[Press Release] CorTrust Bank Partners with Federal Home Loan Bank of Des Moines to Award $180,000 to 17 Causes in Minnesota
Community Banking Press ReleaseCorTrust Bank, in partnership with Federal Home Loan Bank of Des Moines (FHLB Des Moines), is pleased to announce that 17 causes in Minnesota will receive grants from the Member Impact Fund, totaling $180,000. This matching grant program will result in FHLB Des Moines awarding $20 million in funding to support affordable housing and community development in Minnesota.
“CorTrust Bank is proud to partner with FHLB Des Moines to contribute funds towards causes that are a driving force of positive change in our local communities. We are thrilled to be working with them to ensure affordable housing and community development initiatives in Minnesota continue to thrive,” said Dean Suchy, Minnesota Market President at CorTrust Bank.
Grant Recipients
The 17 causes receiving grants include: Alexandra House, Central Minnesota Jobs and Training Services, City of Glencoe, City of Mayer, Community Neighborhood Housing Services, Crow River Habitat for Humanity, Delano Area Sports Arena, Food for Kidz, Functional Industries, Hmong American Partnership, Hope 4 Youth, Intercongregation Communities Association, La Raza, Legacy Family Center, Open Cupboard, VEAP, and Western Communities Action Network.
“The Member Impact Fund continues to be a powerful resource in supporting our members as they expand access to affordable housing and drive community development. It’s inspiring to see the partnerships centered around improving local communities in such a variety of ways.”
— Kris Williams, president and CEO of FHLB Des Moines
FHLB Des Moines provides funding solutions to more than 1,200 members to support mortgage lending, economic development and affordable housing in the communities they serve. The Member Impact Fund provides FHLB Des Moines members up to $3 for every $1 in matching grant donations to strengthen the ability of not-for-profits or government entities to support the needs of their communities.
Recipient organizations were selected based on the needs for grant funding to support capacity-building or working capital necessary to strengthen their ability to serve affordable housing or community development needs including job training, affordable housing, financial literacy, food banks and youth programs.
This member matching grant program is part of FHLB Des Moines’ ongoing mission to offer a variety of funding options through its members.
Since its founding in 2023, the Member Impact Fund has supported affordable housing and community development with nearly $70 million in grants awarded by FHLB Des Moines. Member institutions apply and receive Member Impact Fund matching grants to be distributed to eligible organizations alongside their own grant contribution.
About CorTrust Bank
Since 1930, CorTrust Bank has been serving the needs of individuals and businesses throughout 16 South Dakota communities, and 15 Minnesota communities, with 37 branch locations. What started as a small operation serving the needs of local farming families in Artesian, SD, has today grown into a fourth-generation family-owned community bank with $1.53 billion in assets, and $167 million in equity and reserves. CorTrust Bank – raise your expectations.
About The Federal Home Loan Bank of Des Moines
The Federal Home Loan Bank of Des Moines is deeply committed to strengthening communities, serving 13 states and three U.S Pacific territories as a member-owned cooperative. We work together with over 1,200 member institutions to support affordable housing, economic development and community improvement.
FHLB Des Moines is one of 11 regional Banks that make up the Federal Home Loan Bank System. Members include community and commercial banks, credit unions, insurance companies, thrifts and community development financial institutions. FHLB Des Moines is wholly owned by its members and receives no taxpayer funding. For additional information about FHLB Des Moines, please visit www.fhlbdm.com.