HYDE-SMITH ANNOUNCES $8.0 MILLION TO BACK INVESTMENT IN RURAL & UNDERSERVED COMMUNITIES
Forty-Eight Miss. Financial Institutions Awarded Bank Enterprise Award Program Funding
WASHINGTON, D.C. – U.S. Senator Cindy Hyde-Smith (R-Miss.) today announced the award of more than $8.0 million that will allow 48 Mississippi banks, credit unions, and other financial institutions to back investments in economically-distressed areas.
The FY2021 Bank Enterprise Award Program (BEA Program) grants were approved through the U.S. Department of the Treasury Community Development Financial Institutions Fund (CDFI Fund).
“The BEA Program is well received by local banks and credit unions because it allows them to leverage their assets to invest in small businesses and start-ups, which gives them the ability to support job creation and retention in areas that most need it,” Hyde-Smith said.
Hyde-Smith, as ranking member of the Senate appropriations subcommittee with jurisdiction over the Treasury Department and the CDFI Fund, last year invited Bank of Anguilla CEO and President Andy Anderson to testify on the benefit of programs like the BEA.
The CDFI Fund provides BEA Program awards to FDIC-insured depository institutions committed to increasing their investments in CDFIs or in their own lending, investing, or service activities in the most distressed communities.
Last June, Anderson advocated for more BEA resources in his testimony, stating: “BEA has the strongest demand among the CDFI Fund programs and is far oversubscribed compared to other programs. In 2020, only $1 in BEA funding was available for every $5.68 in requests. Given the benefit generated by the BEA Program it is critical to increase funding… Through the financial benefits of the BEA Program, Bank of Anguilla is able to make commercial loans to small minority businesses and consumer loans to individuals that need financial help.”
The $8,054,00 million will be distributed as a $170,699 award to each of following institutions, with the exception of FNB Picayune Bank ($168,625) and Richton Bank and Trust Co. ($33,765):
Bank of Anguilla, Anguilla
Bank of Brookhaven, Brookhaven
Bank of Commerce, Greenwood
Bank of Franklin, Meadville
Bank of Holly Springs, Holly Springs
Bank of Kilmichael, Kilmichael
Bank of Okolona, Okolona
Bank of Winona, Winona
BankFirst Financial Services, Columbus
BankPlus, Belzoni,
BNA Bank, New Albany
Citizens Bank, Columbia
Citizens National Bank of Meridian
Commerce Bank, Corinth
Commercial Bank, DeKalb
Copiah Bank, Hazlehurst
Covington County Bank, Collins
Farmers and Merchants Bank, Baldwyn
First American National Bank, Iuka
First Bank, McComb
First Federal Savings and Loan Association, Pascagoula
First Security Bank, Batesville
First Southern Bank, Columbia
First State Bank, Waynesboro
FNB Oxford Bank, Oxford
FNB Picayune Bank, Picayune
Genesis Bank, Benoit
Great Southern Bank, Meridian
Guaranty Bank & Trust, Belzoni
County Bank, Lexington
Magnolia State Bank, Bay Springs
Mechanics Bank, Water Valley
Merchants & Marine Bank, Pascagoula
Merchants & Planters Bank, Raymond
Oxford University Bank, Oxford
Peoples Bank, Mendenhall
Pike National Bank, McComb
Planters Bank & Trust Company, Indianola
PriorityOne Bank, Magee
Richton Bank and Trust Company, Richton
RiverHills Bank, Vicksburg
Sycamore Bank, Senatobia
The Cleveland State Bank, Cleveland
The First, A National Banking Association, Hattiesburg
The Jefferson Bank, Greenville
The Peoples Bank, Ripley
United Mississippi Bank, Natchez
Unity Bank of Mississippi, Holly Springs
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