Eugene, OR, April 11, 2024 – Summit Bank, in partnership with Federal Home Loan Bank of Des Moines (FHLB Des Moines), is pleased to announce that DevNW will receive a $20,000 grant from the FHLB Des Moines Member Impact Fund. This matching grant program, introduced in 2023, will provide nearly $20 million to eligible organizations to strengthen communities in targeted areas of FHLB Des Moines’ district. In 2024, FHLB Des Moines increased the Member Impact Fund by $10 million.
The application was put together by Vice President and Business Client Advisor Chloe Chapman. “In my role as a Business Client Advisor, I am enthusiastic about our ongoing partnership with DevNW,” she said. “The impact award fund provided by FHLB Des Moines presents a remarkable opportunity for us to continue supporting DevNW’s vital affordable housing and economic empowerment initiatives. We are committed to leveraging this fund to its fullest potential, driving meaningful change within our communities. Together, we strive to make a tangible, positive impact for our community’s most vulnerable members.”
Summit Bank has been a proud supporter of DevNW since they opened a relationship with Summit Bank in 2020. Together, the team has dedicated a lot of time and resources to affordable housing and community development initiatives around Lane County and in greater Oregon.
Nora Cronin, Director of Real Estate Development for DevNW, said that these funds will have major impact. “Homeownership is the single most effective way to build assets and support generational wealth building. Yet too many hardworking Oregonians are priced out of the market and unable to achieve the dream of owning a home. With the support of Summit Bank and the Federal Home Loan Bank Member Impact Fund, DevNW is developing homes using the Community Land Trust model, supporting affordability for families living with low incomes while guaranteeing the homes will be a long-term community asset.”
FHLB Des Moines provides funding solutions and liquidity to more than 1,200 members to support their communities’ mortgage lending, economic development, and affordable housing. The Member Impact Fund delivers $3 for every $1 of an eligible FHLB Des Moines member’s grant donation to strengthen the ability of not-for-profits or government entities to serve their communities’ affordable housing or community development needs. The Member Impact Fund awards are given in partnership with member financial institutions to communities in their districts to become more vibrant places to live and work.
The Member Impact Fund is part of FHLB Des Moines’ ongoing mission to offer various funding options through its members to support affordable housing and community development needs. Kris Williams, President and CEO of FHLB Des Moines, shares, “We are thrilled to see grants from our Member Impact Fund having a direct, positive impact on the communities in which our members help advance affordable housing and community development needs in a meaningful way.”
The Member Impact Fund matching program is available to organizations in Hawaii, Montana, North Dakota, Oregon, Guam, American Samoa, and the Northern Mariana Islands. Member institutions in these locations submitted applications in February and March 2024; funds were distributed directly to the member institution, which then provided the funding alongside a matching grant from FHLB Des Moines for the partner/recipient organization.
Recipient organizations were selected based on the need for grant funding to support capacity-building or working capital necessary to strengthen their ability to serve affordable housing or community development needs, including training, predevelopment assistance, management information systems or software, strategic planning, market study or community needs assessment, and working capital.
About the Company
Summit Bank Group Inc., through its wholly owned subsidiary Summit Bank, maintains offices in Eugene, Bend, and Portland and specializes in providing high-level service to professionals, non-profit organizations, and medium-sized businesses and their owners. The Bank was voted for the third year in a row as one of Oregon’s “Top 100 Companies to Work For,” according to Oregon Business Magazine. The Bank was voted in 2023 as “Favorite Bank” in the Eugene Register-Guard’s annual Reader’s Choice Awards and “Best Bank” by Central Oregon’s Bend Bulletin. Summit Bank Group Inc. is quoted on the OTCPK as SBKO.
For more information, contact Jenny Bennett, Market President Eugene/Springfield [email protected]