$20 Million Gentilly Homeowners Initiative

$20 Million Gentilly Homeowners Initiative

New Orleans, LA: Liberty Bank and Trust Company, a Louisiana based commercial bank committed to community development, today announced the launch of the $20 Million Gentilly Homeowners Initiative. This unique program will provide financing to existing and potential homeowners for the rehabilitation and purchase of homes. Liberty Bank and Trust Company is committed to Lending A Hand to the New Orleans community by assisting in the rebuilding and repopulation of the historic neighborhood of Gentilly.

The $20 Million Gentilly Homeowners Initiative is a holistic approach to homeownership that will provide an opportunity for our customers and communities to fully recover from the devastation of Hurricane Katrina and to move forward. This initiative will grow homeownership in the area, build capacity within the construction community, and create jobs. Through the $20 Million Gentilly Homeowners Initiative, Liberty Bank and Trust Company will provide assistance to homeowners in estimating cost of completion, identifying contractors, and determining financing options to rebuild their homes and their neighborhoods.

Alden J. McDonald, President of Liberty Bank and Trust Company commented, “Liberty Bank and Trust Company has taken its role as a good corporate citizen to heart since our founding in 1972, and it is important now more than ever to the New Orleans Community. We will continue to develop innovative programs that positively impact the lives of our customers and every citizen of New Orleans.” McDonald added, “As we launch this program targeted at restoring what has historically been one of the great New Orleans neighborhoods, we look forward to being on the forefront of the movement to revitalize our home.”

Liberty Bank and Trust Company is making the normally difficult process of financing and construction as easy and affordable as possible for the residents of this community, many of whom have depleted their funds, or have been taken advantage of by unlicensed or uncertified contractors. To assist homeowners through the rebuilding process, Liberty is taking this program beyond what any other financial institution has done to date by developing a list of Liberty qualified contractors who will be approved to work on $20 Million Gentilly Homeowners Initiative financed properties. The contractors in the program must meet Liberty Bank and Trust Company criteria in terms of quality of work, professionalism, affordability, licensing and insurance or bonding requirements. Liberty Bank and Trust Company developed this assisted approach to rebuilding to reassure disenchanted homeowners and renew their hope and commitment.

Liberty Bank and Trust Company was founded in 1972 with assets of $2 million. Alden J. McDonald, Jr. has lead the bank since its inception and has grown Liberty Bank and Trust Company to its current holdings of over $400 million, which positions the bank as the third largest African-American owned financial institution in America. Liberty Bank and Trust Company currently has 19 locations in five states and 8 cities.