Taylor F. Barras, IBERIABANK President, New Iberia and Community Markets and Lorna Bourg, SMHA President and Executive Director

IBERIABANK announced today a $100 million investment in rebuilding rural Louisiana. “IBERIABANK is committed to rebuilding a strong and prosperous Louisiana. This can best be done when our hard-working families and our rural communities devastated by hurricanes know they can rebuild their lives,” said Darryl Byrd, President and CEO of IBERIABANK.

The $100 million investment will be made in Southern Mutual Help Association, Inc. (SMHA) through SMHA’s lending arm, Southern Mutual Financial Services, Inc. (SMFS), a treasury certified community development financial corporation. “SMHA has been working to end rural poverty for over 37 years. Homeownership is a keystone to stable neighborhoods and economies. IBERIABANK’s commitment of $100 million will enable SMHA to lend to over 1,000 families who otherwise might not be able to access capital,” Byrd continued.

The $100M will be used for home mortgages especially for first-time home buyers.

“IBERIABANK’s leadership and commitment to Louisianas rural families are exemplary,” said SMHA President and Executive Director, Lorna Bourg. “While our communities are still staggering from the double whammy of Hurricanes Rita and Katrina, it is a blessing to have businesses that care and IBERIABANK is a shining example of the best. It gives us courage as we continue to recover and to rebuild our communities,” said Bourg. “I believe this to be the largest investment by a bank in a non-for-profit community development corporation in Louisiana’s history,” Bourg continued.

IBERIABANKs $100 million investment is accompanied by a $250,000 grant to SMHA. The grant dollars will be used to help prepare families for homeownership.

0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments