Archive for Thursday, May 26, 2005

First State earns inaugural award

May 26, 2005

First State Bank and Trust, Tonganoxie, was recently honored as the first recipient of the Federal Home Loan Bank of Topeka's Community Leader Award.

FHLBank, a wholesale financial institution of which First State Bank is a member, presented the award to Kent Needham, president of First State Bank and Trust, at FHLBank's annual conference in Overland Park.

"First State Bank and Trust has taken advantage of the full spectrum of products and services we offer to improve the lives of its customers and the quality of the communities it serves," said Andrew Jetter, FHLBank president and CEO. "We're pleased to honor the employees of First State Bank with the Community Leader Award in recognition of their innovative lending practices and outstanding customer service."

Since 2001, First State Bank has accessed FHLBank's Rural First-time Homebuyer Program to provide down payment assistance to more than 38 of its customers purchasing a first home.

In addition, First State Bank used an additional $25,000 in FHLBank grant money to provide economic development assistance to Leavenworth Area Development Inc.

Those funds allowed LAD to improve its marketing efforts as it continues to try to attract new business to the Leavenworth area.

Part of the award included a $1,000 donation to the Tonganoxie Civic Club from FHLBank on behalf of First State Bank.

"We are honored to have been selected by FHLBank Topeka for this inaugural award," Needham said.

"This is a great acknowledgement of our officers and staff for their work with our customers to identify and meet their needs. Additionally, we are pleased to be able to direct the award funds to one of our most philanthropic local organizations. We would like to thank FHLBank Topeka for this acknowledgement and their donation."

First State Bank and Trust, Tonganoxie, has $248 million in assets and eight locations throughout northeast Kansas and Wichita.

One of its banks is in Basehor, where it plans to construct a new building in coming months on the south side of U.S. Highway 24-40, at 155th Street.

FHLBank Topeka is one of 12 wholesale banks nationwide that provide liquidity and various programs that help community financial institutions meet the residential housing finance and economic development needs of their communities. FHLBank Topeka serves more than 860 members throughout Kansas, Colorado, Oklahoma and Nebraska.

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