CECILIA, La., June 16, 2010 (GLOBE NEWSWIRE) -- Myrtle Singleton was having problems accessing the tub in her bathroom. When she slipped in the tub about a year ago, her daughter, Leanna Matthews, knew something had to be done.
A friend told Ms. Matthews about a grant program through Farmers-Merchants Bank & Trust (FM Bank) that had assisted other seniors with funds for home repairs and modifications. Ms. Matthews, who banks at FM Bank, contacted Stephanie John, assistant vice president/BSA and security officer for FM Bank, on behalf of her mother, Ms. Myrtle Singleton. Ms. John helped Ms. Singleton qualify and receive a $5,000 Special Needs Assistance Program (SNAP) grant. The SNAP grant was issued by the Federal Home Loan Bank of Dallas (FHLB Dallas) through FM Bank, an FHLB Dallas member financial institution in Breaux Bridge, Louisiana.
The SNAP grant was used to make one of the bathrooms in Ms. Singleton's Cecilia, Louisiana home handicap accessible, including converting the bathtub into a shower stall with a seat, and replacing the restroom door with a sliding door to widen the entryway.
"The grant was great because in order for her to pay for the repairs, she would probably have had to take out a loan," said Ms. Matthews. The repairs were completed in April.
In 2010, FHLB Dallas set aside $1.5 million of its annual Affordable Housing Program (AHP) funds for SNAP, a rehabilitation program available through FHLB Dallas member institutions, such as FM Bank, to provide grant funds to assist income-qualified, special needs homeowners with necessary home repairs and modifications. Each SNAP recipient is eligible to receive $5,000. If a member financial institution contributes at least $350 toward costs associated with the rehabilitation, the homeowner is eligible to receive up to $7,000 from FHLB Dallas.
"This collaboration," said FM Bank President Fred Mills, "means there is extra money available to the FM Bank communities, where our customers and employees live and work. FM Bank is one of the oldest locally owned community banks in Louisiana, and has always been here for our local areas."
In 2010, FM Bank has received $50,321 in funding for SNAP grants to assist 11 families.
"We are honored to assist with a vital program such as the Special Needs Assistance Program, and look forward to helping deliver to each qualifying grant recipient in our community their funds for rehabilitation costs as an eligible special needs homeowner," said FM Bank Chairman of the Board Tommy Huval regarding FM Bank's participation in SNAP.
For more information about FHLB Dallas programs, please contact the Corporate Communications Department at 214.441.8445.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $58.7 billion as of March 31, 2010, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas web site at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013
About Farmers & Merchants Bank
Farmers-Merchants Bank & Trust, FM Bank, chartered in 1932 and based in Louisiana's St. Martin Parish, is a proud supportive member institution of the Federal Home Loan Bank of Dallas. FM Bank has seven locations across the state's Acadiana region, including: Breaux Bridge, Lafayette, Cecilia, Henderson, and Arnaudville. To find out more about who we are, visit FM Bank online at FMBanking.com.