MOULTRIE — Southwest Georgia Bank (SGB) has opened up a charitable trust bound to benefit the community for generations to come.

SGB awarded its first grant from the Waldo DeLoache Testamentary Charitable Trust to Moultrie Technical College. The amount was $13,500. DeLoache was president of what was Moultrie National Bank at that time. SGB grew from Moultrie National Bank.

“Southwest Georgia Bank is always happy when someone creates a trust and names our Trust Department to administer it. We are one of only a small number of banks in South Georgia that have a trust department and can serve as trustee,” said Geraldine Luff, senior vice president and trust officer. “Mr. DeLoache’s instructions were for the bank to set up a trust and use the funds for charitable purposes. As trustee, we will have the responsibility to handle the trust in a manner that will maximize the funding that will be available for the 501(c)3 charitable entities in this area. We think that over time there could be a significant impact on the community from grants given out through the Waldo DeLoache Charitable Trust.”

In his will, DeLoache stipulated that SGB set up a trust to use for charitable purposes. The trust was funded just last year.

“We knew that we should be looking in areas that would best serve the community, and Moultrie Tech was the first one that applied,” Luff said. “It’s great for us to start putting this money to work in the community. ... This is just the beginning.”

As the trust grows, the amount that SGB can give out will grow. The formula is based on the previous year’s balance, so this year there’s going to be approximately $27,000 that can be distributed, she said, adding the MTC grant is included in this total.

Former bank executive committee member Thomas Barber, who served on that committee for 40 years, remembered DeLoache.

“Waldo was very interested in the community. One of the things that he taught me was that the stockholders were not the only constituency. We also had the constituency of the employees in the bank and the larger community. You need always to look at the interest of all those things,” he said.

MTC President Tina Anderson was overjoyed by the gift. The money will go toward paying the $95 fee for general equivalency degree classes offered by the college.

“When you look at what we do with the GED program, we had 150 students who took the GED in Colquitt County alone last year, and this will take care of every single one of those students who wanted to get their GED for the entire year,” Anderson said. “It’s not easy for them to get through (the adult literacy program). It takes a lot of courage. But they don’t need to have a $95 fee keep them from doing it.”

This grant will eliminate that fee obstacle, she said.

“Southwest Georgia Bank has always maintained a strong commitment to supporting our local community, both through generous financial support and through active participation, in a broad range of civic endeavors, by our officers and employees and the members of our board of directors,” said Michael McLean, SGB chairman of the board. “Through the foresight and generosity of past President Waldo DeLoache, we are now in a position to increase our contribution to an even greater level. We are pleased that The Moultrie Technical College Foundation was selected as the first recipient of a distribution from the Waldo DeLoache Testamentary Charitable Trust. Their record of providing excellent educational opportunities for all segments of our community and their promise to use these funds to continue that tradition made them stand out in the selection process. We look forward to carrying out Mr. DeLoache’s wishes by helping other worthwhile charities improve the quality of life in Southwest Georgia.”

Interested nonprofits can contact the bank’s marketing department for an application.