Forty-seven banks and thrifts across the country will receive a total of nearly $12 million in Bank Enterprise Awards (BEA) funding for 2006, according to a recent announcement from the U.S. Department of the Treasury (Treasury). Seven of the awards, representing about $1.2 million of the total, will go to banks in the Ninth Federal Reserve District.
The BEA program recognizes banks and thrifts that invest in community development financial institutions (CDFIs). CDFIs are specialized entities that provide lending, investments and other financial services in underserved or economically distressed communities. The Treasury's Community Development Financial Institutions Fund, which certifies and provides support for CDFIs, administers the BEA program.
Ninth District BEA recipients and award amounts are: BankWest, Inc. in Pierre, S.D., $22,500; CorTrust Bank in Mitchell, S.D., $15,000; Dacotah Banks, Inc., in Aberdeen, S.D., $30,000; F&M Bank (Great Western Bank) in Watertown, S.D., $75,000; First Western Bank Wall in Wall, S.D., $17,250; Franklin National Bank in Minneapolis, $500,000; and University National Bank in St. Paul, Minn., $500,000.