Hyde-Smith Announces $94.9 Million in Capital Grants to Support Rural & Underserved Communities

Treasury Dept. COVID-19 Grants Awarded to 52 Mississippi Financial Institutions

U.S. Senator Cindy Hyde-Smith (R-Miss.) today announced the award of more than $94.9 million from the U.S. Treasury Department to 52 financial institutions throughout Mississippi as capital to spur more private-sector investments in local communities.

The funding is provided as COVID-19 relief funds through the Treasury Department’s Community Development Financial Institutions (CDFI) Rapid Response Program (RRP).  The CDFI RRP grants are funded through the FY2021 Consolidated Appropriations Act, which was signed into law in December.

“The Rapid Response Program will allow these financial institutions in Mississippi to withstand the stresses of the pandemic and provide flexibility to support more private-sector investments in rural and underserved communities,” said Hyde-Smith, the ranking member of the Senate Financial Services and General Government Appropriations Subcommittee.

“In real terms, it means their having more capital on hand to help businesses and community facilities remain viable as we rebuild after a very difficult economic year,” she said.

The $94,965,780 awarded represents a $1,826,265 grant to each of the 52 CDFI RRP grantees in Mississippi.  A CDFI can be a bank, credit union, loan fund, or venture capital fund.  The Mississippi CDFI RRP award recipients include:

Bank of Anguilla, Anguilla

Bank of Commerce, Greenwood

Bank of Franklin, Meadville

Bank of Kilmichael, Kilmichael

Bank of Okolona, Okolona

Bank of Winona, Winona

BankFirst Financial Services, Columbus

BankPlus, Belzoni,

BNA Bank, New Albany

Citizens Bank, Columbia

Citizens National Bank of Meridian

Commerce Bank, Corinth

Commercial Bank, DeKalb

Copiah Bank, Hazlehurst

Covington County Bank, Collins

Culleywood Capital, Jackson

Farmers and Merchants Bank, Baldwyn

First American National Bank, Iuka

First Bank, McComb

First Federal Savings and Loan Association, Pascagoula

First National Bank of Picayune, Picayune

First Security Bank, Batesville

First Southern Bank, Columbia

First State Bank, Waynesboro

FNB Oxford Bank, Oxford

Genesis Bank, Benoit

Great Southern Bank, Meridian

Guaranty Bank & Trust, Belzoni

Holmes County Bank, Lexington

Hope Enterprise Corporation, Jackson

Hope Federal Credit Union, Jackson

Magnolia Federal Credit Union, Jackson

Magnolia State Bank, Bay Springs

Mechanics Bank, Water Valley

Merchants & Farmers Bank of Holly Springs

Merchants & Marine Bank, Pascagoula

Merchants & Planters Bank, Raymond

Oxford University Bank, Oxford

Peoples Bank, Mendenhall

Pike National Bank, McComb

Planters Bank & Trust Company, Indianola

PriorityOne Bank, Magee

Renaissance Community Loan Fund, Inc., Gulfport

Richton Bank and Trust Company, Richton

RiverHills Bank, Vicksburg

Sycamore Bank, Senatobia

Bank of Brookhaven, Brookhaven

The Cleveland State Bank, Cleveland

The First, A National Banking Association, Hattiesburg

The Jefferson Bank, Greenville

The Peoples Bank, Ripley

United Mississippi Bank, Natchez