NEW ORLEANS, Aug. 25, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) today joined Fidelity Homestead Savings Bank, IBERIABANK, and Whitney National Bank in awarding $18,000 in Partnership grants to Community Development Capital in New Orleans. The funds will assist the organization with operational costs.
Partnership grants, offered through FHLB Dallas's member institutions on a first-come, first-served basis, provide funding for operational needs of community-based organizations involved in affordable housing and community development. FHLB Dallas matches member's cash contributions to a community-based organization of $500 up to $5,000 at a 3:1 ratio; therefore, the maximum Partnership grant is $15,000.
Joe LeBrum, Executive Director of Community Development Capital, said the Partnership grant funds will be put to good use.
"At the present time, because of the national credit crunch and the situation with the economy, it's real difficult to raise funds," Mr. LeBrum said. "All the entities that we traditionally go to are tightening up on the funding they make this year, or they are not making any funding at all. These grants will help us fill the void in the funding that we traditionally would have received."
Community Development Capital is a nonprofit, community development financial institution certified by the U.S. Treasury. The organization serves as a financial intermediary, accepting private investments from banks, government sponsored enterprises, and foundations, and in turn, lends those funds for the acquisition and development of affordable housing.
"The Partnership grant awards being announced today are an example of financial institutions coming together in the community for a common goal," said Terry Smith, FHLB Dallas President and Chief Executive Officer. "FHLB Dallas is pleased to partner with these three members to assist Community Development Capital in ensuring it has adequate operational support to continue its mission of assisting organizations in providing accessible, affordable housing to southern Louisiana residents."
Fidelity Homestead Savings Bank and FHLB Dallas awarded a $4,000 Partnership grant to Community Development Capital.
"As a community bank, Fidelity Homestead Savings Bank has been dedicated to the families and business owners of south Louisiana for more than 100 years," said Boyd Boudreaux, President and Chief Executive Officer. "This membership allows us to expand our offerings so that our customers can buy and repair homes and even capitalize some small businesses and nonprofits. This service is about strengthening the fabric of the community, a cornerstone of our service since 1908."
IBERIABANK and FHLB Dallas awarded a $4,000 Partnership grant to Community Development Capital.
"IBERIABANK is pleased to partner with the Federal Home Loan Bank of Dallas in awarding this Partnership grant to Community Development Capital," said Carrie Curet, Community Development Officer and Vice President at IBERIABANK. "Residents of southern Louisiana know better than anyone else the shortage in affordable housing, especially since Hurricanes Katrina and Rita ravaged parts of our communities. We applaud the hard work and dedication of Community Development Capital in helping to provide affordable housing for our residents."
Whitney National Bank and FHLB Dallas awarded a $10,000 Partnership grant to the organization.
"The Whitney is proud to be a part of a program helping community-based organizations," said Richard Ainsworth, Vice President and Director of Community Affairs for Whitney National Bank. "We've always supported the neighborhoods in which we do business, and groups promoting affordable housing and community development. This is a great way to help our neighbors grow and prosper."
An event announcing the three Partnership grants will take place at 11:00 a.m. today at Fidelity Homestead Savings Bank's Metairie Road Branch, 1811 Metairie Road, 2nd floor, Metairie, Louisiana. For more information regarding the event, or any of the FHLB Dallas grant programs, please contact FHLB Dallas Corporate Communications at 214.441.8445.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $72.1 billion as of June 30, 2009, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit the FHLB Dallas web site at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013
About Fidelity Homestead Savings Bank
Fidelity Homestead Savings Bank (www.fidelityhomestead.com) is a state-chartered financial institution. Founded in 1908, Fidelity provides full-service banking with high integrity and personalized service to our communities and branches throughout southeast Louisiana.
About IBERIABANK Corporation
IBERIABANK Corporation (Nasdaq: IBKC) is a multi-bank financial holding company headquartered in Lafayette, Louisiana. Upon completion of a transaction to acquire CapitalSouth Bank, the company will have 162 combined offices, including 101 bank branch offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, and Florida, 26 title insurance offices in Arkansas and Louisiana, and mortgage representatives in 35 locations in eight states.
About Whitney Holding Corporation
Whitney Holding Corporation is a bank holding company headquartered in New Orleans, Louisiana. The company's principal subsidiary is Whitney National Bank, which has been in continuous operation since 1883. Whitney National Bank engages in community banking in its market areas in the five state Gulf Coast region, including Houston, Texas; southern Louisiana; the coastal region of Mississippi; central and South Alabama; the panhandle of Florida and the Tampa Bay metropolitan area of Florida.