- November 13, 2018
First Security Bank and FHLB Dallas Provide Funds
MOUNTAIN HOME, ARKANSAS, November 13, 2018 — Bob Davis Male Veterans Shelter Secretary/Treasurer and co-founder Joanna Farris has big plans for the shelter. The drug- and alcohol-free, faith-based veterans shelter is set to open in June 2019, but needs a lot of work before its opening. Ms. Farris said the organization needs about $180,000 in funds to get the building up to code and the business up and running.
Representatives from First Security Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) joined local dignitaries to award $10,000 in Partnership Grant Program (PGP) funds to the shelter. The funds will be used toward business operations as the building undergoes extensive renovations and prepares to open next year.
The mission of Bob Davis Male Veterans Shelter is to provide homeless veterans with food, shelter, clothing and social services needed to reintegrate into society. Services provided by the shelter include job training, education, counseling and job placement. Ms. Farris said that the shelter will eventually have a veteran-run Army and Navy surplus store and a meeting space where veterans can enjoy coffee, baked goods and participate in recreational activities.
FHLB Dallas' PGP awards provide 3:1 matches of member contributions to provide grants up to $12,000 that help promote and strengthen relationships between community-based organizations and FHLB Dallas members. The PGP also complements the development activities fostered by FHLB Dallas' Affordable Housing and Community Investment programs.
Tim Coleman, president of First Security Bank, worked with Ms. Farris on the PGP application.
"We believe in the mission of the Bob Davis Male Veterans Shelter and the positive effects it will have on the community," said Mr. Coleman. "Programs like the PGP are very important because they strengthen financial institutions' community relationships as well as the community as a whole."
In 2018, FHLB Dallas has awarded $300,000 in Partnership Grant Program (PGP) funds through 31 member institutions to assist 32 community-based organizations. Combined with the $114,010 contributed by FHLB Dallas members, a total of $414,010 has been awarded to the organizations.
FHLB Dallas First Vice President and Director of Community Investment Greg Hettrick said the PGP strengthens members' ties to the community.
"The PGP provides community-based organizations an opportunity to expand – or in the shelter's case, get off the ground – as well as members such as First Security Bank to positively impact the community," he said.
Ms. Farris said without the PGP, she would have had to hold more fundraising events, slowing down the project timeline.
"Without the PGP, we would have had to slow down our rehabilitation of the building," she said. "Programs like the PGP are very important for communities to thrive."
To learn more about the PGP, visit fhlb.com/pgp.
About First Security Bancorp
First Security Bank was chartered to do business in the State of Arkansas in 1932. Based in Searcy, Arkansas, the privately held First Security Bancorp has the most complete and diverse product offering of any Arkansas-based financial services holding company. First Security Bank is a member of the FDIC and the 5th largest state-chartered bank in Arkansas. Proud to be financially strong supported by the strength of more than $1.1 billion in total capital and over 5.6 billion in assets, First Security Bancorp has the ability to meet financing needs from $1 to $100 million – right here in Arkansas. First Security's local network of 75 community banking centers, 95 ATMs, and over 1,000 employees across the state offer solutions for the financial needs of individuals, businesses and the public sector. First Security Bank is a place where commitment, experience, education and community service combine to create a customer-oriented banking institution that is second to none.
At First Security Bank, our customers receive all the benefits of a local bank that's based in Arkansas with the strength and service of a large – yet private – financial services holding company. First Security Bancorp subsidiaries include both First Security Bank and Crews and Associates. With First Security Bank and Crews and Associates we can offer a wide range of banking services including trust, wealth management, and mortgage, as well as investment banking and public financing.
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 $73.7 billion as of September 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.
Federal Home Loan Bank of Dallas