LITTLE ROCK — FDIC, state partner to promote savings
The Federal Deposit Insurance Corp. has agreed to partner with two Arkansas organizations to promote savings accounts for low-income individuals.
The FDIC is joining with the Southern Good Faith Fund and the Arkansas Assets Coalition to expand access to Individual Development Accounts, the three groups said Wednesday.
An Individual Development Account is a matched savings account that allows low-income families to save money for financial goals such as buying a home, paying for college or starting or expanding a business. Typically, funds are matched 2-to-1 or 3-to-1 for every dollar saved.
A family of three making less than $34,340 or a family of four making less than $41,300 would qualify for the savings accounts.
Organizations that provide assistance to individuals in setting up the accounts include Southern Good Faith Fund, the Central Arkansas Development Council, Crawford Sebastian Community Development Council, Crowley's Ridge Community Development Council, Equal Opportunity Agency of Washington County, Healthy Connections, Southern Arkansas Community Development Council, Southern Good Faith Fund, and Black Community Developers.
The accounts are available in more than 50 counties in the state and through more than 30 banks.
County judge, mayor to tout weatherizing
Little Rock Mayor Mark Stodola and Pulaski County Judge Buddy Villines will speak at a Weatherization Day demonstration on Monday at the River Market Pavilion in Little Rock.
The program, funded by the Department of Energy, has put more than $94 million into Arkansas communities to improve more than 64,500 homes owned by low-income people.
The work includes weather-stripping, caulking, replacement of windows and doors and insulation.
It is done free of charge for those who meet income guidelines, and makes homes more energy efficient, healthy and safe.
Arkansas 20 drops; 13 stocks descend
The Arkansas 20, a price-weighted index that tracks public companies based in the state, fell 0.23 to 212.48 Wednesday.
"U.S. stocks rallied late but still finished lower Wednesday, as credit market concerns and crude-oil futures continued to weigh on the markets," said John Blackwell, senior vice president and managing director of equity trading at Stephens Inc. in Little Rock. "The Arkansas 20 fell slightly, with 13 of 20 issues finishing lower for the day."
Simmons First National dropped 3.1 percent.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business, Pages 29 on 10/25/2007