"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.
Everywhere
The 12 Federal Home Loan Banks have succeeded in their mission to serve every corner of the country—providing funds to members while never incurring a credit loss in their eight decades of existence.
As a Regional system across the country, the Federal Home Loan Banks have played a vital role in keeping credit flowing to banks and communities during the current financial crisis. According to the American Bankers Association, “this privately-capitalized, cooperative system was first to respond to the credit crisis. They have executed their mission remarkably well while nearly all other sources of short- and mid-term liquidity dried up.”
The Federal Home Loan Banks strengthen the housing market in all 50 states and help to build strength and create jobs in every American community.
Community
Our focus on community means we support housing, jobs and economic development where it counts.
© , Council of Federal Home Loan Banks