartered in Tupelo, Mississippi, with approximately $17 billion in assets. BancorpSouth operates approximately 280 full-service branch locations as well as additional mortgage, insurance and loan production offices in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in Illinois. BancorpSouth is committed to a culture of respect, diversity and inclusion in both its workplace and communities. To learn more, visit our Community Commitment page at bancorpsouth.com. Follow us on Facebook and Twitter (@MyBXS); or connect with us through LinkedIn.
About Evolve Bank & 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 First Security Bancorp
First Security Bank was chartered to do business in the State of Arkansas in 1932. Based in Searcy, Arkansas, the privately held First Security Bancorp has the most complete and diverse product offering of any Arkansas-based financial services holding company. First Security Bank is a member of the FDIC and the 5th largest state-chartered bank in Arkansas. Proud to be financially strong supported by the strength of more than $1.1 billion in total capital and over 5.6 billion in assets, First Security Bancorp has the ability to meet financing needs from $1 to $100 million – right here in Arkansas. Our local network of 75 community banking centers, 95 ATMs, and over 1,000 employees across the state offer solutions for the financial needs of individuals, businesses and the public sector. First Security Bank is a place where commitment, experience, education and community service combine to create a customer-oriented banking institution that is second to none.
At First Security Bank, our customers receive all the benefits of a local bank that’s based in Arkansas with the strength and service of a large – yet private – financial services holding company. First Security Bancorp subsidiaries include both First Security Bank and Crews and Associates. With First Security Bank and Crews and Associates we can offer a wide range of banking services including trust, wealth management, and mortgage, as well as investment banking and public financing.
About First Community Bank
First Community Bank, which is locally owned and managed, opened August 4, 1997, in Batesville, Arkansas, and currently operates 21 full-service branches in Arkansas and Missouri. First Community employs more than 380 professional bankers and reports assets of $1.38 billion as of March 31, 2018.
IBERIABANK Corporation, a Louisiana corporation, is a financial holding company with 329 combined locations, including 191 bank branch offices and 2 loan production offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, South Carolina, New York, and North Carolina, 29 title insurance offices in Arkansas, Tennessee, and Louisiana, and mortgage representatives in 88 locations in 12 states. The Company also has 18 wealth management locations in 4 states and one IBERIA Capital Partners L.L.C. office in Louisiana.
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 $75.9 billion as of June 30, 2018, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 825 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.