Tri Counties Bank and FHLBank Join Forces
Tri Counties Bank, a notable financial institution, has collaborated with the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) to make a significant impact in promoting Black homeownership. Together, they have pledged a total of $200,000 aimed at fostering equity in home ownership.
Supporting Black Homeownership Initiatives
This powerful partnership stems from a commitment to ongoing initiatives that address disparities in homeownership rates among Black communities. The FHLBank San Francisco initiated the matching grant program back in 2022. This program was designed to tackle racial inequality in homeownership by closing the wealth gaps that have historically disadvantaged these communities.
The Matching Grant Program
Through this program, Tri Counties Bank, as a member institution, is entitled to request matching grants that equal the dollar amounts they contribute, with a maximum of $125,000 for contributions made to approved housing counseling agencies. This gives additional support to organizations that guide prospective homebuyers toward achieving their dreams of homeownership.
Impact on Local Organizations
In a commendable act of generosity, FHLBank San Francisco chose to award Tri Counties Bank a three-to-one matching grant for this year, which resulted in two sizeable donations of $100,000 each. These funds were directed towards the Greater Sacramento Urban League (GSUL) and Self-Help Enterprises (SHE). These agencies do extraordinary work in promoting housing solutions and providing essential counseling services for members of their communities.
Voices from Community Leaders
“These funds will help ensure the continuation of our HUD-approved Housing Counseling Program, which we offer to the Greater Sacramento Community at no cost,” stated Dwayne Crenshaw, J.D., President and CEO of GSUL. He emphasized that their program restores hope and assists families with crucial services, including assistance for first-time homebuyers and foreclosure prevention strategies.
Tom Collishaw, President and CEO of SHE, also expressed gratitude for the support. “The San Joaquin Valley has among the highest poverty rates in California, and this grant will help enhance our Mutual Self-Help Housing Program to offer more comprehensive homebuying opportunities,” he said. This demonstrates a clear commitment to addressing the economic challenges in the region.
About Tri Counties Bank
Founded in 1975, Tri Counties Bank is a proud subsidiary of TriCo Bancshares (NASDAQ: TCBK), which boasts an impressive asset portfolio nearing $10 billion. With nearly fifty years of service excellence, Tri Counties Bank focuses on delivering high-quality banking solutions while ensuring financial resources are accessible and beneficial to individuals and businesses across California. Their dedication extends to a range of personal and commercial banking services, bolstered by a robust branch network and cutting-edge mobile banking technology.
Tri Counties Bank actively participates in initiatives such as the Cities for Financial Empowerment (CFE) Fund’s BankOn program, designed to provide communities safe and affordable financial services.
About FHLBank San Francisco
The Federal Home Loan Bank of San Francisco operates as a member-driven cooperative. It plays a crucial role in assisting local lenders across Arizona, California, and Nevada in strengthening communities. By equipping member institutions with necessary tools and resources, FHLBank not only promotes homeownership but also facilitates access to quality housing opportunities, ultimately leading to enhanced economic development and community resilience.
Frequently Asked Questions
What was the total donation made by Tri Counties Bank and FHLBank?
The total donation made by Tri Counties Bank in conjunction with FHLBank San Francisco amounts to $200,000, aimed at promoting Black homeownership initiatives.
What is the purpose of the matching grant program?
The matching grant program, launched by FHLBank San Francisco, aims to advance racial equity in homeownership and close the wealth gaps associated with homeownership among Black communities.
Which organizations received donations from this initiative?
This year, the Greater Sacramento Urban League (GSUL) and Self-Help Enterprises (SHE) each received donations of $100,000 as part of the initiative to support Black homeownership.
How can these funds impact local communities?
The funds will help organizations like GSUL and SHE enhance their housing programs, offering essential counseling and education services to families seeking to buy homes.
Where can I learn more about Tri Counties Bank?
To discover more about their services and community involvement, you can visit TriCountiesBank.com, which highlights their commitment to providing quality financial solutions.
