The Federal Home Loan Bank (FHLB) of Dallas announced on Wednesday that it disbursed 38 grants to community organizations, including several in Texas, with the help of its member institutions.
Member banks provided grant funding, and FHLB matched that funding at a 3:1 ratio, according to the FHLB Dallas press release.
FHLB Dallas is a cooperatively owned wholesale bank that supports housing and economic development.
It works with around 800 members in its five-state district, which includes Texas, Louisiana, Arkansas, New Mexico, and Mississippi. Its members include banks, savings institutions, credit unions, and insurance companies.
Through the Partnership Grant Program (PGP), members can make contributions to community-based non-profit organizations. These contributions can be between $500 and $4,000.
FHLB Dallas members contributed $158,895 during this round of grant giving, and FHLB matched it with $400,000 of funding.
Some Texas-based organizations that received grants include Community Frontline in Fort Worth, Habitat for Humanity of Angelina County in Lufkin, WOMAN Inc. in Houston, and The BridgePath in Bacliff.
Other Texas grant recipients include Nature’s Open Door Outreach, Lufkin Neighborhood STRONG, and Housing Opportunities of Fort Worth Inc.
Organizations that receive PGP grants can use the funding for various reasons, the press release explained. This can include research or study, general operation costs, assistance with other funding resources, contractual services, and organizational capacity building.
Greg Hettrick, the first vice president and director of Community Investment at FHLB Dallas, said Partnership Grant Program funding helps strengthen communities.
“The Partnership Grant Program helps communities become stronger by giving our members the leverage needed to support their local organizations,” Hettrick shared in the press release. “We’re proud to match these important funds from our members that impact thousands of lives each day through the work of nonprofits.”
Contributing FHLB Dallas member institutions include First National Bank of Louisiana, BankPlus in Mississippi, Veritex Community Bank in Texas, and Lea County State Bank in New Mexico.
Cindy Miller, the COO for First National Bank of Louisiana in Crowley, Louisiana, stated in the press release that these grants can be positive for the communities that receive them.
“We’ve seen first-hand how this grant program has positively impacted community organizations,” Miller said. “FHLB Dallas and the PGP have played key roles in helping us build relationships with our community partners.”
PGP funds can also be used for administrative costs, which many other grants cannot be used for, according to Mark Ouellette, the first vice president of BankPlus.
“The PGP allows funds to be used for administrative and operational expenses, and there are few sources of funding that fill these particular funding gaps for community organizations; we’d like to thank FHLB Dallas for this great partnership that allows us to leverage our resources to help local organizations,” Ouellette said in the press release.
For FBT Bank & Mortgage in Arkansas, this was the first time they contributed to the PGP, according to Vice President Daniel Pledger.
“We are thrilled to be a first-time participant in the PGP,” Pledger said. “We have participated in other FHLB Dallas community investment programs, and we were looking for additional outreach opportunities.”
