The Federal Home Loan Bank of Des Moines (FHLB Des Moines) announced that First National Bank of Rapid City has been selected as one of seven competing for $15,000 to use to further promote economic development opportunities in their community.
First National Bank, a FHLB Des Moines member financial institution, has partnered with Lakota Funds to apply for the Strong Communities Award, which honors the projects, people, and programs that promote local small business growth and retention. The winners of the award will be determined through a public vote.
First National Bank has collaborated with the Lakota Funds’ Eagle Nest Homeownership Conversion Project to support homeownership and economic development for tribal members on the Pine Ridge Reservation in South Dakota. The project will provide up to 30 homeownership units for tribal members in a community with limited housing options and low homeownership rates. First National Bank is partnering to offer subsidies to qualifying families, as well as providing valuable education about the mortgage lending process.
“We are excited to announce the First National Bank of Rapid City as a finalist for our Strong Communities Award,” said Mike Wilson, president and CEO, FHLB Des Moines. “First National Bank’s homeownership project demonstrated a strong commitment to their community, and we wish them the best of luck as we enter the public voting period.”
“Partnering with Lakota Funds on their Eagle Nest Homeownership Conversion Project has been extremely rewarding for our team,” commented Thomas Lessin, Branch President, First National Bank of Rapid City. “This project is doing phenomenal work to increase homeownership and foster economic development in the Pine Ridge community, and we are honored to be able to support this effort.”
The public will have the opportunity to vote for finalists from Sept. 10 – Sept. 14, 2018. FHLB Des Moines challenges communities to rally behind their project by visiting the Strong Communities Award homepage at www.fhlbdm.com/award. The voting will serve as a component of the selection process to choose the winners. Winners will be awarded $15,000 each, and runner-ups will be awarded $3,000 each.