DALLAS--(BUSINESS WIRE)--It’s been more than a year since Hurricane Harvey dumped more than 60 inches of rain on the Houston and Texas Gulf Coast regions. Employees at Texas Capital Bank – many of whom had suffered damage themselves – were among some of the earliest corporate responders, helping people muck and gut their homes and visiting local businesses to offer support.
“It’s who we are,” said Effie Booker-Dennison, senior vice president and director of Community Development and Corporate Responsibility at Texas Capital Bank. “We had people out on the day we were doing clean-up projects in Houston. They, themselves, had lost everything, but they were out there serving others. That’s Texas Capital Bank. That’s the spirit of who we are and why we do what we do.”
Texas Capital Bank, a member of the Federal Home Loan Bank of Dallas (FHLB Dallas), was honored Friday with FHLB Dallas’ 2018 CARE Award. An acronym that stands for “Community Area Revitalization Efforts,” the CARE Award recognizes Texas Capital Bank’s commitment to affordable housing, disaster recovery and community revitalization.
Texas Capital Bank has leveraged more than $7 million in FHLB Dallas grant funding to invest in their communities. Projects include down payment and closing cost assistance for first-time homebuyers, rehab grants for the elderly and other special-needs households, housing repairs and/or modification assistance for veterans, operational funding for community-based organizations, small business grants and, of course, disaster recovery assistance grants.
“We’re very excited about our efforts and our work with the Federal Home Loan Bank of Dallas, and about what we do today and what we will do in the future to help support our community,” said John Sarvadi, managing director at Texas Capital Bank, which will celebrate its 20th anniversary in December.
In conjunction with the award, Texas Capital Bank will receive $7,500 to donate to a community-based organization of its choice. Texas Capital Bank has chosen to award the funds to Avenue, a Houston-based nonprofit that Texas Capital Bank partnered with during the Hurricane Harvey recovery efforts. Avenue builds affordable homes for purchase and for rent and provides financial education and coaching to families.
Avenue utilized disaster recovery grants from Texas Capital Bank and FHLB Dallas to provide repairs to 30 homes, post-Harvey, utilizing disaster recovery grants from several banks including Texas Capital Bank and FHLB Dallas.
“The families are so low income and most of them are elderly and have a lot of vulnerabilities,” said Berenice Yu, director of Asset Building Programs at Avenue. “For us, being able to keep them in their homes means preventing homelessness because they can’t afford to pay rent anywhere else. And without the money we got from the disaster recovery grants, we wouldn’t have been able to help the families fix their homes.”
Texas Capital Bank was honored Friday during the FHLB Dallas annual member conference in Dallas.
“Texas Capital Bank has been a true partner, not only to FHLB Dallas through their support and participation in virtually all our grant programs, but also to their communities,” said FHLB Dallas President and CEO Sanjay Bhasin. “Texas Capital Bank and their employees rallied into action to help their communities recover after Hurricane Harvey, and they were able to do that because they live that mission not just during a disaster, but every day. We’re proud to award them the 2018 CARE Award.”
For nonprofits like Avenue, having a partner like Texas Capital Bank can make all the difference.
“It’s great to have counseling; it’s great to have information; it’s great to have advice, but if you don’t have the money to do anything about it then you can’t change the situation for the families,” said Ms. Yu. “Texas Capital is a real partner; they really care, they really believe; they come down to the grass roots and they help.”
About Texas Capital Bank
Texas Capital Bancshares, Inc. (NASDAQ®: TCBI), a member of the Russell 1000® Index and the S&P MidCap 400®, is the parent company of Texas Capital Bank N.A., a commercial bank that delivers highly personalized financial services to businesses and entrepreneurs. Headquartered in Dallas, the bank has full-service locations in Austin, Dallas, Fort Worth, Houston and San Antonio. Member FDIC.
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 investment by providing competitively priced loans and other credit products to approximately 825 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.