FOR IMMEDIATE RELEASE
November 20, 2017
Federal Home Loan Bank of Dallas
Banks Partner to Provide Louisiana Nonprofit $8K in Grant Funds
Origin Bank, Progressive Bank and FHLB Dallas Award Grant to Offset Operations, Administrative Costs
MONROE, LOUISIANA, November 20, 2017 — Origin Bank, Progressive Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) partnered to award a Louisiana nonprofit organization $8,000 in Partnership Grant Program (PGP) funds. Bank representatives recently joined leadership from NOVA Workforce Institute of Northeast Louisiana (NOVA) at the Monroe Chamber of Commerce to announce the funds. NOVA will use the funds to offset operational and administrative costs, as well as help facilitate training and educational opportunities for clients.
This is the third grant NOVA has received from FHLB Dallas, bringing their total grant awards to $36,000.
"As a nonprofit, the greatest challenge we face is typically funding," said NOVA Executive Director Paul West. "What this grant does is it has continued to allow people the opportunity to move into self-sufficiency through living wage jobs."
Origin Bank Senior Vice President and Northeast Market Leader Billy Haddad said communities and financial institutions have a lot to gain from the PGP.
"The Partnership Grant Program helps promote economic growth and strengthens our relationships with the community," said Mr. Haddad. "We're proud to make a positive impact on the community through the PGP."
Through the PGP, FHLB Dallas matches a member's contribution to a community-based organization (CBO) of $500 up to $4,000 at a 3:1 ratio for a maximum $12,000 contribution. Awarded annually via a lottery system through FHLB Dallas members, PGP grants may be used for research, organizational capacity-building, grant- and funding-application assistance or contractual services.
Jeff Laudenheimer, senior vice president, private banking relationship manager at Progressive Bank said the PGP will help NOVA continue its mission.
"NOVA is not just helping individuals find fulfilling careers, but also helping develop the community's economic landscape by connecting businesses with job candidates," said Mr. Laudenheimer. "We are proud to support the important service that NOVA provides to the community through the PGP."
In 2017, FHLB Dallas awarded $300,000 in PGP funds through 31 member institutions to assist 30 CBOs. Combined with the $104,550 contributed by FHLB Dallas members, a total of $404,550 was awarded to the organizations.
"The PGP is unique because it supports the use of funds for operational, training or marketing expenses," said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. "We appreciate having another opportunity to support NOVA with our members, without whom this wouldn't be possible."
Mr. West said he is thankful for the partnership with the financial institutions.
"Many other grant programs don't offer capacity-building support, so it is nice to know that if we wanted to write a grant or something, we can pay for contractual services through the PGP," said Mr. West. "You can't just get a 3 to 1 match anywhere. Our partnership with the banking institutions in this community have been very supportive of what we do."
For more information, visit fhlb.com/pgp.
About Origin Bank
Origin Bank, formerly Community Trust Bank, is more than a century-old, Louisiana-chartered bank which provides a wide range of traditional banking services with 41 banking centers throughout Louisiana, Texas, and Mississippi. Origin Bank is a wholly-owned subsidiary of Origin Bancorp, Inc., a financial holding company with assets of over $4 billion. Origin Bancorp's common stock is not listed on any exchange and is traded through individually negotiated transactions. Member FDIC. To learn more, visit Origin Bank's website at originbankonline.com.
About Progressive Bank
Progressive Bank was founded in October 1975 in Winnsboro, Louisiana, to serve the special banking needs of the agricultural community in the Franklin Parish area. Now with seven locations in Monroe, West Monroe and Shreveport, and $535 million in assets, Progressive Bank aims to be the choice for financial solutions in the markets we serve. For more information, go to progressivebank.com.
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 $66.4 billion as of September 30, 2017, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 840 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.