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First Federal Bank Donates $50,000 to Purchase Homes in
Toledo
Special to The Truth
First Federal Bank presented a check for $50,000 to Empower
1 Toledo to purchase a new home and renovate two additional
homes in South Toledo. The check presentation was held at
1465 Prouty Ave., Toledo on June 29.
“This donation gives families the opportunity to own a home
for the first time in their lives,” said Donald P. Hileman,
president and CEO of First Federal Bank. “We know the
lasting impact homeownership can have on a family and a
community. It provides a space for stability, security and a
place to call home. This donation was made possible by the
support of our customers, and we are proud to continuously
reinvest in our communities.”
The bank has partnered with Empower 1 Toledo to identify
families in need and locate properties to invest. Together
they will work to transform a community, one home at a time.
A local family will live in the home mortgage-free for five
years. During this time, they will receive financial
education to learn effective savings and credit habits. “Our
goal is to instill financial confidence within these
families so that they can build upon their assets for future
success,” said Hileman.
After five years, the family will have the opportunity to
purchase the home and begin making mortgage payments or
purchase a new home of their choosing. Funds from the sales
of the home will go towards purchasing additional houses to
be used in the same manner. “I want to thank First Federal
Bank and Empower 1 Toledo for investing in our community,”
said Toledo Chief of Staff Katy Crosby. “Neighborhoods in
cities like Toledo need corporate partners and investment
that will help revitalize areas. I moved to Toledo because I
see great potential here and I’m thankful others see the
same potential.”
The donation will also cover the cost to complete needed
renovations for two homes on Prouty Avenue so that they can
be included in this program. “This gracious and heartfelt
contribution will allow Empower 1 the ability to assist
families in the beginning process of obtaining and
maintaining family stability, safe housing, educational
goals, financial security, and home ownership,” said Pastor
Charles Allen, president and CEO of Empower 1 “The
continuous support and generosity is an encouraging reminder
of why Empower 1 is essential and vital to our community.”
Also present for the check presentation were Toledo City
Councilwoman Sandy Spang, Bonita Bonds, director, Toledo
Department of Neighborhoods and Joel Jerger, executive vice
president of First Federal’s Toledo Market.
Throughout the month of June, the bank and its affiliate
agency First Insurance Group have charged their employees
with a challenge to contribute 500 hours of community
service to support current and potential homeowners. Their
initiative, Building Better Communities, is in celebration
of National Homeowners Month. To track their progress
towards 500 hours of community service, visit
https://www.first-fedbanking.com/About/Community-Support/Building-Better-Communities.
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