"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.
Community
In these challenging times, the Federal Home Loan Banks continue to fulfill their role as reliable suppliers of credit to their 8,100 member banks throughout the United States. Working with local banks, the System helps provide communities with funding, keeping the credit crisis from becoming an insolvency crisis.
As policymakers grapple with the turmoil in the financial markets, the economic health of U.S. communities is a top priority. That’s where we as a nation will create jobs and strengthen our housing markets.
The Federal Home Loan Banks focus on every community in America and are important partners in the nation’s economic recovery.
Community
Our focus on community means we support housing, jobs and economic development where it counts.
© , Council of Federal Home Loan Banks