DES MOINES, Iowa, Dec. 1, 2006 (PRIME NEWSWIRE) -- The Federal Home Loan Bank of Des Moines (FHLB) awarded more than $8 million in housing grants this year, making the holidays brighter for more families throughout its five-state district. FHLB members could reserve funds through several Bank programs to provide down payment, closing cost or rehabilitation assistance to eligible, low-income homebuyers in their communities. Funds, which do not have to be paid back by the homebuyer, were available to assist both rural and urban homebuyers in Iowa, Minnesota, Missouri, North Dakota and South Dakota.
"Having a home for the holidays is something that many individuals and families only dream about," commented Richard S. Swanson, FHLB President and CEO. "At the Home Loan Bank, we provide our members with more affordable housing opportunities to help make the dream of homeownership a reality for the people in the communities they serve. It's exciting for us to know that our affordable housing programs have impacted deserving families and made their holidays better by giving them a home to call their own."
The Bank awarded over $8 million in grants through four housing programs in 2006. The programs included the Native American Homeownership Initiative ($450,000); Urban Homeownership Fund ($1.8 million); Urban First-Time Homebuyer Fund ($2.3 million); and the Rural Homeownership Fund ($3.5 million). More information about these and other Community Investment programs is available on the Bank's website at www.fhlbdm.com. A complete listing of Iowa recipients is attached.
The Federal Home Loan Bank of Des Moines is a wholesale cooperative bank that provides low-cost short- and long-term funding and community lending to more than 1,200 members, including commercial banks, saving institutions, credit unions and insurance companies. The Bank is wholly owned by its members and receives no taxpayer funding. The Des Moines Bank serves Iowa, Minnesota, Missouri, North Dakota and South Dakota and is one of twelve regional Banks that make up the Federal Home Loan Bank System.
Rural Homeownership Fund -- 1st Offering
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Member Institution Amount of Subsidy
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Exchange State Bank, Adair $25,000.00
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Community Bank, Alton $25,000.00
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Ashton State Bank, Ashton $25,000.00
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Bellevue State Bank, Bellevue $25,000.00
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First State Bank, Britt $25,000.00
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Farmers Trust and Savings Bank, Buffalo Center $25,000.00
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First Security Bank and Trust Company, Charles City $25,000.00
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Valley Bank & Trust, Cherokee $25,000.00
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First State Bank, Conrad $25,000.00
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Lee County Bank & Trust, N.A., Fort Madison $25,000.00
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Fort Madison Bank & Trust Co., Fort Madison $25,000.00
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Hampton State Bank, Hampton $25,000.00
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American National Bank, Holstein $25,000.00
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Iowa State Bank, Hull $25,000.00
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First State Bank, Ida Grove $25,000.00
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Green Belt Bank & Trust, Iowa Falls $25,000.00
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Community First Bank, Keosauqua $25,000.00
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Primebank, Le Mars $25,000.00
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American Bank, N.A., Le Mars $25,000.00
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Clarke County State Bank, Osceola $25,000.00
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Raccoon Valley Bank, Perry $25,000.00
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Savings Bank, Primghar $25,000.00
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Iowa State Bank, Sac City $25,000.00
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Bank Iowa, Shenandoah $25,000.00
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Heartland Bank, Somers $25,000.00
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Farmers Trust and Savings Bank, Spencer $25,000.00
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St. Ansgar State Bank, St. Ansgar $15,000.00
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Metabank West Central, Stuart $25,000.00
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First State Bank, Sumner $25,000.00
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Liberty Bank, FSB, West Des Moines $10,000.00
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Westside State Bank, Westside $25,000.00
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Farmers Trust and Savings Bank, Williamsburg $25,000.00
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Rural Homeownership Fund -- 2nd Offering
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Member Institution Amount of Subsidy
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Rolling Hills Bank & Trust, Atlantic $25,000.00
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Bank Iowa, Clarinda $20,000.00
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Great Western Bank, Clive $25,000.00
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Exchange State Bank, Collins $25,000.00
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First Federal Savings Bank of Creston, FSB, Creston $25,000.00
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Decorah Bank and Trust Company, Decorah $25,000.00
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Dupaco Community Credit Union, Dubuque $25,000.00
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Dubuque Bank and Trust Company, Dubuque $25,000.00
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Fidelity Bank & Trust, Dyersville $25,000.00
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Central State Bank, Elkader $25,000.00
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Midstates Bank, National Association, Harlan $25,000.00
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Hills Bank and Trust Company, Hills $25,000.00
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Heritage Bank, N.A., Holstein $25,000.00
