"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.
Cooperative
As cooperatives, the Federal Home Loan Banks don’t have the pressure for high returns that they might otherwise have if their stocks were publicly traded. The returns they do make go directly to replenishing their ability to keep a reliable supply of low-cost funds flowing to communities through local banks.
Being a cooperative allows the Federal Home Loan Banks to maintain prudent credit risk standards throughout all business cycles.
The Government Accountability Office has noted that the Federal Home Loan Banks’ capital structure “gives investors confidence in the system.”
Community
Our focus on community means we support housing, jobs and economic development where it counts.
© , Council of Federal Home Loan Banks