Washington D.C., Aug. 31, 2017 (GLOBE NEWSWIRE) -- The Council of Federal Home Loan Banks (FHLBanks) today announced that the FHLBanks will donate $1 million toward immediate disaster relief efforts to support the people and communities affected by Hurricane Harvey.
“The 11 FHLBanks and their approximately 7,000 member financial institutions around the country are committed to supporting urgent and long-term recovery efforts for the thousands affected by the terrible disaster,” said Cindy Konich, FHLBank Indianapolis President and CEO and Chair of the FHLBank Presidents’ Conference.
The $1 million dollars will be allocated to American Red Cross: $250,000, Americares: $250,000, Direct Relief: $150,000, United Way of Greater Houston: $200,000, Houston Food Bank: $50,000, Food Bank of Corpus Christi: $50,000, Coastal Bend Community Foundation: $50,000.
In addition to the $1 million donation announced today, the FHLBank of Dallas, whose district includes the states most affected by Hurricane Harvey, will launch a multimillion-dollar program to address the immediate needs of its members and their communities across the Gulf Coast region stricken by the historic storm.
“The recovery for Houston and the Gulf Coast will be long. In the true spirit of a cooperative, our sister FHLBanks have rallied behind us and our members to support those recovery efforts,” said FHLBank of Dallas President and CEO Sanjay Bhasin. “In the coming days, FHLBank of Dallas will announce a seven million-dollar program to aid our members in the restoration of their communities, homes and businesses in the aftermath of this devastating storm, and we will continue to stand by our members as they rebuild.”
The FHLBanks are 11 regional cooperatives that are chartered by Congress and privately owned by U.S. financial institutions of all sizes and many types in every state and territory. The purpose of the FHLBanks is to be a reliable source of liquidity for their members to support housing finance and community investment. The steady flow of funds provided by the FHLBanks to local lenders and their communities creates jobs, supports economic growth and helps support more affordable rental housing and homeownership.
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