NEW ORLEANS, Feb. 28, 2011 (GLOBE NEWSWIRE) -- Whitney National Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) are pleased to announce they have awarded a $2,000 Partnership Grant Program (PGP) award to the Faubourg St. Roch Project (FSRP), a nonprofit committed to the revitalization of the St. Roch neighborhood in New Orleans, Louisiana.
The organization will use the grant to help with its operating budget, according to Executive Director Darren Alberti.
"We have a relatively small operating budget, which leads to hard decisions on whether resources can be used for the programs and initiatives which advance our work in St. Roch or applied toward the operating expenses which sustain us as an organization," said Mr. Alberti. "This grant frees up valuable resources that will allow us to more effectively pursue our mission in the neighborhood."
FSRP seeks to act as a catalyst for the revitalization of New Orleans's St. Roch neighborhood by invigorating existing public space, rebuilding or renovating damaged housing, promoting citizen engagement, and reintroducing and supporting both commercial and community ventures. FSRP's goal is to restore St. Roch in such a manner that the neighborhood will be safe, healthy, affordable, and inspiring for residents.
The organization learned of the PGP through FHLB Dallas member institution, Whitney Bank.
"They let us know about the opportunity to leverage Whitney's gift with the very generous 3:1 matching gift from the Federal Home Loan Bank of Dallas and assisted us through the application process," Mr. Alberti said.
Whitney Bank has participated in the PGP for several years.
"Supporting the FSRP's vision for the St. Roch Neighborhood means Whitney Bank can support its mission of urban neighborhood revitalization that honors and preserves the history and culture of the neighborhood," said Sunada Pool Brookins, vice president and community affairs officer for Whitney. "Whitney is proud to support the FSRP and its initiatives to create a dynamic, innovative community that promotes economic development, the arts, and emerging technologies that embrace sustainability."
Partnership grants are offered through FHLB Dallas member institutions, such as Whitney Bank, and awarded on a first-come, first-served basis. The grants provide funding for operational needs of community-based organizations involved in affordable housing and community development. FHLB Dallas matches a member's cash contributions to a community-based organization of $500 up to $5,000 at a 3:1 ratio. FHLB Dallas will again offer $225,000 in partnership grant funding in 2011. Please check FHLB Dallas's website periodically for details.
About Whitney National Bank
Whitney Holding Corporation, through its banking subsidiary Whitney National Bank, serves the five-state Gulf Coast region stretching from Houston, Texas; across southern Louisiana and the coastal region of Mississippi; to central and south Alabama; the panhandle of Florida; and the Tampa Bay metropolitan area of Florida.
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 $39.7 billion as of December 31, 2010, is a member-owned cooperative that supports housing and community development by providing competitively priced loans 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 website at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013