ALBUQUERQUE, N.M, Dec. 1, 2011 (GLOBE NEWSWIRE) -- Officials gathered Wednesday to award the New Mexico Project for Financial Literacy, Inc. (NMPFL) $12,304 in Partnership Grant Program (PGP) funds.
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The organization will use the funds to expand its work with senior citizens.
"We're doing more work with seniors through local senior centers, including more one-on-one coaching and counseling, and we're covering a broad spectrum of topics with them from identity theft, frauds and scams, to debt and credit, and a lot of related financial topics," said Vicki Van Horn, executive director of NMPFL.
NMPFL is a nonprofit organization that provides quality financial education in New Mexico. The organization works with businesses, state agencies, and nonprofit organizations to deliver financial education and financial life skills to the citizens and residents of New Mexico, including financial information related to homebuyers.
"Our services are absolutely in conjunction with home purchasing," Ms. Van Horn said. "More and more seniors are entering retirement years with mortgages and actually looking at reverse mortgages. Our grandparents normally went into retirement with paid off homes, and that is not necessarily true for baby boomers who are now entering retirement."
PGP grants are awarded through FHLB Dallas member institutions, such as Wells Fargo 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. FHLB Dallas awarded $225,000 in PGP grants this year.
New Mexico State Representative Tim Lewis, R-Rio Rancho, believes the funds will be put to good use.
"I greatly appreciate Wells Fargo and the Federal Home Loan Bank of Dallas for awarding this vitally needed grant money," said Representative Lewis. "As a past New Mexico high school financial literacy teacher and someone who knows the great need for our state and nation to become more financially literate, I fully support the efforts of the New Mexico Project for Financial Literacy."
The Albuquerque Mayor's office applauded the work that is being done by the organization.
"This collaboration between Wells Fargo Bank and the Federal Home Loan Bank of Dallas showcases our local financial literacy champions, who are continually working to provide our community members with the tools and techniques needed to make smart financial decisions," said Mayor Richard J. Berry. "The work NMPFL is doing to assist seniors, in particular, is commendable, and the City of Albuquerque is proud to have this resource available to our citizens."
Wells Fargo Bank has been a valued supporter of NMPFL's work in its communities.
"We know we are only as strong as the communities we serve and we are passionate about investing in our communities," said Lisa Riley, regional president for Wells Fargo New Mexico. "This program showcases our commitment to financial literacy and education, we are proud to partner with the New Mexico Project for Financial Literacy and thrilled that the FHLB of Dallas has matched our investment."
Ms. Van Horn said the PGP grant will be a great resource for the organization this year, as economic times have resulted in many corporations reducing their corporate giving.
"Everyone is watching their pennies and we understand that," Ms. Van Horn said. "We don't waste a penny that we receive through grants and donations. We are happy to partner in this grant and can reflect the mission of both Wells Fargo and FHLB Dallas through our work."
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.
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About Wells Fargo Bank
In New Mexico, Wells Fargo is the largest bank by deposits and has nearly 1,800 team members and 96 stores. Wells Fargo & Company (NYSE:WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With approximately 275,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune's 2011 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.
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