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 Minnesota 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 --------------------------------------------------------------------- Member Institution Amount of Subsidy --------------------------------------------------------------------- Bremer Bank, National Association, Alexandria $25,000.00 --------------------------------------------------------------------- Atwater State Bank, Atwater $15,000.00 --------------------------------------------------------------------- First Federal Bank, Bemidji $25,000.00 --------------------------------------------------------------------- Rural American Bank-Braham, Braham $25,000.00 --------------------------------------------------------------------- 1st American State Bank of Minnesota, Hancock $10,000.00 --------------------------------------------------------------------- Bremer Bank, National Association, Marshall $25,000.00 --------------------------------------------------------------------- First Minnesota Bank, Minnetonka $25,000.00 --------------------------------------------------------------------- State Bank of New Richland, New Richland $25,000.00 --------------------------------------------------------------------- Community Development Bank, FSB, Ogema $25,000.00 --------------------------------------------------------------------- State Bank of Park Rapids, Park Rapids $25,000.00 --------------------------------------------------------------------- Citizens State Bank of Roseau, Roseau $25,000.00 --------------------------------------------------------------------- First Independent Bank, Russell $25,000.00 --------------------------------------------------------------------- Bremer Bank, National Association, South St. Paul $25,000.00 --------------------------------------------------------------------- Security State Bank of Wanamingo, Wanamingo $10,000.00 --------------------------------------------------------------------- Farmers State Bank of West Concord, West Concord $20,000.00 --------------------------------------------------------------------- Rural Homeownership Fund - 2nd Offering --------------------------------------------------------------------- Member Institution Amount of Subsidy --------------------------------------------------------------------- Northern National Bank, Baxter $25,000.00 --------------------------------------------------------------------- First Federal Savings Bank, Baxter $25,000.00 --------------------------------------------------------------------- North American State Bank, Belgrade $25,000.00 --------------------------------------------------------------------- Security Bank USA, Bemidji $25,000.00 --------------------------------------------------------------------- Bremer Bank, National Association, Brainerd $25,000.00 --------------------------------------------------------------------- Bonanza Valley State Bank, Brooten $25,000.00 --------------------------------------------------------------------- Peoples Bank of Commerce, Cambridge $25,000.00 --------------------------------------------------------------------- First National Bank of Deer River, Deer River $25,000.00 --------------------------------------------------------------------- State Bank of Easton, Easton $5,000.00 --------------------------------------------------------------------- The First National Bank of Fairfax, Fairfax $5,000.00 --------------------------------------------------------------------- Northview Bank, Finlayson $25,000.00 --------------------------------------------------------------------- Security State Bank of Hibbing, Hibbing $25,000.00 --------------------------------------------------------------------- Citizens State Bank of Kelliher, Kelliher $25,000.00 --------------------------------------------------------------------- Farmers State Bank of Madelia, Inc., Madelia $25,000.00 --------------------------------------------------------------------- First National Bank in Mahnomen $25,000.00 --------------------------------------------------------------------- First National Bank of Moose Lake, Moose Lake $25,000.00 --------------------------------------------------------------------- Lake Region Bank, New London $25,000.00 --------------------------------------------------------------------- State Bank of New Prague, New Prague $25,000.00 --------------------------------------------------------------------- Citizens Bank Minnesota, New Ulm $25,000.00 --------------------------------------------------------------------- Northwoods Bank of Minnesota, Park Rapids $25,000.00 --------------------------------------------------------------------- United Community Bank, Perham $10,000.00 --------------------------------------------------------------------- Eastwood Bank, Rochester $25,000.00 --------------------------------------------------------------------- Citizens State Bank of Waverly, Inc., Waverly $25,000.00 --------------------------------------------------------------------- Worthington Federal Savings Bank, FSB, Worthington $25,000.00 Urban Homeownership Fund --------------------------------------------------------------------- Member Institution Amount of Subsidy --------------------------------------------------------------------- North Shore Bank of Commerce, Duluth $50,000.00 --------------------------------------------------------------------- Wells Fargo Bank, National Association, Minneapolis $50,000.00 --------------------------------------------------------------------- Bremer Bank, National Association, Moorhead $50,000.00 --------------------------------------------------------------------- State Bank of New Prague, New Prague $50,000.00 --------------------------------------------------------------------- Eastwood Bank, Rochester $50,000.00 --------------------------------------------------------------------- Bremer Bank, National Association, South St. Paul $45,000.00 --------------------------------------------------------------------- Bremer Bank, National Association, St. Cloud $50,000.00 --------------------------------------------------------------------- St. Paul Federal Credit Union, St. Paul $50,000.00 --------------------------------------------------------------------- St. Paul Postal Employees Credit Union, Woodbury $50,000.00 --------------------------------------------------------------------- Urban First-Time Homebuyer Fund --------------------------------------------------------------------- Member Institution Amount of Subsidy --------------------------------------------------------------------- First Federal Savings Bank, Baxter $50,000.00 --------------------------------------------------------------------- Peoples Bank of Commerce, Cambridge $50,000.00 --------------------------------------------------------------------- North Shore Bank of Commerce, Duluth $50,000.00 --------------------------------------------------------------------- Wells Fargo Bank, National Association, Minneapolis $50,000.00 --------------------------------------------------------------------- Bremer Bank, National Association, Moorhead $50,000.00 --------------------------------------------------------------------- Eastwood Bank, Rochester $50,000.00 --------------------------------------------------------------------- Bank West, Rockford $50,000.00 --------------------------------------------------------------------- Bremer Bank, National Association, South St. Paul $50,000.00 --------------------------------------------------------------------- Bremer Bank, National Association, St. Cloud $50,000.00 --------------------------------------------------------------------- St. Paul Federal Credit Union, St. Paul $50,000.00 --------------------------------------------------------------------- St. Paul Postal Employees Credit Union, Woodbury $50,000.00 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