LUBBOCK, Texas, Dec. 16, 2010 (GLOBE NEWSWIRE) -- Representatives of American Bank of Commerce, American State Bank, Lubbock National Bank, and Security State Bank joined officials from the Federal Home Loan Bank of Dallas (FHLB Dallas) on Tuesday to present four Partnership Grant Program (PGP) awards, totaling $20,000, to the Coalition of Community Assistance Volunteers, Inc. (CCAV).
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CCAV was established in 2002 as a nonprofit organization that provides free income tax preparation and e-filing services to low-to moderate income individuals and families living in Lubbock and the surrounding areas. CCAV volunteers have prepared more than 18,000 tax returns in the past eight years, saving its clients approximately $2.7 million in tax preparation and e-filing fees, and enabling them to receive 100 percent of the refunds they are legally entitled to receive.
"CCAV is so appreciative to all of the banks that participated in the PGP for this opportunity," said Shari Flynn, CCAV administrator. "Being a young organization, the grants funds will significantly help us make ends meet so that we are able to raise awareness, do more outreach, and assist more people with their tax returns. Our local bankers have been so supportive of us, and not only provide financial assistance, but also donate their time and services as volunteers. We would not be where we are today without the overwhelming support of our local bankers and the community."
The grant funds will assist CCAV with operational costs and day-to-day expenses so that it may continue to grow and expand its services. This is the second time CCAV has received partnership grant funding from FHLB Dallas and participating member banks. The first grant was awarded in 2008.
Partnership grants are available through FHLB Dallas member institutions and awarded on a first-come, first-served basis. The grants provide funding for operational needs of community-based organizations (CBO) involved in affordable housing and community development. FHLB Dallas matches a member's cash contributions to a CBO of $500 up to $5,000 at a 3:1 ratio. Through its member institutions, FHLB Dallas awarded $225,000 in partnership grants in 2010.
Security State Bank and Lubbock National Bank each made a $1,500 contribution to CCAV, which qualified the organization for a $6,000 PGP grant from each bank.
"Security State Bank feels very fortunate to be involved with CCAV," said George Richardson, president of Security State Bank. "CCAV does great work for the Lubbock community and is a deserving candidate of the PGP grant. What makes this award so special, is the ability to leverage our contribution to CCAV through the generosity of grant funds provided by FHLB Dallas. The available grant funds greatly assist CCAV with their work in the community. So, we extend a big 'thank you' to FHLB Dallas for its continued support of the Lubbock community."
Randy Laycock, senior vice president at Lubbock National Bank, serves as a volunteer and on the Board of Directors for CCAV.
"The partnership grants are a great opportunity for Lubbock National Bank to show its support to CCAV and help low-income residents of the community maximize their tax refunds," said Mr. Laycock. "We really believe in this cause, and I am thankful Lubbock National Bank is able to support CCAV both financially and through its volunteers."
American State Bank and American Bank of Commerce each made a $1,000 contribution to CCAV, which qualified CCAV for a $4,000 PGP grant from each bank.
"CCAV definitely addresses an area of our community that is underserved," said Greg Jones, executive vice president at American State Bank. "American State Bank values its partnership with FHLB Dallas to offer the Partnership Grant Program, and this grant will help CCAV further its work in the Lubbock community."
Patricia Bryant, vice president and compliance manager at American Bank of Commerce, said CCAV is one of the most beneficial organizations available to the people living in Lubbock and surrounding areas.
"Our community has really come to depend on CCAV for tax preparation and e-filing services, as well as updates on regulation changes and educating people about the filing process," said Ms. Bryant. "CCAV plays an essential role by offering its services free to a broad spectrum of people, whether they are elderly, low-income, or disabled. By helping people get the most out of their refund, they are able to put more money back into the community."
Lubbock Mayor Tom Martin and State Representative John M. Frullo were in attendance at Tuesday's check presentation.
"Lubbock citizens are fortunate to have a tax-preparation program for low-income residents, and to have four outstanding local banks and the Federal Home Loan Bank of Dallas underwriting the program," said Mayor Martin. "This is another example of business and government working together for the benefit of our citizens."
Representative Frullo also expressed his excitement with the community cooperation and the grants awarded to CCAV.
"I am delighted to see CCAV receive $20,000 in partnership grants. The Federal Home Loan Bank of Dallas, in conjunction with American Bank of Commerce, American State Bank, Lubbock National Bank, and Security State Bank, have demonstrated a great collaborative effort to help meet some of the most pressing needs in our community," said Representative Frullo. "My hat is off to all the businesses and volunteers who make this organization happen."
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
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CONTACT: Federal Home Loan Bank of Dallas Corporate Communications (214) 441-8445 www.fhlb.com