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BancorpSouth and FHLB Dallas Partner With City of Tupelo to Replace Homeowner's Leaking Roof

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TUPELO, Miss., March 26, 2013 (GLOBE NEWSWIRE) -- Tommy Tyes has lived in his Tupelo home for six years, and said the roof needed to be replaced even before he moved into his home.

"The roof had to be at least 30 years old," said Mr. Tyes. "It was in such bad shape that it leaked and damaged the ceilings in my living room and utility room. But my insurance company would not help with the costs to replace it, so I just had to wait until I found other options."

After doing some research, Mr. Tyes was able to find another option. Mr. Tyes is disabled and lives on a limited income. He was referred to the City of Tupelo where he met Lynda Ford, community development specialist for the city. Ms. Ford helped Mr. Tyes qualify for a $5,000 Special Needs Assistance Program (SNAP) grant through the Federal Home Loan Bank of Dallas (FHLB Dallas) and BancorpSouth.

"Mr. Tyes was a great candidate for SNAP because he is disabled and lives on a fixed income," said Ms. Ford. "The welfare of his home depended on a new roof, and we are happy that we were able to provide that for him."

SNAP grants are available on a first-come, first-served basis to assist income-qualified, special needs homeowners with necessary home repairs and modifications. The program was established in 2009 by FHLB Dallas and is available through member institutions, including BancorpSouth, to qualified homeowners within FHLB Dallas's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Since its inception, SNAP has awarded more than $6 million in grant funds to 1,260 eligible homeowners.

"BancorpSouth applauds those who are able to achieve homeownership, and the SNAP grants allow us to help low-income, elderly, and special-needs individuals remain safely in their homes," said Christy Minton, BancorpSouth assistant vice president. "We are very proud of our partnership with the city and with FHLB Dallas to offer SNAP and assist great people like Mr. Tyes."

The grant funds allowed Mr. Tyes to replace his roof, as well as repair the water damage in his living and utility rooms. The work on Mr. Tyes's home was completed in February 2013.

"It was a wonderful experience," said Mr. Tyes. "I would definitely recommend the program to other homeowners in my situation. I am just so appreciative of the support I received from the city, BancorpSouth, and FHLB Dallas. Thank you."

About the Federal Home Loan Bank of Dallas

The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $35.8 billion as of December 31, 2012, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas website at fhlb.com.

The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013

CONTACT: Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445

Source:Federal Home Loan Bank of Dallas