FHLB Des Moines, First Interstate Bank donate $2.5 million to nonprofits

Billings, Mont.-based First Interstate Bank partnered with the Federal Home Loan Bank of Des Moines to donate more than $2.5 million to 125 organizations in Montana, North Dakota and Oregon. 

The donations were credited to First Interstate BancSystem Foundation and the FHLB Des Moines Member Impact Fund, which awards funding with member banks to communities. First Interstate bankers will give the funds to 82 nonprofits in Montana, 41 Oregon groups and two North Dakota organizations.  

FHLB Des Moines received more than 500 applications for matching funds from 94 financial institutions. “Recipients were selected based on the needs for grant funding to support capacity-building or working capital necessary to strengthen their ability to serve affordable housing or community development needs,” according to First Interstate Bank, “including training, predevelopment assistance, management information systems or software, strategic planning, market study or community needs assessment, and working capital.”