IEDC Shows Support for Revitalization of New Orleans

From left to right: Ronnie Bryant, Immediate Past Chairman, IEDC and President and CEO, Charlotte Regional Partnership, Barbara Johnson, COO, GNO, Inc., Senator Ann Duplessis, Dr. Ed Blakely, Denny Coleman, President and CEO, St. Louis County Economic Council

The International Economic Development Council purchased a $100,000 Katrina Investment Deposit (KIDs) with Liberty Bank and Trust Company, showing their unremitting support for the revitalization of the greater New Orleans region.

Liberty Bank offers KIDs as FDIC-insured certificates of deposit with a below market interest rate. The proceeds from the difference in rate are reinvested by the bank in forms of loans and related activities to promote rebuilding and investment in Katrina- damaged communities throughout the region.

Senator Ann D. Duplessis, D-New Orleans and Senior Vice- President of Liberty Bank and Trust Company accepted the check from IEDC President and CEO Jeffrey A. Finkle who was joined by Ronnie L. Bryant, Immediate Past Chairman of IEDC, and President and CEO of the Charlotte Regional Partnership, Dennis G. Coleman Member of the IEDC Governance Committee and CEO of the Saint Louis County Economic Council and Barbara K. Johnson, Chief Operating Officer of Greater New Orleans, Inc. (GNO, Inc.) and member of the IEDC Governance Committee.

"The goal of the Katrina Investment Deposits is to raise deposits to support Liberty's efforts to finance the reconstruction of greater New Orleans through new loans for home repairs, to finance businesses, buy homes and new cars, develop new office and retail space and other consumer products," said Senator Ann Duplessis, D-New Orleans and Senior Vice- President of Liberty Bank and Trust Company. "The bank is grateful to IEDC for their deposit and the constituents of this region will benefit greatly from this generous gesture."

IEDC is the preeminent organization representing the economic development profession and is dedicated to providing leadership and excellence in the field. One of its current programs, the Economic Recovery Volunteer Program, was started just months after Hurricanes Katrina and Rita hit the coast of Louisiana. Resulting in more than 150 professionals volunteering in hurricane devastated areas of Louisiana, Mississippi, Alabama, and Texas to assist businesses, cities, counties, parishes, and economic development organizations with long-term recovery and renewal efforts.

"In a time of uncertainty following the storm, my colleagues from around the region were thankful to have the professional guidance offered by the IEDC network, providing this area with free expertise while our organizations recouped," said Barbara K. Johnson, Chief Operating Officer of Greater New Orleans, Inc. and member of the IEDC Governance Committee. "IEDC has become a constant resource for us during the past few years and this deposit is testimony of their desire to see this region succeed."

By channeling its own financial resources into a Liberty Bank KID's Certificate of Deposit, the organization proves its continued commitment to the region. IEDC, headquartered in Washington, D.C., placed its stake in the ground firmly after Katrina hit through its volunteer placement program and created a key link in the community by partnering with the area's regional economic development alliance, GNO, Inc. GNO, Inc. has served as the channel for IEDC to place volunteers on the ground in the stricken parishes after the storm and recently advised the IEDC Board of Directors to invest in the Liberty Bank KID's program.

"IEDC is poised to assist in economic development programs throughout the country and when the devastation of Katrina rocked the shores of Louisiana, our organization deployed as many resources and volunteers as quickly as possible to assist in the rebuilding efforts," said IEDC President and CEO Jeffrey A. Finkle. "Our organization is dedicated to help this area long-term and we hope that this deposit will show our continued support for the growth of this area, it is an honor to aid these efforts."

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