"The floods of 2008 devastated our community with some parts of Cedar Rapids considered unrecoverable. Our bank is only as strong as the community it serves and that makes us committed to rebuilding the community and getting businesses thriving again."
Gary M. Becker, Senior Vice President,
Cedar Rapids Bank and Trust
Cedar Rapids Bank and Trust
Cedar Rapids, Iowa, was among the locations most significantly impacted by the catastrophic floods along the Cedar River in the summer of 2008. Since the flood, Federal Home Loan Bank of Des Moines (FHLB) member, Cedar Rapids Bank & Trust, is helping many flood-affected individuals and businesses recover by providing financing for repair or reconstruction.
To support this effort, Cedar Rapids Bank & Trust secured $3.2 million through FHLB’s Investment Advance Program. These funds have been used to provide low rate loans, which have been primarily used by downtown businesses and building owners as they work to reopen their doors. Together, banks and communities are showing that dedication and solidarity can help overcome any disaster.
History
Created by Congress, the Federal Home Loan Banks have been the largest source of funding for mortgage lending for nearly eight decades. The Federal Home Loan Banks are twelve regional cooperative banks that lending institutions use to finance housing and economic development in local communities.
Federal Home Loan Banks are regionally focused and controlled. This structure allows each Federal Home Loan Bank to manage and be responsive to the customer relationships it has within its district, while the twelve Federal Home Loan Banks use their combined size and strength to obtain funding at the lowest possible cost for their members.
The Federal Home Loan Banks are a unique financial entity. Although only financial institutions can belong to a Federal Home Loan Bank, people everywhere benefit from them. Their cooperative nature means that their focus is on providing services to their members at the best price. Their regional distribution enables them to focus on the distinct needs of individual communities.
© , Council of Federal Home Loan Banks