7 Pine Belt banks getting federal funds to spark community investment
PINE BELT (WDAM) - Several Pine Belt banks have been selected to receive federal grant money to spur investment in local communities.
A news release from Sen. Cindy Hyde-Smith’s office said more than $94.9 million in grant money will be distributed to 52 financial institutions in the Magnolia State.
The funds are being provided through the U.S. Treasury Department’s Community Development Financial Institutions Rapid Response Program.
“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. “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.”
The following Pine Belt banks will be receiving the COVID-19 relief funds:
- Citizens Bank in Columbia
- Covington County Bank in Collins
- First Southern Bank in Columbia
- First State Bank in Waynesboro
- Magnolia State Bank in Bay Springs
- Richton Bank and Trust Company in Richton
- The First, A National Banking Association in Hattiesburg
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