updated 11/2/2010 3:45:22 AM ET 2010-11-02T07:45:22

FORT WORTH, Texas, Nov. 1, 2010 (GLOBE NEWSWIRE) -- OmniAmerican Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded a $20,000 Partnership Grant Program award to Southeast Fort Worth, Inc., a Fort Worth-based economic development organization, to support efforts to revitalize Southeast Fort Worth neighborhoods. The check was presented during an event on Friday, October 29, at OmniAmerican Bank's headquarters at 1320 S. University Drive in Fort Worth, Texas.

A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8252

"As a community bank, OmniAmerican is committed to serving, supporting and improving the neighborhoods in which we operate," said Tim Carter, president and CEO of OmniAmerican Bank. "We have seen the impact Southeast Fort Worth, Inc. has on the community through the increasing number of business and affordable housing opportunities, and are proud to partner with FHLB Dallas to provide this award to support these revitalization efforts."

The grant to Southeast Fort Worth, Inc. is OmniAmerican Bank's first Partnership Grant Program award. Partnership Grants are offered through FHLB Dallas member institutions, such as OmniAmerican Bank, on a first-come, first-served basis. FHLB Dallas matches member's cash contributions to a community-based organization of $500 up to $5,000 at a 3-1 ratio. The grants provide funding for the operational needs of community-based organizations involved in affordable housing and community development.

"By leveraging FHLB Dallas Partnership Grant Program funds, our member institutions are able to maximize their contributions to community-based organizations," said Greg Hettrick, FHLB Dallas vice president and director of community investment. "Through our collaboration with OmniAmerican Bank, Southeast Fort Worth, Inc. will have more funds available to further awareness of its programs, and continue to foster partnerships within the community."

This year, FHLB Dallas awarded $225,000 to support 18 community-based organizations within its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas.

"The grant funds will assist us in creating the information tools we need to market our programs, not only to those who live in Southeast Fort Worth, but also to investors and developers that can bring sustainable development into the community," said Southeast Fort Worth, Inc. Executive Director Andre McEwing. "We are working continuously with developers on the types of retail commercial development that will thrive in this area, and to ensure that developers are linked into the community."

Kee Song, who has operated Men's Collection in Southeast Fort Worth since 1981, has seen first-hand the impact Southeast Fort Worth, Inc.'s support can have in revitalizing businesses. Southeast Fort Worth, Inc. assisted Song in locating a 15,000-square-foot, tax-foreclosed building located in a Tax Increment Financing District of southeast Fort Worth, which Song was able to purchase with the help of financing from OmniAmerican Bank. The deal took him from leasing to owning a newly renovated property.

"I don't have to pay rent anymore. I'm really excited to be a property owner and I really appreciate the help from Southeast Fort Worth, Inc.," Song said. "It's good for the city, it's good for the community and it's good for me," he said. "Everyone wins with this project."

Al Piper, president of Historic Southside Neighborhood Association, also benefited from Southeast Fort Worth, Inc.'s Neighborhood Housing Revitalization Program. The program provides funds for improvements to home exteriors. The funds provided a new paint job and landscaping to Piper's 1920s home.

"The cosmetic work has given my home a very historic, classic look. The work that has been done has really enhanced the look of the homes in our community," Piper said. "Quite frankly, in these tough economic times, I could not have afforded to have the work done on my own."        

About Southeast Fort Worth, Inc.  

Southeast Fort Worth, Inc. facilitates and creates economic development opportunities in southeast Fort Worth in collaboration with various community stakeholders, government agencies, and private developers. In the past year, the organization has supported revitalization projects such as an exterior home renovation project, establishment of an employment placement program and the renovation of a tax foreclosed property into an apparel store. In addition to supporting existing business owners in the area, the organization has attracted several new companies to southeast Fort Worth, worked with City of Fort Worth council representatives and Housing and Economic Development department to attract homebuilders to provide new, affordable homes and support upgrades to city services such as the library, community center and a new fire station. For more information, visit southeastfw.com .

About OmniAmerican Bank

OmniAmerican Bank is a full-service financial institution headquartered in Fort Worth, Texas and is a subsidiary of OmniAmerican Bancorp, which is traded on the NASDAQ Global Market under the symbol "OABC." The bank operates 16 full-service branches in the Dallas/Fort Worth Metroplex and offers a full array of consumer products and services plus business/commercial services, mortgages and retirement planning.  Founded over 50 years ago, OmniAmerican has grown to manage assets over $1.3 billion, providing the highest level of personal service.  Electronic banking and additional information are available at OmniAmerican.com .

About the Federal Home Loan Bank of Dallas

The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932.  FHLB Dallas, with total assets of $51.6 billion as of September 30, 2010, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas.  For more information, visit the FHLB Dallas web site at fhlb.com.

The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013

The photo is also available via AP PhotoExpress.

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