FSB and FHLB Award Grant to Phillco Economic Development Growth Council

The First State Bank of Malta, a member of the Federal Home Loan Bank of Des Moines (FHLB Des Moines), along with Phillco Economic Development Growth Council were chosen to receive a competitive Member Impact Fund grant for $10,000.00 to help expand the prosperity and economic resilience of Phillips County.

"Since 1986, The First State Bank of Malta has been an active supporter of Phillco, attending community meetings, serving on the board of directors, and Executive board." Says bank representative, Michael Peter. "One of the largest indicators of a prosperous community is economic diversity and Phillco is a key player in developing diverse entrepreneurs and industries in Phillips County."

Phillco Economic Growth Council is a citizen-driven nonprofit that has been serving the region since 1986. Phillco's mission is to assist in improving the economic stability and standard of living for area residents. Phillco accomplishes this through providing technical assistance, grant writing and management, being a community facilitator, and strategic partnerships.

"Phillco would like to thank First State Bank for taking the initiative to apply for this grant and contribute the matching funds." Says Phillco President, Jackie Sorlie. "We appreciate the opportunity to use these funds for the benefit of Phillips County. We are in the midst of several projects, with a few on the horizon. These funds will be impactful in our community."

FHLB Des Moines' competitive AHP encourages collaboration between member financial institutions and housing organizations to create affordable housing solutions for families in need. Since its inception in 1990, FHLB Des Moines and its members have helped facilitate approximately $735 million in funding to benefit more than 92,000 families through new construction and rehabilitation of owner-occupied or rental housing.

FHLB Des Moines returns 10 percent of its net income annually to assist with housing and community development needs throughout its district, consisting of 13 states and three U.S. Pacific territories. This year, 60 projects totaling more than $46 million were awarded through the AHP. Five million dollars of the $46 million were voluntarily contributed.

Additionally, FHLB Des Moines voluntarily donated another $20 million in 2023 to community development in targeted areas of its district.

"For more than 90 years, FHLB Des Moines has invested in helping communities grow and prosper. We are proud to partner with our member financial institutions to fulfill that commitment," said Kris Williams, President and CEO, FHLB Des Moines. "We are also happy to say that in 2023, we gave $25 million in an addition to 10 percent of our earnings back to our members to invest in their communities and the people they serve. Thanks to the vision and dedication of our members and local housing sponsors, we are able to have a direct and positive impact."