Bank of the Pacific Partners with Federal Home Loan Bank to Support Local Food Banks and Affordable Housing Initiatives through Impact Grants

/EIN News/ -- ABERDEEN, Wash., Nov. 18, 2024 (GLOBE NEWSWIRE) -- Bank of the Pacific is proud to announce its continued commitment to our communities by partnering with the Federal Home Loan Bank of Des Moines (FHLB) to award eight non-profit associations in Washington state grants through the FHLB Member Impact Fund. This matching grant program includes $2,500 per entity from Bank of the Pacific and a $7,500 matching grant from the FHLB for a combined total of $10,000 each to selected local food banks and affordable housing agencies in our communities. This initiative aims to address the growing needs for food security and affordable housing as part of the Bank’s ongoing efforts to support underserved populations.

Through the FHLB Impact Grant program, Bank of the Pacific has been able to contribute a combined $40,000 to Coastal Harvest, Thurston County Food Bank, Alternatives to Hunger, and Skagit Valley Neighbors in Need, ensuring that families in need can access essential food supplies during difficult times. Additionally, $40,000 has been donated to St. James Family Center, Homes First, Lydia Place, and Skagit Friendship House to support efforts to provide safe and affordable housing to individuals and families facing housing instability.

“We are honored to be able to work with FHLB on such a meaningful initiative. Our commitment to community is core to the mission of Bank of the Pacific, and these donations will help to provide relief to families who are facing unprecedented challenges in food security and housing,” says Denise Portmann, CEO of Bank of the Pacific. “Together with our community partners, we are making a tangible difference in people’s lives.”

Bank of the Pacific has been serving western Washington and Oregon for more than 50 years. Committed to providing excellent relationship-based financial services and supporting the wellbeing of the community, Bank of the Pacific offers a wide range of products and services that help individuals and businesses achieve their personal and financial goals. For more information, visit www.bankofthepacific.com.

FHLB Des Moines provides funding solutions and liquidity to more than 1,200 members to support mortgage lending, economic development and affordable housing in the communities they serve. The Member Impact Fund is part of FHLB Des Moines’ ongoing mission to offer a variety of funding options through its members to support affordable housing and community development needs. Kris Williams, President and CEO of FHLB Des Moines, shares, “We are thrilled to see grants from our Member Impact Fund having a direct, positive impact on the communities in which our members help advance affordable housing and community development needs in a meaningful way.”

Recipient organizations were selected based on the needs for grant funding to support capacity-building or working capital necessary to strengthen their ability to serve affordable housing or community development needs including job training, affordable housing, financial literacy, food banks and youth programs.

About Pacific Financial Corporation

Pacific Financial Corporation of Aberdeen, Washington, is the bank holding company for Bank of the Pacific, a state chartered and federally insured commercial bank. Bank of the Pacific offers banking products and services to small-to-medium sized businesses and professionals in western Washington and Oregon. At September 30, 2024, the Company had total assets of $1.16 billion and operated fifteen branches in the communities of Grays Harbor, Pacific, Thurston, Whatcom, Skagit, Clark and Wahkiakum counties in the State of Washington, and three branches in Clatsop and Clackamas counties in Oregon. The Company also operated loan production offices in the communities of Burlington, Washington, and Salem, Oregon. Visit the Company’s website at www.bankofthepacific.com. Member FDIC.

About Federal Home Loan Bank of Des Moines

The Federal Home Loan Bank of Des Moines is deeply committed to strengthening communities, serving 13 states and three U.S Pacific territories as a member-owned cooperative. We work together with over 1,200 member institutions to support affordable housing, economic development and community improvement. FHLB Des Moines is one of 11 regional Banks that make up the Federal Home Loan Bank System. Members include community and commercial banks, credit unions, insurance companies, thrifts and community development financial institutions. FHLB Des Moines is wholly owned by its members and receives no taxpayer funding. For additional information about FHLB Des Moines, please visit www.fhlbdm.com.

Contact:
Denise Portmann, President and CEO
(360) 533-8870