Oak Valley Community Bank Receives Approval On $125,000 in Grants Submitted to Support Turlock Gospel Mission and Habitat for Humanity of Tuolumne County
Oak Valley Community Bank, subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), has secured approval for two 2024 AHEAD grants from the Federal Home Loan Bank of San Francisco totaling $125,000. The grants will benefit Turlock Gospel Mission ($100,000) and Habitat for Humanity of Tuolumne County ($25,000). The funding will support workforce development through Volente Coffee Roasters and upgrade communication infrastructure for affordable housing initiatives. These grants are part of a larger $7.3 million AHEAD funds distribution across Arizona, California, and Nevada, supporting 84 economic development projects.
Oak Valley Community Bank, sussidiaria di Oak Valley Bancorp (NASDAQ: OVLY), ha ottenuto l'approvazione per due sovvenzioni AHEAD 2024 dalla Federal Home Loan Bank di San Francisco, per un totale di $125,000. Le sovvenzioni beneficeranno Turlock Gospel Mission ($100,000) e Habitat for Humanity of Tuolumne County ($25,000). I finanziamenti supporteranno lo sviluppo della forza lavoro attraverso Volente Coffee Roasters e l'aggiornamento delle infrastrutture di comunicazione per iniziative di abitazioni a prezzi accessibili. Queste sovvenzioni fanno parte di una distribuzione più ampia di $7,3 milioni di fondi AHEAD in Arizona, California e Nevada, a sostegno di 84 progetti di sviluppo economico.
Oak Valley Community Bank, subsidiaria de Oak Valley Bancorp (NASDAQ: OVLY), ha obtenido la aprobación para dos subvenciones AHEAD 2024 del Federal Home Loan Bank de San Francisco, por un total de $125,000. Las subvenciones beneficiarán a Turlock Gospel Mission ($100,000) y a Habitat for Humanity del Condado de Tuolumne ($25,000). La financiación apoyará el desarrollo de la fuerza laboral a través de Volente Coffee Roasters y mejorará la infraestructura de comunicación para iniciativas de vivienda asequible. Estas subvenciones son parte de una distribución más grande de $7.3 millones en fondos AHEAD en Arizona, California y Nevada, apoyando 84 proyectos de desarrollo económico.
오크 밸리 커뮤니티 은행(Oak Valley Community Bank), 오크 밸리 뱅콥(Oak Valley Bancorp)의 자회사(NASDAQ: OVLY), 샌프란시스코 연방 주택 대출은행(Federal Home Loan Bank of San Francisco)으로부터 2024 AHEAD 보조금 두 건에 대한 승인을 받았습니다. 총 금액은 $125,000입니다. 이 보조금은 터록 복음 선교회(Turlock Gospel Mission)($100,000)와 투올럼니 카운티의 인류에게 주택을 제공하는 단체(Habitat for Humanity of Tuolumne County)($25,000)에 혜택을 줄 것입니다. 자금은 볼렌트 커피 로스터스(Volente Coffee Roasters)를 통한 인력 개발을 지원하고, 저렴한 주택 프로젝트를 위한 통신 인프라를 개선하는 데 사용됩니다. 이 보조금은 아리조나, 캘리포니아 및 네바다에서 84개의 경제 개발 프로젝트를 지원하는 총 730만 달러의 AHEAD 기금 배포의 일환입니다.
Oak Valley Community Bank, filiale d'Oak Valley Bancorp (NASDAQ: OVLY), a obtenu l'approbation de deux subventions AHEAD 2024 de la Federal Home Loan Bank de San Francisco pour un montant total de $125,000. Les subventions bénéficieront à la Turlock Gospel Mission ($100,000) et à Habitat for Humanity du comté de Tuolumne ($25,000). Le financement soutiendra le développement de la main-d'œuvre par le biais de Volente Coffee Roasters et modernisera l'infrastructure de communication pour les initiatives de logement abordable. Ces subventions font partie d'une distribution plus large de 7,3 millions de dollars de fonds AHEAD à travers l'Arizona, la Californie et le Nevada, soutenant 84 projets de développement économique.
Die Oak Valley Community Bank, eine Tochtergesellschaft der Oak Valley Bancorp (NASDAQ: OVLY), hat die Genehmigung für zwei AHEAD-Stipendien 2024 von der Federal Home Loan Bank von San Francisco in Höhe von insgesamt $125,000 erhalten. Die Stipendien kommen der Turlock Gospel Mission ($100,000) und Habitat for Humanity des Tuolumne County ($25,000) zugute. Die Mittel unterstützen die Entwicklung der Arbeitskräfte durch Volente Coffee Roasters und verbessern die Kommunikationsinfrastruktur für bezahlbare Wohnungsinitiativen. Diese Stipendien sind Teil einer größeren Verteilung von $7,3 Millionen an AHEAD-Mitteln in Arizona, Kalifornien und Nevada, die 84 Projekte zur wirtschaftlichen Entwicklung unterstützen.
