JACKSON, Miss.--(BUSINESS WIRE)--BancorpSouth Bank, Trustmark National Bank (Trustmark), BankPlus and the Federal Home Loan Bank of Dallas (FHLB Dallas) awarded $16,000 in Partnership Grant Program (PGP) funds to Housing Education and Economic Development, Inc. (HEED), whose mission is to educate the public on housing, banking and related fair housing issues. The funds will be used to offset operational and administrative expenses, including providing funding for the organization’s housing counseling program.
The funds were awarded at a ceremonial check presentation in Jackson, Mississippi. This is the organization’s second PGP award. Representatives from the banks, organization and the office of Jackson Mayor Chokwe Antar Lumumba attended the event.
“Partnership is the foundation of growth,” said Mayor Lumumba. “I commend the financial institutions for their partnership in support of the betterment of our historic city.”
Founded 30 years ago by Charles Harris, HEED’s educational outreach program includes coordinating workshops to educate residents who seek to make sound financial choices.
“Most of our work deals with foreclosure counseling,” said Mr. Harris. “Many people overspend in November and December preparing for Christmas. Those are the same people who come see us in February or March, so we provide them with some guidance. Others overspend at Easter, then 4th of July, so any funding that can help us be available to residents year-round is very helpful.”
BancorpSouth Mid-Mississippi Division President Joseph Moss said financial education services are critical community investment staples, and it’s great that programs, such as PGP, make them possible.
“A large part of the business we conduct is focused on community investments,” said Mr. Moss. “Programs, such as the PGP, not only help businesses succeed; they also make it easier for a community to access valuable resources.”
The structure of the PGP enables FHLB Dallas member institutions, like BancorpSouth Bank, Trustmark and BankPlus, to contribute $500 to $4,000 to a community-based organization (CBO), which FHLB Dallas will match at a 3:1 ratio.
“Trustmark is committed to the communities in which we serve and we are proud to work with FHLB Dallas to increase the accessibility of financial education resources in Jackson,” said Sherry Rainey, community development director and CRA officer at Trustmark.
In 2018, FHLB Dallas awarded $300,000 in PGP funds through 31 member institutions to assist 32 CBOs. Combined with the $114,010 contributed by FHLB Dallas members, a total of $414,010 has been awarded to the organizations.
“BankPlus has utilized FHLB Dallas community investment products for a long time,” said Mark Ouellette, first vice president and director of Affordable Housing at BankPlus. “It’s important to us to employ all the tools we can to positively impact the communities we serve and the PGP has been very effective.”
Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas, said the PGP is most impactful when various entities come together to contribute.
“Through the PGP’s 3 to 1 feature, our members are able to maximize their contributions and create positive, lasting change in the Jackson community,” said Mr. Hettrick.
Mr. Harris said without the funds, the organization’s outreach would be limited.
“The grant is very important because it allows us to go statewide in our outreach efforts,” he said. “We’re very appreciative of all the banks who came together to support us through the PGP.”
To learn more about the PGP, visit fhlb.com/pgp.
About BancorpSouth Bank
BancorpSouth Bank (NYSE: BXS) is headquartered in Tupelo, Mississippi, with approximately $18 billion in assets. BancorpSouth operates approximately 285 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; “Like” us on Facebook; follow us on Twitter@MyBXS; or connect with us through LinkedIn.
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 BankPlus
BankPlus, with total assets of more than $2.7 billion, has 59 locations in 33 Mississippi communities. BankPlus is among the largest certified Community Development Financial Institution banks in the United States. For additional information on BankPlus, please visit BankPlus.net.
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 $72.8 billion as of December 31, 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.
