MAGNOLIA, Ark., May 24, 2010 (GLOBE NEWSWIRE) -- Nina Hamilton had exhausted all of her options in an effort to get the roof on her home replaced. Ms. Hamilton has lived in her home in Buckner, Arkansas for 12 years. After a severe thunderstorm brought wind, hail, and tornadoes through the area, Ms. Hamilton woke up the next morning to find a leak in her roof and damage to the ceiling and carpet.
Ms. Hamilton said she immediately called her insurance company, but because her roof was older and in poor condition before the storm, the insurance company refused to cover the costs to replace it. Ms. Hamilton said she was desperate for help. She had worked as a technician at AMFUEL for 26 years, but was forced to retire when she was diagnosed with multiple sclerosis. Now, she lives on a fixed income and could not afford make the repairs herself.
"I knew my roof was older, but when it started leaking, I didn't know what I was going to do," said Ms. Hamilton. "I can't work because of my physical condition, but I still have to pay my bills and medical expenses. At the end of the day, there isn't enough money left for things like a new roof."
Ms. Hamilton was referred to BancorpSouth in Magnolia, Arkansas, to learn more about the Special Needs Assistance Program (SNAP), a grant program offered by the Federal Home Loan Bank of Dallas (FHLB Dallas). SNAP is a rehabilitation program available through FHLB Dallas member institutions, such as BancorpSouth, that provides grant funds to assist income-qualified, special needs homeowners with necessary home repairs and modifications. In 2010, FHLB Dallas set aside $1.5 million in SNAP funds. Each SNAP recipient is eligible to receive up to $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 in grant funds.
Annette Pate, CRA Coordinator and Vice President at BancorpSouth, worked with Ms. Hamilton to help her obtain a $5,000 SNAP grant. Ms. Pate said she was just thrilled that she could help, and that SNAP funds are a great resource for qualified individuals who live on a limited income.
"The SNAP program is wonderful because it helps people that don't typically qualify for other types of grant funding," said Ms. Pate. "Roof repair is a necessity, not a cosmetic or energy efficient improvement. Ms. Hamilton was left with few other options and very limited resources. I am glad we were able to step in and provide her assistance."
Ms. Hamilton said she is very grateful to BancorpSouth and FHLB Dallas. She said her roof was replaced within a couple of weeks of applying for the grant. She also said the carpet and ceiling were repaired.
"I am so thankful from the bottom of my heart," said Ms. Hamilton. "The grant was the light at the end of the tunnel."
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 BancorpSouth
BancorpSouth Inc., with approximately $13.2 billion in assets, is based in Tupelo, Mississippi, and has been serving customers for more than 130 years. BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc., operates approximately 314 commercial banking, mortgage, insurance, trust, and broker/dealer locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas. BancorpSouth Bank also operates an insurance location in Illinois. In addition to providing traditional banking services, credit cards, mortgages, trust and fiduciary services, the company provides investment services through its subsidiary BancorpSouth Investment Services Inc. Its common stock is traded on the New York Stock Exchange under the symbol BXS.