LITTLE ROCK, Ark. – Simmons Bank has been awarded the first Disaster Rebuilding Assistance Program grant through the Federal Home Loan Bank of Dallas, Texas (FHLB Dallas). The funds will go to a low-income Arkansas homeowner who was impacted by the severe storms, tornados and flooding that led to a federally declared disaster for the state in June 2017.
Simmons will work with Crawford-Sebastian Community Development Council, Inc. of Fort Smith, Arkansas to assist the homeowner.
“We value the communities where we operate and continually seek ways to be a good corporate citizen and community partner,” said Martie North, Simmons Bank senior vice president and Community Reinvestment Act director.
The Disaster Rebuilding Assistance Program, founded in 2018, was designed to direct $500,000 in grant funds toward the repair of owner-occupied housing in federally declared disaster areas within FHLB Dallas’s district. FHLB Dallas operates in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Aided properties must be a household’s primary residence and be located in an area designated for Individual Assistance by the Federal Emergency Management Agency.
The Disaster Rebuilding Assistance Program’s grant funds are distributed to member institutions on a first come-first serve basis until funds are exhausted or the member institution reaches a set cap.
FHLB Dallas is a part of the Federal Home Loan Bank System, created by an Act of Congress and signed into law by President Herbert Hoover on July 22, 1932, to provide capital for mortgage funding during the Great Depression. The system has 11 banks around the United States, serving as affordable, flexible sources of funding for some 7,000 financial institutions. FHLB Dallas is one of these 11 banks and serves approximately 825 members and associated institutions across its five-state district, providing financial products and services including advances (loans to members) and grant programs for affordable housing and economic development.
About Simmons Bank
Simmons Bank is an Arkansas state-chartered bank that began as a community bank in 1903. Through the decades, Simmons has developed a full suite of financial products and services designed to meet the needs of individual consumers and business customers alike. Simmons has grown steadily to approximately $16.2 billion in assets (as of June 30, 2018) and today operates approximately 200 branch locations throughout Arkansas, Colorado, Kansas, Missouri, Oklahoma, Tennessee and Texas. Simmons is the subsidiary bank for Simmons First National Corporation (NASDAQ: SFNC), a publicly traded bank holding company headquartered in Pine Bluff, Arkansas. For more information, visit http://www.simmonsbank.com/.
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