TUPELO, Miss., Nov. 3, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and BancorpSouth awarded a $7,000 Homebuyer Equity Leverage Partnership (HELP) grant to Vance Slagle, a first-time homebuyer in Tupelo, Mississippi.

Mr. Slagle is a high school math teacher and has lived in Tupelo for 10 years. He and his wife, Kathryn, have seven children, and previously lived in campus housing as house parents. Mr. Slagle said he needed a home big enough for his family, and heard about the FHLB Dallas HELP grants through a co-worker. Mr. Slagle already banked at BancorpSouth, so he said the grant process was very easy and efficient.

"I have a very large family, and we needed a home that could accommodate us," said Mr. Slagle. "Our house isn't big per say, but it is just big enough, and since I qualified for the HELP grant and a city tax credit, I was able to afford it. There would be no way I could have purchased the home without some assistance."

The Slagles moved into their new home on September 1.

"BancorpSouth appreciates the opportunity to participate in FHLB Dallas's grant programs," said Christy Minton, Fair Lending Officer at BancorpSouth. "I count it as one of the biggest blessings in my job that we are able to assist first-time homebuyers through the HELP program. Helping those in our community is what being a community bank is all about."

In 2009, FHLB Dallas set aside $2 million of its annual Affordable Housing Program (AHP) funds for HELP to assist income-qualified, first-time homebuyers with down payment and closing costs. By September, HELP funds were exhausted so FHLB Dallas made available an additional $1.5 million outside of its AHP program for HELP II in an effort to continue assisting its members in supporting their communities. Each HELP and HELP II recipient is eligible to receive $5,000. The amount may be increased up to $7,000 if a member financial institution or another mortgage lender contributes at least $350 toward costs associated with providing the mortgage to the homeowner.

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 $67.3 billion as of September 30, 2009, 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 web site at fhlb.com.

The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013