Commerce Bank is one of 52 banks across the state receiving COVID-19 relief funds to help the communities they serve.
The Corinth bank is receiving $1,826,265 of the more than $94.9 million in capital grants being handed out by the federal government. The funds are meant to be used to spur local private-sector investments in rural and underserved communities including assisting small businesses, affordable housing and other related economic development activities as part of the recovery from COVID-19.
U.S. Sen. Cindy Hyde-Smith announced the award earlier this week. She said the funding is provided through the Treasury Department’s Community Development Financial Institutions Rapid Response Program. The grants were funded in December as part of the 2021 Consolidated Appropriations Act.
“The program will allow 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.”
Commerce Bank President and CEO Frank Davis thanked local congressional delegation including Hyde-Smith, U.S. Sen. Roger Wicker and U.S. Rep.Trent Kelly for helping secure the funds.
“These funds even better position our bank to support the growth and development of Corinth and Alcorn County,” said Davis. “The purpose of these funds further strengthens our long-standing commitment to our city and county.”
Other local financial institutions receiving funds include First American National Bank in Iuka and The People’s Bank in Ripley.