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 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 www.sec.gov .

SOURCE Federal Home Loan Bank of Atlanta

© 2007 PR Newswire. All Rights Reserved.


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