FORT WORTH, Texas, Dec. 9, 2011 (GLOBE NEWSWIRE) -- Public officials and representatives of Comerica Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) gathered Thursday to present Partnership Grant Program (PGP) awards to the Fort Worth Business Assistance Center (BAC Education Foundation) and Housing Opportunities of Fort Worth, Inc. The grant funds will assist both organizations with general operating expenses.
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PGP grants are awarded through FHLB Dallas member institutions, such as Comerica Bank, to assist with the operational needs of nonprofit, community-based organizations involved in affordable housing and community development. Partnership grants are based on cash contributions of $500 to $5,000 made by FHLB Dallas member institutions, which FHLB Dallas matches at a 3:1 ratio. Comerica Bank made contributions to each organization, which resulted in a $12,774 PGP grant for the BAC Education Foundation, and a $30,000 PGP grant for Housing Opportunities of Fort Worth, Inc.
"Comerica Bank was proud to nominate these two organizations for the FHLB Dallas Partnership Grant Program," said Lueretha Slack, vice president of corporate public affairs and community reinvestment for Comerica Bank. "Both BAC Education Foundation and Housing Opportunities of Fort Worth, Inc. help serve critical needs in our community, and are deserving of these funds to help them further their missions."
BAC Education Foundation is a subsidiary program of the City of Fort Worth and has been in operation for approximately 15 years providing training, counseling, and education to local small business owners and entrepreneurs. The grant funds will help support its N.E.W. Beginning program, a 10-week training course targeted toward entrepreneurs wanting to open a business. BAC Education Foundation Executive Director Ossana Hermosillo said the main goal of the program is to promote and create sustainable small business and economic development.
"This funding will help us hire instructors and counselors for our educational programs," said Ms. Hermosillo. "We offer a variety of classes for small business entrepreneurs, and usually hire contractors or part-time employees to teach these courses. We feel very fortunate to have received this support from Comerica Bank and FHLB Dallas, and the funding will help us continue to promote small business in Fort Worth."
Housing Opportunities of Fort Worth, Inc. was established in 1988 by Founder and Executive Director David O'Brien to provide homebuyer education and reverse mortgage equity for senior citizens. Housing Opportunities of Fort Worth, Inc. offers its services free of charge, and most of its clientele consist of low-income homebuyers and homeowners spanning across 10 counties.
"Nearly 85 percent of our funding goes directly to customer services – including our counseling and education courses," said Mr. O'Brien. "It is very important that we obtain support from local lending and mortgage institutions, because these entities work hand-in-hand with what we are trying to accomplish. This grant speaks volumes for Comerica Bank and FHLB Dallas, as well as our value to the mortgage industry. As a nonprofit, this type of funding is critical for our everyday operations."
Several public officials attended yesterday's presentation, including State Representative Marc Veasey (D-Fort Worth), Charles Boswell, district director for State Senator Wendy Davis (D-Fort Worth), Josie Martinez, district manager for State Representative Lon Burnam (D-Fort Worth), and Fort Worth Mayor Pro Tem W.B. "Zim" Zimmerman.
Senator Davis said the grants are examples of sound investments in local economies that will support and grow local small businesses and strengthen local housing markets, which are both vital to economic stability and job creation in the Fort Worth community.
"One of these grants will help educate and counsel low-income families seeking the American dream of homeownership, and ensure that these families avoid the traps some unwary buyers were led to in recent years," said Senator Davis. "The other grant will help support a critical component of our local economy, that of supporting and growing small businesses, especially women- and minority-owned start-ups. Both Housing Opportunities of Fort Worth, Inc. and BAC Education Foundation are very deserving of this funding, and I fully support these generous contributions made by Comerica Bank and FHLB Dallas."
Mayor Pro Tem Zimmerman expressed gratitude for the support of the two local nonprofits during his speech at yesterday's event.
"This program supported by Comerica Bank and FHLB Dallas is another example of corporate citizens reaching out and making a difference in the community," said Mr. Zimmerman. "The monies from this grant program support affordable housing — a vital need here in our city — but, as important, also support the kind of education and counseling that makes a long-term difference in people's lives."
For more information regarding FHLB Dallas and its grant programs, please visit fhlb.com.
About Comerica Bank
Comerica Bank is the commercial banking subsidiary of Comerica Incorporated (NYSE:CMA), the largest banking company headquartered in Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Dallas/Fort Worth, Houston, Austin, San Antonio and Kerrville, Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $60.9 billion at September 30, 2011. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts.
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 $31.4 billion as of September 30, 2011, 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.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013
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