Archives for July 2014

CEDA One of Six Finalists for $15,000

F&M Community Bank, Community and Economic Development Associates to Compete for $15,000 Strong Communities Award

(Chatfield, Minnesota) – The Federal Home Loan Bank of Des Moines (FHLB Des Moines) is excited to announce that F&M Community Bank and Community and Economic Development Associates have been selected as one of six Strong Communities Award finalists vying for the opportunity to receive $15,000.

FHLB Des Moines challenges communities to rally behind their community’s project during a public vote from July 21-August 1 on Strengthening Communities Together™ at www.fhlbforcommunity.com. The finalist receiving the most votes will be awarded a $15,000 stipend to support small business and economic development growth in their community.

FHLB Des Moines member F&M Community Bank teamed up with Community and Economic Development Associates to retain and expand on an industrial project in Chatfield, Minnesota. F&M Community Bank, Community and Economic Development Associates and other community partners prevented one of the community’s largest industrial employers, EZ Fabricating, from relocating operations by financing construction and public improvement costs.

The retention of EZ Fabricating has created new full-time jobs, grown the tax base and helped create a revolving loan fund for future projects.

The Strong Communities Award honors the projects, the people and the programs that promote small business growth and retention in their communities.

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The Federal Home Loan Bank of Des Moines is a wholesale cooperative bank that provides low-cost short and long-term funding and community lending to more than 1,200 members, including commercial banks, saving institutions, credit unions and insurance companies. The Bank is wholly owned by its members and receives no taxpayer funding. The Des Moines Bank serves Iowa, Minnesota, Missouri, North Dakota and South Dakota and is one of twelve regional Banks that make up the Federal Home Loan Bank System.

Read the full Strong Communities Award Press Release.