BancorpSouth Disburses Nearly $55K in Homeowner Aid

Funds Provided Through SNAP, an FHLB Dallas Community Program

NEW IBERIA, La.--(BUSINESS WIRE)--BancorpSouth Bank (NYSE: BXS) has distributed nearly $55,000 in Special Needs Assistance Program (SNAP) funding from the Federal Home Loan Bank of Dallas (FHLB Dallas) to assist eligible homeowners in the communities it serves.

More than one third of the funding went to homeowners in New Iberia and Opelousas, Louisiana. Funding was also distributed in other BancorpSouth markets, including Arkansas, Mississippi and Texas.

The FHLB Dallas SNAP offering is disbursed through its member institutions, such as BancorpSouth, to provide funds for the repair and rehabilitation of owner-occupied housing of eligible elderly and special-needs individuals.

George Lemelle, 78, of Opelousas received $4,830 to replace a portion of his roof, which had deteriorated.

“It was just very nice to have this program available,” he said. “I really appreciate it.”

The maximum SNAP award per household is $6,000 unless the member or another lender contributes $350 toward the rehabilitation costs and/or inspection fees. Then the maximum award per household is $7,000.

“We have been invested in SNAP since its founding in 2009 and have seen how it has helped disabled and special-needs residents, including elderly residents on fixed-incomes, with home repairs critical to their health and safety,” said Ken Judice, BancorpSouth Bank president - Lafayette, Louisiana market. “This program has funded roof replacements, wheelchair ramps and upgrades to plumbing, heating and air-conditioning to name a few examples.”

FHLB Dallas set aside $2.5 million of its 2021 Affordable Housing Program funds for SNAP, and all SNAP funds were allocated in January for the highly sought-after program. Last year, FHLB Dallas awarded $2.5 million in SNAP subsidies that assisted 421 families. Since the program’s 2009 inception, nearly $20.5 million in funding has been awarded across FHLB Dallas’ five-state District.

“BancorpSouth Bank’s commitment to homeowners in need is commendable,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “They’ve been a great partner on SNAP over the years.”

To learn more about SNAP, visit fhlb.com/snap.

About BancorpSouth Bank

BancorpSouth Bank (NYSE: BXS) is headquartered in Tupelo, Mississippi, with approximately $28 billion in assets. BancorpSouth operates approximately 315 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 https://www.bancorpsouth.com; “Like” us on Facebook; follow us on Twitter @MyBXS; or connect with us through LinkedIn.

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 $58.6 billion as of June 30, 2021, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit our website at fhlb.com.