FHLB Dallas Members Will Also Be Able to Access $1 Billion in
IRVING, Texas–(BUSINESS WIRE)–The Federal Home Loan Bank of Dallas (FHLB Dallas) is providing $6.7
million in grants and another $275,000 in donations to help
with Hurricane Harvey recovery efforts in Southeast Texas counties
designated for assistance by the Federal Emergency Management Agency
(FEMA). FHLB Dallas is a member-owned cooperative with approximately 840
members and associated financial institutions in its five-state
District, including approximately 475 in Texas.
The $6.7 million in grants is available through FHLB Dallas member
financial institutions through three programs: $4.5 million is available
to help members’ employees with their housing recovery efforts; $2
million is available to assist small businesses with their recovery
efforts; and $225,000 is available to support community-based
organizations (CBOs) involved in the recovery.
Additionally, FHLB Dallas will donate $100,000 to the Hurricane Harvey
Relief Fund, through the Texas Bankers Foundation in conjunction with
the Texas Bankers Association, Independent Bankers Association of Texas
and others; $150,000 for disaster relief supplies and $25,000 to the
Gregory-Portland Independent School District to help with furniture,
materials and supplies.
“We have several member institutions with offices in the FEMA-declared
disaster areas in Southeast Texas. As our members, their families and
friends deal with this calamitous event, in a small way we want to help
with the recovery efforts,” said FHLB Dallas President and CEO Sanjay K.
Bhasin. “Internally, our employees are collecting clothing, toiletries
and other supplies, as well as making donations to several charities
helping with the recovery. We will be providing a two-to-one match of
their monetary donations.”
In addition to the $7 million in grants and donations, FHLB Dallas and
the other Federal Home Loan Banks have committed $1 million to assist
with immediate disaster relief efforts. The donations are as follows:
$250,000 to the American Red Cross; $250,000 to Americares; $150,000 to
Direct Relief; $200,000 to United Way of Greater Houston; $50,000 to the
Houston Food Bank; $50,000 to Food Bank of Corpus Christi; and $50,000
to Coastal Bend Community Foundation.
FHLB Dallas will also announce today $1 billion in low-cost loans (known
as advances) available to members to support their customers in
communities affected by the hurricane.
“As an FHLB Dallas director in Louisiana, I have seen first-hand the
horrific impact of hurricane and flood-related disasters such as this
one,” said FHLB Dallas Chairman of the Board of Directors Joseph F.
Quinlan Jr. “Hurricane Harvey has taken a devastating toll on the
people, businesses, economies and communities in Southeast Texas. The
recovery will be long and challenging, and every bit of help we can give
will be critical to the stabilization of the economy and the rebuilding
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 $62.9 billion as of June 30, 2017, is a member-owned
cooperative that supports housing and community development by providing
competitively priced advances and other credit products to approximately
840 members and associated institutions in Arkansas, Louisiana,
Mississippi, New Mexico and Texas. Visit fhlb.com
for more information.
Federal Home Loan Bank of Dallas