Federal Home Loan Bank of Atlanta Awards $8.1 Million to Support Economic Development Projects in Southeastern Communities

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Federal Home Loan Bank of Atlanta Awards $8.1 Million to Support Economic Development Projects in Southeastern Communities
  Communities in Alabama, Florida, Maryland, and North Carolina to Benefit

    ATLANTA, Oct. 5 /PRNewswire/ -- Federal Home Loan Bank of Atlanta
(FHLBank Atlanta) announced today that it will award $8.1 million in
below-market rate loans to spur economic growth in Alabama, Florida,
Maryland, and North Carolina communities. Seven winning partnerships will
use funds from FHLBank Atlanta's Economic Development and Growth
Enhancement (EDGE) program to invest in community projects with total
development costs of $26.1 million.
    "Our member financial institutions and their community partners will
use subsidies ranging from $210,000 to nearly $700,000 to fund vital
economic development projects that help underserved neighborhoods," said
Richard Dorfman, FHLBank Atlanta president and CEO.
    EDGE subsidies significantly reduce the interest rates on loans that
benefit low- and moderate-income communities. By lowering the cost of
borrowing, FHLBank Atlanta assists financial institutions that seek to
create jobs, develop loan pools, renovate structures, and build community
facilities that aid economic growth.
    FHLBank Atlanta also announced today that it is reviewing long-term
plans for the EDGE program, and that it will not set aside funds or have an
EDGE offering in 2008. The EDGE program is funded with a voluntary
set-aside of the Bank's net income. Since its inception in 1999, the Bank
has committed more than $29 million to reduce the interest rates on $105
million in economic development loans. To view award descriptions, visit
http://www.fhlbatl.com/edgewinners.
    About FHLBank Atlanta
    FHLBank Atlanta is a financial services organization that provides low-
cost financing, community development grants, and other banking services to
more than 1,200 financial institutions in Alabama, Florida, Georgia,
Maryland, North Carolina, South Carolina, Virginia, and the District of
Columbia. FHLBank Atlanta is one of 12 district banks in the Federal Home
Loan Bank System, which since 1990 has contributed more than $2 billion to
affordable housing development in the United States.
    FHLBank Atlanta 2007 EDGE Award Recipients

    Award Winners           Project Name       City, State        Loan

    First National Bank     EMI Community      Fairhope, AL       $750,000
    of Baldwin County/      Center
    Ecumenical Ministries,
    Inc.

    BankUnited FSB/ACCION   ACCION USA
    USA, Inc.               Florida Loan Fund  Miami Dade         $500,000
                            County, FL

    Grand Bank & Trust of   Human Development  Fort Pierce, FL    $1 million
    Florida/Boys & Girls    Resource Center
    Club of St. Lucie
    County, Inc.

    Synovus Bank of         The 13th           Bradenton, FL      $1 million
    Tampa Bay/ United       Avenue Dream
    Community Centers,      Center-Phase I
    Inc.

    Bradford Bank/Parks     The Center for     Baltimore, MD      $2 million
    & People Foundation     Parks & People
                            at Auchentoroly
                            Terrace

    Branch Banking and      The Goler Family   Winston Salem, NC  $2.1 million
    Trust Company/Goler     Education &
    Memorial AME Zion       Enrichment Center
    Church

    Yadkin Valley Bank &    Shops at Shelton   Statesville, NC    $768,800
    Trust Company/ Iredell
    Statesville Community
    Enrichment Corp.
    Some of the statements made in this press release may be
"forward-looking statements," which include statements with respect to
FHLBank Atlanta's beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future performance,
and involve known and unknown risks, uncertainties and other factors, many
of which may be beyond FHLBank Atlanta's control, and which may cause
FHLBank Atlanta's actual results, performance or achievements to be
materially different from future results, performance or achievements
expressed or implied by the forward-looking statements.
    The forward-looking statements may not be realized due to a variety of
factors, including: future economic and market conditions; changes in
demand for advances or consolidated obligation; changes in interest rates;
legislative and regulatory changes; political, national and world events;
and adverse developments or events affecting or involving other FHLBanks or
the FHLBank System in general. Additional factors that might cause FHLBank
Atlanta's results to differ from these forward-looking statements are
provided in detail in our filings with the Securities and Exchange
Commission, available at http://www.sec.gov.
SOURCE Federal Home Loan Bank of Atlanta
http://www.fhlbatl.com
http://www.fhlbatl.com/edgewinners
http://www.prnewswire.com/comp/149931.html /
CONTACT:
Asia Grimes of Federal Home Loan Bank of
Atlanta, +1-404-888-8037, agrimes@fhlbatl.com