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United Bank of Iowa, Ida Grove $25,000.00
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Bank Iowa, Independence $25,000.00
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Peoples Savings Bank, Indianola $25,000.00
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University of Iowa Community Credit Union, Iowa City $25,000.00
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Home State Bank, Jefferson $25,000.00
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Community Choice Credit Union, Johnston $25,000.00
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Keokuk Savings Bank & Trust Company, Keokuk $25,000.00
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Farmers & Merchants Savings Bank, Manchester $25,000.00
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First National Bank of Manning, Manning $25,000.00
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Maquoketa State Bank, Maquoketa $25,000.00
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First State Bank, Nashua $25,000.00
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First State Bank, Nora Springs $25,000.00
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Readlyn Savings Bank, Readlyn $25,000.00
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Houghton State Bank, Red Oak $25,000.00
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Keokuk County State Bank, Sigourney $25,000.00
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American State Bank, Sioux Center $25,000.00
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State Bank of Spencer, Spencer $25,000.00
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Templeton Savings Bank, Templeton $25,000.00
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The State Bank of Toledo, Toledo $25,000.00
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Iowa State Bank, Wapello $25,000.00
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West Chester Savings Bank, Washington $25,000.00
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First National Bank of West Union, West Union $25,000.00
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State Bank, Worthington $25,000.00
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Urban Homeownership Fund
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Member Institution Amount of Subsidy
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Alcoa Employees & Community Credit Union, Bettendorf $50,000.00
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Quad City Bank & Trust Company, Bettendorf $50,000.00
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Great Western Bank, Clive $50,000.00
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Exchange State Bank, Collins $50,000.00
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Bankers Trust Company, National Association,
Des Moines $50,000.00
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Iowa State Bank, Des Moines $50,000.00
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Dubuque Bank & Trust Company, Dubuque $50,000.00
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Midstates Bank, National Association, Harlan $50,000.00
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Hills Bank & Trust Company, Hills $50,000.00
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Bank Iowa, Independence $50,000.00
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University of Iowa Community Credit Union, Iowa City $50,000.00
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Community Choice Credit Union, Johnston $50,000.00
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Heritage Bank, Marion $50,000.00
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Farmers State Bank, Marion $50,000.00
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United Bank & Trust NA, Marshalltown $50,000.00
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Readlyn Savings Bank, Readlyn $10,000.00
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Northwest Federal Savings Bank, Spencer $50,000.00
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Central Bank, Storm Lake $50,000.00
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Iowa State Bank, Wapello $10,000.00
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Federation Bank, Washington $50,000.00
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Liberty Bank, FSB, West Des Moines $50,000.00
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Urban First-Time Homebuyer Fund
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Member Institution Amount of Subsidy
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Quad City Bank & Trust Company, Bettendorf $50,000.00
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Alcoa Employees & Community Credit Union, Bettendorf $50,000.00
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Linn Area Credit Union, Cedar Rapids $50,000.00
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Great Western Bank, Clive $50,000.00
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Exchange State Bank, Collins $50,000.00
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Bankers Trust Company, National Association,
Des Moines $50,000.00
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Iowa State Bank, Des Moines $50,000.00
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Dupaco Community Credit Union, Dubuque $50,000.00
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Dubuque Bank & Trust Company, Dubuque $50,000.00
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Midstates Bank, National Association, Harlan $50,000.00
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Hills Bank & Trust Company, Hills $25,000.00
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Heritage Bank, N.A., Holstein $50,000.00
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Bank Iowa, Independence $50,000.00
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University of Iowa Community Credit Union, Iowa City $50,000.00
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Farmers State Bank, Marion $50,000.00
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Readlyn Savings Bank, Readlyn $10,000.00
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Northwest Federal Savings Bank, Spencer $50,000.00
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Central Bank, Storm Lake $50,000.00
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Iowa State Bank, Wapello $10,000.00
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Federation Bank, Washington $50,000.00
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Liberty Bank, FSB, West Des Moines $50,000.00
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