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Banks Award $33K to Two Nonprofits in Alexandria, Louisiana
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Rhea-AI Summary
Red River Bank and the Federal Home Loan Bank of Dallas have awarded $33,000 in Partnership Grant Program funds to support local nonprofits in Alexandria, Louisiana. The funds were distributed with $17,000 going to Serving Grace to enhance their Homebuyer Club and $16,000 to GAEDA Revitalization Corp. for home repairs for the elderly. The grants aim to improve community assistance through financial literacy and urban renewal efforts. This initiative is part of a broader $600,000 impact in 2021 across five states.
Positive
$33,000 awarded to local nonprofits, enhancing community support.
Serving Grace to use $17,000 for first-time homebuyer education.
$16,000 to GAEDA Revitalization Corp. for elderly home repairs.
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Red River Bank and FHLB Dallas Provide Partnership Grant Program Funds
ALEXANDRIA, La.--(BUSINESS WIRE)--
Red River Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) have partnered to award a total of $33,000 in Partnership Grant Program (PGP) funds to Serving Grace and GAEDA Revitalization Corp. (GRC) in Alexandria, Louisiana.
Officials from Red River Bank and Serving Grace pose with a ceremonial check to celebrate a $17,000 Partnership Grant Program award from the Federal Home Loan Bank of Dallas and Red River Bank. (Photo: Business Wire)
Both organizations were celebrated during a ceremonial check presentation on October 6.
Serving Grace, an organization whose mission is to help Central Louisiana residents by educating them in basic life skills and financial literacy, received $17,000. The funds will be used for administrative purposes and to support the Serving Grace Homebuyer Club. This pilot project helps first-time homebuyers understand and overcome the obstacles involved in purchasing their first home and what to expect after buying a home.
“The grant has helped Serving Grace tremendously with getting the homebuyers program off the ground,” said Ashley Mack, director of Serving Grace. “Our main goal is to improve the lives of the people who live in this community, and this grant is allowing us to do just that.”
FHLB Dallas and Red River Bank also awarded $16,000 to GRC. The organization, which promotes social welfare and neighborhood urban renewal by renovating, restoring and developing commercial and residential properties, will use the funds to cover cost overruns that occurred on previous home repairs for the elderly. GRC is currently working on its 75th home.
“Red River Bank has worked with us on different projects. We really appreciate this grant and their many contributions over the years,” said Willie Spears, GRC executive director.
Red River Bank Senior Vice President and Community Relations Officer Jannease Seastrunk said the two nonprofits are making a positive difference in Central Louisiana.
“FHLB Dallas’ PGP, with its matching funds component, allows Red River Bank to have a greater impact on local nonprofits,” she said. “We are thankful to FHLB Dallas and thrilled to be a multiyear participant.”
For 2021, FHLB Dallas awarded $400,000 in PGP funds, and its members provided an additional $200,250 for an impact of more than $600,000 in its five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas.
“Community investment takes place at the local level,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “This foundational aspect really drives the success of the PGP. Through our member institutions, FHLB Dallas can add financial resources in areas of need, as determined by those closest to the situation.”
See the complete list of the 2021 PGP recipients. For more information about the 2021 PGP and other FHLB Dallas community investment products and programs, please visit fhlb.com/pgp.
About Red River Bank
Red River Bank is a Louisiana state-chartered bank established in Alexandria, Louisiana, in 1999 that provides a fully integrated suite of banking products and services tailored to the needs of its commercial and retail customers. Red River Bank operates from a network of 26 banking centers throughout Louisiana and one combined loan and deposit production office in Lafayette, Louisiana. Red River Bank is a subsidiary of Red River Bancshares, Inc., which trades under the trading symbol RRBI on the Nasdaq Global Select Market. Learn more at redriverbank.net.
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.
