Farmers Savings Bank is a finalist in Strong Communities Award
Farmers Savings Bank President/CEO Jerrod Leffler announced that FSB was recently notified that they have been selected as one of three finalists throughout the U.S. for a Federal Home Loan Bank Strong Communities Award.
Marshalltown Strong! was the rallying cry following the July 19, 2018, tornado in Marshalltown. And Marshalltown Strong! was the theme for the Marshall Economic Development committee when partnering with Consumers Energy and Heart of Iowa Communications in establishing a micro-loan program. Loans were made available to businesses and building owners who had financial impact from the storm in the form of physical damage and business interruption. FSB is also a partner with MED by servicing those loans at no cost to the applicant or to the funding organization. In addition to servicing support provided by FSB, the bank has assisted consumers impacted by the tornado with a below market rate consumer loan program with rates as low as 1 percent.
Leffler shared that when FSB learned of the FHLB award that recognizes leadership in communities, an application was submitted showcasing the FSB/MED partnership and FSB loan program. As a finalist, $3,000 is awarded which will go to MED for furthering the micro-loan program. A public vote serves as a component of the selection process to determine the winning application, so with the help of the public the award could increase to $15,000 and 100 percent of the award will go to MED help recapitalize the micro-loan program fund.
The finalists advance to the public vote that opens at 8 a.m. on July 15 and closes at 5 p.m. on July 19. It is pure coincidence that the closing of the voting coincides with the anniversary of the tornado. Voting will take place at www.fhlbdm.com/award and voters are allowed one vote per 24-hour period. More information, as well as a direct link to the voting website, is available at www.fsb-iowa.com/cms/1602/Marshalltown_Strong_FHLB_Strong_Communities_Award.
“Farmers Savings Bank is proud to support MED and to be recognized for our support of the Marshalltown community, because we are living our commitment to community banking,” Leffler said.