For Immediate Release Contact : Jennifer Holder (First Tennessee)
For Immediate Release Contact: Jennifer Holder (First Tennessee)
(865) 621-5800
Chuck Mason (Eastern Eight)
(423) 232-2048
First Tennessee announces first Northeast TN
Community Development Fund Grant
Eastern Eight Community Development Corporation to receive $100,000,
First Tennessee’s largest Northeast Tennessee grant to date
JOHNSON CITY, Tenn. - First Tennessee has announced the largestNortheast Tennessee grant in its first grant cycle of its new $50 million Community Development Fund. The Eastern Eight Community Development Corporation will receive $100,000 from First Tennessee to support down-payment assistance, closing cost assistance, and financial support for homebuyers in Greene, Sullivan, Unicoi, and Washington counties.
“Our goal is to provide financial empowerment tools and support to our low- and moderate-income neighbors and neighborhoods so the entire community grows stronger together,” said Gerald Hallenbeck, Northeast Tennessee Regional President for First Tennessee. “When all segments of our communities are strong, First Tennessee Bank will be more successful.We are proud to support the work of Eastern Eight because of its consistent track-record of success in sustainable housing.”
"These funds will make a tremendous impact throughout East Tennessee to assist low- to moderate-income potential homebuyers with credit repair, financial fitness, and closing costs assistance to ensure affordability,"said Eastern Eight Executive Director RethaPatton. "For example, we are currently actively counseling over 110 households in credit history repair to raise their credit scores to enable them to qualify for affordable permanent mortgage financing of their first home."
The new First Tennessee Community Development Fund will award up to $3 million annually in grants to community and nonprofit organizations serving low- to moderate-income people and neighborhoods in the communities where First Tennessee Bank operates across Tennessee. These grants are in addition to the $5 million in grants nonprofits traditionally receive from the First Tennessee Foundation each year.
Community Development Fund grants will be distributed each year to nonprofits and community organizations in First Tennessee markets including the Northeast Tennessee area.
Projects eligible for funding include but are not limited to those that promote financial literacy, support affordable housing for low- to moderate-income residents, provide down-payment assistance to LMI homebuyers, and support economic development (such as job creation and small business growth) and revitalization and sustainability in low- to moderate-income communities.
More information about the First Tennessee Community Development Fund is available by contacting its Northeast TN manager, Joshalyn Hundley, at (865) 971-2005 or
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About Eastern Eight
Eastern Eight CDC is anonprofit organization creating affordable housing solutions for the eight counties of Northeast Tennessee (Carter, Greene, Hancock, Hawkins, Johnson, Sullivan, Unicoi, and Washington). Its programs include homebuyer education, financial counseling, mortgage pre-approval, continuing homeowner education andforeclosure prevention and counseling. Eastern Eight also develops and rehabilitates homes, including manufactured housing, and offers a select number of rental properties. More information is available at
About First Tennessee
First Tennessee Bank is the largest bank headquartered in Tennessee, with the number one deposit market share in Chattanooga, Knoxville, Memphis and the Tri-Cities and a top-five deposit market share in Nashville. First Tennessee was founded during the Civil War in 1864 and has the 14th oldest national bank charter in the country and one of the highest customer retention rates of any bank in the country. First Tennessee and FTN Financial are part of First Horizon National Corp. (NYSE: FHN), which has 4,300 employees. First Horizon has been recognized as one of the nation's best employers by Forbes, Working Mother and American Banker magazines. More information is available at
About the First Tennessee Foundation
The First Tennessee Foundation is a Tennessee nonprofit corporation that was formed in 1993 by First Tennessee Bank’s parent company, First Horizon National Corp. (NYSE: FHN). Since its founding the First Tennessee Foundation has granted more than $65 million to strengthen nonprofits in communities the bank serves.
PHOTOS
Check presentation photo:
Photo credit to Jennifer Holder
Gerald Hallenbeck, First Tennessee’s Northeast Regional President, Retha Patton, Eastern Eight Executive Director, Joshalyn Hundley, First Tennessee Community Development Manager, and Rosemary Wigington, First Tennessee’s Morristown/Dandridge Regional President.
Photo of Eastern Eight home
Photo credit to: Submitted by Eastern Eight
Caption: Eastern Eight has four homes under construction, ready for sale, in its Harmony Ridge Subdivision in Kingsport. They anticipate the qualified homebuyers will benefit from the First Tennessee Community Development Fund contribution for closing costs assistance.
PARTICIPANT QUOTES obtained at press conference/announcement on June 3, 2016
Katrina Phillips
Started credit counseling on May 28, 2015
Improved debt and score by 90 points
Red to a Green
In process of new construction at Patriot Place
“The credit counseling program at Eastern Eight has been the best program to help our family with our credit problems. We searched for weeks for someone to give us advice on how to handle our credit problem, and everyone wanted to just take our money. Due to the free expert advice at Eastern Eight, our credit score went from poor to fair within a few months and still continues to improve. The Educational Program Coordinator, Aiesha Banks, was very knowledgeable with all of the questions we had. If she didn’t know the answer right away, she found it. We came up with a strategy and time that worked for us to meet every month. I recommend this program to everyone I hear that is struggling with credit issues and wants to buy a forever home.” - Katrina Phillips
Autumn Mays
Soon to move in to a house in Harmony Ridge Subdivision in Kingsport
“I didn’t realize I was eligible for a house. I expected to be told ‘no’. Aiesha Banks, Educational Program Coordinator, looked at my credit history and told me what it needed to be to qualify. We met once a month to keep my progress on track and now I am looking forward to move into Harmony Ridge! She was very insightful on how to get my debt reduced and explained how credit scores work and the ways I could work to improve my score. Without her help I don’t think I would be eligible for home ownership.”