FOR IMMEDIATE RELEASE
October 4, 2018
Federal Home Loan Bank of Dallas
Banks Award $16K in Grant Funds to Houston-Area Financial Literacy Program
CommunityBank of Texas and FHLB Dallas Provided Funds
HOUSTON, TEXAS, October 4, 2018 — CommunityBank of Texas and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded $16,000 in Partnership Grant Program (PGP) funds to Credit Coalition to help offset operational costs that will enable the organization to continue to provide complimentary financial counseling to community members in the greater Houston and Beaumont/Port Arthur areas. Bank and project representatives awarded the funds today at a check presentation ceremony. This is Credit Coalition's third PGP award.
"Since we don't charge for our services, this will allow us to make sure we have our resources in place: books, everything we use for our classes and we can keep our website updated," said Sherrie Young, executive director and housing counselor at Credit Coalition. "We're so grateful for the partnership and funds."
Ms. Young also said that the grant funds validate the work that the organization does in the community.
"Having the banks' partnership through this grant shows us that they value our work and increases our credibility in the community," she said.
The structure of the PGP enables FHLB Dallas member institutions like CommunityBank of Texas to make a contribution of $500 to $4,000 to a community-based organization (CBO), which FHLB Dallas will match at a 3:1 ratio.
"This grant program is unique because it bridges private and public entities for the benefit of the community," said Shane Retzlaff, vice president at CommunityBank of Texas. "The PGP allows CommunityBank of Texas to enhance its impact on the community."
In 2017, FHLB Dallas awarded $300,000 in Partnership Grant Program (PGP) funds through 31 member institutions to assist 30 community-based organizations. Combined with the $104,550 contributed by FHLB Dallas members, a total of $404,550 was awarded to the organizations.
"The Partnership Grant Program acts as a community investment tool and a relationship builder for financial institutions and communities," said Melanie Horn, community and economic development product manager at FHLB Dallas.
About CommunityBank of Texas, N.A.
CommunityBank of Texas, N.A. is a commercial bank offering solutions to small and mid-sized businesses and professionals in Houston, Beaumont, and surrounding communities in southeast Texas. CommunityBank of Texas, N.A. is the wholly owned subsidiary of CBTX Inc. a bank holding company traded on the Nasdaq Global Select Market under the symbol "CBTX." Visit www.communitybankoftx.com for more information.
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 $75.9 billion as of June 30, 2018, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 825 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.