/C O R R E C T I O N -- Woodforest National Bank/

In the news release, State housing agency enters $12 million loan syndication to offer qualified homebuyers low-cost assistance, issued 15-Oct-2018 by Woodforest National Bank over PR Newswire, we are advised by the company that the quote in paragraph four has been revised and various updates have been made to the text. The complete, corrected release follows:

AUSTIN, Texas, Oct. 15, 2018 /PRNewswire/ -- 

KEY POINTS 

• Loan syndication is for $12 million
  
• Funding to help with down payment, closing costs
  
• Building on the first public-private partnerships in single-family housing finance
  
• Syndication loan unlocks additional funds for qualified homebuyers

Prospective, lower-income first time homebuyers in Texas now have even more resources to help with down payments and closing costs. The Texas Department of Housing and Community Affairs ("TDHCA") recently entered into a $12 million syndicated loan agreement with Woodforest National Bank, Tolleson Private Bank and Hancock Whitney. These funds are in addition to the 2016 $10 million loan agreement with Woodforest National Bank that helped create over 1,500 new homeowners throughout Texas. Based on the success of the initial loan, which was the first public-private partnership in single-family housing finance, Woodforest invited other financial institutions to join them in addressing the ongoing and urgent need for down payment and closing cost assistance funds statewide.

"TDHCA, together with Woodforest, Tolleson and Hancock Whitney, has taken an innovative concept to help potential homebuyers to another level. Building on last year's loan agreement, this partnership will be a key factor in introducing the benefits of homeownership to more Texans who may think that because of financial challenges the dream of homeownership is out of reach for them," said TDHCA Executive Director Tim Irvine. "It's this continued opportunity that allows TDHCA to fulfill its mission of providing low income families and individuals the resources to become financially stronger and help our Texas communities thrive."

TDHCA's My First Texas Home is structured to address the most significant obstacles to homeownership faced by low-and moderate-income homebuyers: lack of funds for down payment and closing cost assistance and overall mortgage affordability.

"TDHCA's venture is overwhelmingly impactful. The full $10 million of our first-of-its-kind direct loan to TDHCA last year was deployed faster than anticipated and generated significant demand given the need. Through this syndicated loan, TDHCA will be able to make homeownership possible for over 2,000 new first-time homebuyers, including more than 10,000 families and individuals," said Woodforest National Bank EVP, CRA Executive Director, Doug Schaeffer.

Schaeffer continued, "The lower interest rate on the $12 million loan to TDHCA will enable over $350 million of lower income first mortgages to be originated. These more affordable mortgages alleviate a portion of homeownership cost burden and create substantial economic impact in communities. We appreciate the collaboration between TDHCA, Woodforest, Tolleson and Hancock Whitney to work together to get funds to first time homeowners who need them most."

Derrick Ragland, EVP, President of Commercial Banking, Woodforest National Bank added: "Leading and implementing this revolutionary $12 million syndicated credit facility has allowed Woodforest to work with banks in the community to provide critical funding to TDHCA's program, which in turn grows the possibility of low- and moderate-income home ownership in the communities we all care about and serve."

Tolleson Private Bank and Hancock Whitney, two banks who also have a dedicated presence in Texas, were pleased to join TDHCA and Woodforest to help make homeownership a reality for lower-income first time homebuyers across the state.

"Tolleson Private Bank is very pleased and proud to support TDHCA in its efforts to make the dream of homeownership a reality to so many deserving families in Texas through the My First Texas Home program.  Texas is a wonderful place to call home and a true land of opportunity for the many hard-working families looking to set roots here," said Steve Westerheide, EVP, Managing Director, Bank Operations/Compliance.

"Hancock Whitney was founded to help people achieve their financial goals and dreams. We've embraced that mission since the day we opened our doors in the 1800s," said Hancock Whitney Texas Regional President Scott Brewer. "This highly innovative Texas Department of Housing and Community Affairs lending program creates a multi-million-dollar partnership that truly empowers first-time homebuyers. We're honored to be part of this initiative that helps make the dream of homeownership real for so many people and the loved ones who depend on them."

About The Texas Department of Housing and Community Affairs

The Texas Department of Housing and Community Affairs is committed to expanding fair housing choice and opportunities for Texans through the administration and funding of affordable housing and homeownership opportunities, weatherization, and community-based services with the help of for-profits, nonprofits, and local governments. For more information about fair housing, funding opportunities, or services in your area, please visit www.tdhca.state.tx.us or the Learn about Fair Housing in Texas page. 

About Woodforest National Bank

Celebrating 37 years of community banking service, Woodforest National Bank has successfully stood among the strongest community banks in the nation, proudly offering outstanding customer service since 1980. Woodforest currently operates over 700 branches in 17 states across the United States. For more information about Woodforest National Bank please visit www.woodforest.com.

To learn more about the 2019 loan syndication program contact Doug Schaeffer, EVP, CRA Executive Director at DSchaeffer@WOODFOREST.com or Daniel Galindo, VP, CRA and Strategy Director at dgalindo@woodforest.com.

About Tolleson Private Bank

Tolleson Private Bank is a wholly-owned subsidiary of Tolleson Wealth Management, a family office serving ultra-high net worth clients navigating the complexities that accompany wealth. With one location in Dallas, Texas, Tolleson Private Bank provides traditional banking services within a customized and personalized environment. Member FDIC. Equal Housing Lender. For more information, please visit tollesonwealth.com.

About Hancock Whitney

Since the late 1800s, Hancock Whitney has embodied core values of Honor & Integrity, Strength & Stability, Commitment to Service, Teamwork, and Personal Responsibility. Part of Hancock Whitney Corporation's Gulf South financial services family, bank offices and financial centers in Texas, Louisiana, Mississippi, Alabama, and Florida offer comprehensive financial products and services, including traditional and online banking; commercial and small business banking; private banking; trust and investment services; healthcare banking; certain insurance services; and mortgage services. The company also operates a loan production office in Nashville, Tennessee. BauerFinancial, Inc., the nation's leading independent bank rating and analysis firm, consistently recommends Hancock Whitney as one of America's most financially sound banks. More information is available at www.hancockwhitney.com.  

Learn about our Commitment to Service: hancockwhitney.com/commitment-to-service.

Media contact: 
Kristina Tirloni (512) 475-4743

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SOURCE Woodforest National Bank