- Secured $125,000 in AHEAD grants for community development
- Part of larger $7.3 million regional economic development initiative
- None.
Insights
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This community investment initiative aligns with the banking industry's increasing focus on ESG metrics and social responsibility. While the immediate financial impact is negligible, the strategic value comes from strengthening Oak Valley's competitive position in local markets. The bank's role in facilitating these grants helps build barriers to entry against larger national banks by deepening local relationships. The workforce development and digital infrastructure improvements supported by these grants could indirectly benefit Oak Valley by fostering economic growth in their service areas, potentially leading to increased deposit and lending opportunities in the long term.
OAKDALE, Calif., Nov. 05, 2024 (GLOBE NEWSWIRE) -- Oak Valley Community Bank, a wholly-owned subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), announced they have received approval on two 2024 AHEAD grants which were submitted to the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) on behalf of Turlock Gospel Mission and Habitat for Humanity of Tuolumne County for
The communities in Stanislaus and Tuolumne counties are one step closer to getting a needed boost in affordable housing and job training. This highly impactful grant will support Turlock Gospel Mission to create new jobs and purchase equipment for their workforce development and job training program, Volente Coffee Roasters. The grant will support Habitat for Humanity’s digital reach and community engagement in Sonora, CA, by upgrading their communication infrastructure.
As a sponsor of FHLBank San Francisco’s Community Investment Programs and advocate for the services Turlock Gospel Mission and Habitat for Humanity of Tuolumne County provide to our community, Oak Valley Community Bank authored and provided supplemental input for this grant. Jose Sabala, Oak Valley’s Community Reinvestment Officer, remarked, "We are deeply honored to facilitate these grants for Turlock Gospel Mission and Habitat for Humanity of Tuolumne County. As a community-driven bank, we are dedicated to forging partnerships that create meaningful, lasting change within our communities. The support from FHLBank San Francisco underscores a shared commitment to directing vital resources to the communities we proudly serve, and we are grateful for the chance to make a tangible impact together."
“These grants delivered in partnership with our member Oak Valley Community Bank will help boost economic opportunity and create access to vital services and support that can be life-changing for people engaged with these programs serving Stanislaus and Tuolumne counties,” said Eric Cicourel, community investment officer for FHLBank San Francisco. “We’re proud that for 20 years and counting, the AHEAD Program continues to make a positive impact throughout the communities we serve.”
AHEAD economic development grants enable FHLBank San Francisco member financial institutions like Oak Valley Community Bank to fund economic development projects that target pressing community needs and bring greater opportunity to underserved populations. AHEAD grants support innovative, targeted initiatives that will create new economic opportunity by expanding proven development models or piloting new interventions. Grants are awarded annually to the Bank’s members partnering with local nonprofits to meet diverse local needs. The grant is part of a
About Turlock Gospel Mission:
Turlock Gospel Mission is a 501(c)(3) non-profit organization, founded in 2007. Turlock Gospel Mission offers three meals per day, emergency overnight shelter for men, women, and their children, both Men’s and Women’s Restoration Program, and guest services including case management, transportation, clothes closet, shelter from inclement weather, on-site pet kennels, pastoral counseling, and culinary job training. For more information, call (209) 656-1033 or visit turlockgospelmission.org.
About Habitat for Humanity of Tuolumne County:
Habitat for Humanity of Tuolumne is a 501(c)(3) non-profit organization, founded in 1999. They are dedicated to eliminating substandard housing through constructing homes, advocating for fair and just housing policies, and providing training and access to resources to help families become self-reliant and successful homeowners. For more information, call (209) 536-0970 or visit www.habitattuolumne.org.
About Oak Valley Community Bank:
Oak Valley Bancorp operates Oak Valley Community Bank & their Eastern Sierra Community Bank division, through which it offers a variety of loan and deposit products to individuals and small businesses. They currently operate through 18 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, Roseville, two branches in Sonora, three branches in Modesto, and three branches in their Eastern Sierra division, which includes Bridgeport, Mammoth Lakes, and Bishop. For more information, call 1-866-844-7500 or visit www.ovcb.com.
| Contact: | Chris Courtney/Rick McCarty | |
| Phone: | (209) 848-BANK (2265) Toll Free (866) 844-7500 www.ovcb.com | |
FAQ
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