In a move to address Guam’s growing homelessness crisis, BankPacific has partnered with the Federal Home Loan Bank of Des Moines to award $12,500 to the Guam Homeless Coalition through the Member Impact Fund grant program, according to a press release from the bank on Tuesday.
The initiative is part of BankPacific’s broader commitment to community development as the bank celebrates its 70th anniversary this year. The grant is designed to support affordable housing and community development efforts on the island, where homelessness has become increasingly visible.
“The Federal Home Loan Bank has been our partner in many ways for decades. We are pleased to have them join BankPacific in doing more than just recognizing the homeless issue in Guam. Rather, together we are working to help the Guam Homeless Coalition’s vital work in helping our homeless here in our home,” said BankPacific President Philip Flores in the release.
The Member Impact Fund matching program provides organizations in specific regions, including Guam, with additional resources through a matching grant system. Member institutions submitted applications in February and March 2024, with FHLB Des Moines providing matching funds to recipient organizations.
In an interview with The Guam Daily Post, Flores said the opportunity arose shortly after representatives from the Guam Homeless Coalition spoke at a Rotary meeting.
“Aja Ramos and her partner came to talk to Rotary about two and a half months ago,” Flores said. “Shortly after that, the Home Loan Bank put this thing out. We submitted something, they accepted it and we were really happy.”
Aja Ramos, chairperson of the Guam Homeless Coalition, expressed gratitude for the funding in the release. “I am deeply grateful for this investment in our island’s most vulnerable, and for BankPacific’s commitment to building a stronger, more compassionate community,” Ramos said.
When asked about measuring the impact of the grant, Flores emphasized trust in the coalition’s leadership. “We’re turning that over to Aja and the Homeless Coalition,” Flores said. “We trust that they’re going to do something with it. They’re in this 100%, and that’s who you want to play ball with.”
Flores, who has led BankPacific through significant changes in the banking landscape, sees community involvement as essential to the bank’s mission. “We’re part of the community, and you can’t be part of the community without being part of all parts of the community, the good parts and the struggling parts,” he said.
The grant comes at a time when Guam faces economic challenges that Flores describes as a tale of two economies. “There are basically two economies in Guam,” he said. “There’s behind the fence with the buildup, and there’s outside the fence. Behind the fence, it’s thriving with construction. … Outside of the fence, businesses and people are struggling. … Outside the fence, it’s a dark day.”
This economic reality, combined with social issues such as substance abuse, creates unique challenges for addressing homelessness on the island. “The drug problem and crime problem in Guam is horrendous,” Flores said. “If we want to do something, the first thing you could do is try to stop drugs.”
The Member Impact Fund is part of FHLB Des Moines’ ongoing mission to support affordable housing and community development needs through its members. Kris Williams, president and CEO of FHLB Des Moines, said in the release, “We are thrilled to see grants from our Member Impact Fund having a direct, positive impact on the communities in which our members help advance affordable housing and community development needs in a meaningful way.”
For BankPacific, which began as Guam Savings and Loan in 1954, community development has evolved alongside the institution itself. Flores said banking rules have changed substantially over the decades, with his institution growing from a home loan lender to a full-service commercial bank.
When asked about his personal motivation for supporting such initiatives, Flores downplayed any notion of heroism. “I’m not a champion. I’m just like you. If you see somebody down there, you’re not just going to go pick them up and walk on by. You’re going to help them. It’s just human nature,” he said.
Looking ahead, Flores believes the banking sector’s future is deeply intertwined with the island’s wellbeing. “If Guam doesn’t do well, the banks don’t do well. And the banks don’t do well if Guam doesn’t do well,” he said. “That’s not redundant. That’s just the spirit.”
Flores added, “We often get together and say, ‘I’ve got this customer here. It’s too large. I want to share some of it with you.’ That’s what we do.”
BankPacific is also exploring additional ways to support the community, including programs offering loans at lower interest rates for lower-income families.
The collaborative effort between BankPacific and FHLB Des Moines represents one step in addressing homelessness on Guam, with Flores suggesting that a comprehensive approach must also tackle underlying social issues affecting the island’s most vulnerable residents.
“It really is our duty. If you’re doing well, and you see somebody who perhaps could do better, it’s your duty to extend a hand and help that person out,” Flores said.
He added, “I want to go to bed at night, set an example for my children, my grandchildren, if people work with me, about how to live a better life, not just ourselves, but for everybody else.”
