TUPELO, Miss., June 9 /PRNewswire-FirstCall/ -- BancorpSouth,
Inc. (NYSE: BXS), a $13.2 billion
asset financial holding company, announced that BancorpSouth Bank,
a wholly owned subsidiary, has recently funded two projects in the
Shreveport area in conjunction
with the Federal Home Loan Bank of Dallas (FHLB Dallas) by awarding $4,610 in Special Needs Assistance Program (SNAP)
grants. SNAP is a rehabilitative program that provides grant
funds to assist income-qualified, special needs homeowners with
necessary home repairs and modifications.
BancorpSouth partnered with the Fuller Center for Housing of
Northwest Louisiana, a non-profit
organization already serving the special needs public. The Fuller
Center's mission is to eliminate substandard housing and lift up
the owner-occupied homes through much-needed, quality of life
rehabs in Northwest Louisiana.
"We like partnering with a non-profit organization for this type
of grant," said Tracey Graham of
Shreveport, BancorpSouth Assistant
Vice President. "The Fuller Center provides counseling and
other services that we might not be able to provide as a financial
institution. Together, we offer a complete package."
The two residents who received the SNAP grants are low-income,
below-the-poverty level, residents who do not have other resources
for making critical home repairs, said Lee
Jeter of Shreveport,
Executive Director of the Fuller Center for Housing of Northwest Louisiana.
"The homeowners are very appreciative of the work that we are
able to accomplish through the SNAP program," Jeter said.
In 2010, FHLB Dallas set aside $1.5
million for SNAP, a rehabilitation program available through
FHLB Dallas member institutions, like BancorpSouth, that provide
grant funds to assist income-qualified, special needs homeowners
with necessary home repairs and modifications. Each SNAP recipient
is eligible to receive up to $5,000.
If a participating member financial institution such as
BancorpSouth contributes at least $350 toward costs associated with the
rehabilitation, the homeowner is eligible to receive up to
$7,000 in grant funds.
Spotlighting the Two Residents Who Were Helped
Those receiving the SNAP grants were Janie Smith, 84 years old, of Shreveport and Lee
Morris of Bossier City, a
43-year old male on disability.
Smith's situation was critical. She has two sons, both
with special needs, who live with her. To make ends meet, Smith
still works odd jobs. This past winter Northwest Louisiana had an unusually cold
winter season. The only source of heating in her home was an old,
dilapidated and unsafe gas stove. Through the SNAP renovation
grant, Smith's home received a new heating unit, long-time termite
problems were eliminated and some rotted exterior wood was
replaced; her home's windows were weatherized; a dryer vent was
added to her dryer; and her front door steps were replaced with
hand rails added.
"This has been such a blessing for me. I asked them to do
whatever they could. We are so appreciative," Smith said.
Lee Morris, meanwhile, is a male
divorcee with a middle school-aged daughter who lives with him. The
commode, tub and faucet in his bathroom kept backing up; the
problem existed for over a year. He kept trying to fix it,
but his work seemed to make the problem even worse. His
daughter was spending time away from the house, going to her
grandmother's, because the bathroom conditions were unsanitary.
The SNAP grant took care of repairing his plumbing problems; his
home is now sanitary and his daughter has been reunited with her
father.
"I'm so glad to have my daughter back home with me and have a
working bathroom. It has increased our quality of life,"
Morris said.
"This is grassroots help, assisting those who otherwise could
not help themselves," Jeter said.
Jeter said BancorpSouth is the Fuller Center's bank and he was
unaware of the SNAP grants until his banker told him.
"BancorpSouth has become an extension of us and us of them.
It's a wonderful partnership, a perfect match and it is all
about helping others. It's just the right thing to do," Jeter
concluded.
About BancorpSouth
BancorpSouth, Inc. is a financial holding company headquartered
in Tupelo, Mississippi, with
approximately $13.2 billion in
assets. BancorpSouth Bank, a wholly-owned subsidiary of
BancorpSouth, Inc., operates approximately 314 commercial banking,
mortgage, insurance, trust and broker/dealer locations in
Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas. BancorpSouth Bank also operates
an insurance location in Illinois.
BancorpSouth's common stock is traded on the New York Stock
Exchange under the symbol BXS.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the
FHLBank System created by Congress in 1932. FHLB Dallas, with
total assets of $58.7 billion as of
March 31, 2010, is a member-owned
cooperative that supports housing and community development by
providing competitively priced advances and other credit products
to more than 900 members and associated institutions in
Arkansas, Louisiana, Mississippi, New
Mexico, and Texas. For more information, visit the
FHLB Dallas web site at fhlb.com.
For more information about FHLB Dallas programs, please contact
the Corporate Communications Department at 214.441.8445.
SOURCE BancorpSouth, Inc.