From Illinois Business Journal news services
First Bank has received a U.S. Department of Treasury award that will be used to help economically distressed communities.
First Bank has received $265,496 Bank Enterprise Award from the U.S. Department of Treasury‘s Community Development Financial Institutions Fund.
“We are honored to receive this grant in recognition of our ongoing commitment to improving communities throughout our bank network,” said Susan Montoya, senior vice president and Corporate Reinvestment Act officer for First Bank. “We are particularly pleased to be one of only 59 banks nationwide to receive the maximum amount and are eager to reinvest these dollars back into locally distressed communities.”
The U.S Department of Treasury selected 83 FDIC-insured institutions in 2015 to receive BEA Program awards totaling $18.1 million. The average award was $218,452.
The 2015 BEA Program award recipients were selected after a review of 103 applications received by the CDFI Fund from FDIC-insured depository institutions across the nation that requested more than $177 million in funding under the 2015 round.
The award, presented to banks for increasing the investment it makes in community development activities, will be used to provide critically needed financial products and services to people and communities that are economically disadvantaged.
First Bank (firstbanks.com) is one of the largest privately owned banks in the country with $6.05 billion in assets and 115 locations in Missouri, California and Illinois.