Grants from First Community Bank and Federal Home Loan Bank of Dallas Help Two Community Projects Move Forward

BATESVILLE, Ark., Oct. 14, 2014 /PRNewswire-USNewswire/ -- Main Street Batesville Inc. and Habitat for Humanity of Independence County (HFHIC) are one step closer to seeing their respective projects come to fruition thanks in part to generous grants from First Community Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas). A check presentation was held Friday, at First Community Bank's Harrison Street location. 

Senator David Wyatt (D-District 12), who attended the event said the grants fill a funding gap for community organizations.

"A lack of volunteers and resources make it challenging for organizations like HFHIC and Main Street Batesville to accomplish their mission," the senator said. "There is so much need in urban and rural communities and grants are a big help to these organizations."

First Community Bank is a member of FHLB Dallas, and participates in its Partnership Grant Program (PGP), which provides funding for the operational needs of community-based organizations involved in affordable housing and economic development. FHLB Dallas matches a member's cash contribution to a community-based organization of $500 up to $5,000 at a 3:1 ratio. This collaboration between First Community Bank and FHLB Dallas made it possible for Main Street Batesville to receive a $14,741 PGP grant and HFHIC to receive a $20,000 grant.

Batesville Mayor Rick Elumbaugh said he could not think of two better recipients of funds from the PGP. 

"Both Main Street Batesville and Habitat for Humanity of Independence County are making great strides to make Batesville, Arkansas, a place people want to call home.  We are very thankful for First Community Bank and the Federal Home Loan Bank of Dallas for providing vital funds to help each of these organizations succeed in their efforts," Mayor Elumbaugh said.

Joel Williams, executive director of Main Street Batesville, said they are deeply appreciative of the support they have received from First Community Bank and FHLB Dallas.

"Main Street is the heart of our community, and like many downtowns, it is in need of renovation to make it a more vibrant environment for businesses and consumers alike. This grant will allow us to not only improve the aesthetics of our downtown, but the infrastructure as well," Mr. Williams said upon receiving the check Friday.

Shalyn Carlile, executive director with HFHIC echoed those sentiments.   

"At Habitat for Humanity, we don't just build homes, we build dreams and we build hope," said Ms. Carlile. "The demand for our services continues to increase and without the support of organizations like First Community Bank and FHLB Dallas, we would not be able to fulfill our commitment to families in need."

Herbert Lawrence, vice president of government guaranty lending with First Community Bank, says they are proud to assist organizations like Main Street Batesville and HFHIC because they believe in the great work both organizations do for the community.

"Main Street Batesville and HFHIC play important roles in our community. They are contributing to the growth and prosperity of our community, and we wholeheartedly support them in their efforts," Mr. Lawrence noted.

Bre Chapman, senior vice president and chief administrative officer with FHLB Dallas, explained that the PGP grant was created to help fill a gap in funding so often seen in community-based organizations.

"We recognized that there was a tremendous need in the community for operational support for organizations like Main Street Batesville and HFHIC, and partnership grants allow our members to be there for them in very tangible ways," Ms. Chapman said.

About First Community Bank

First Community Bank is a locally owned and operated bank with a big heart for the communities we serve. Their slogan "Where Community Comes First" is our commitment to be good community partners. Our family of bankers believes in the value of giving their time, talents and financial support to many worthy causes. Putting community first is more than a slogan...it's our promise.

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 $33.6 billion as of June 30, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.

Contact:

Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8445

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SOURCE Federal Home Loan Bank of Dallas

Related Links

http://www.fhlb.com