CONCORD (April 29, 2008)-- Merrimack County Savings Bank today purchased a pool of individual home mortgages, totaling over $500,000, from the non-profit New Hampshire Community Loan Fund. The loans were made to homebuyers and homeowners in Resident Owned Communities in New Hampshire.
“We are pleased to be a part of this important development as we seek to support and provide mortgage lending within the affordable housing sector,” said Paul C. Rizzi, Jr., President of Merrimack County Savings Bank.
“Merrimack County Savings Bank is a valued partner with a long-standing commitment to community lending in New Hampshire,” said Juliana Eades, President of the Loan Fund. “They and five other New Hampshire banks have helped the Loan Fund enter the single-family mortgage market as a complement to its work with Resident Owned Communities. This is a partnership and investment that’s paying off for homeowners and the banks.”
Merrimack County Savings Bank and five other banks, including Citizens Bank, Bank of America, Laconia Savings Bank, Lake Sunapee Bank, and Meredith Village Savings Bank, have been partners in the Loan Fund’s Cooperative Home Loan Program. The New Hampshire Community Development Financing Authority and the Ford Foundation have also been key partners in leveraging the banks’ investments and developing the loan program.
About New Hampshire Community Loan Fund
The Loan Fund is a private nonprofit organization that believes low-income people can build assets and become economically stable if they are connected to institutions and people with capital resources and the willingness to share them. Based in Concord, the Loan Fund leverages financial, human, and civic resources to provide loans, capital and technical assistance; complement and extend the reach of conventional lenders and public institutions; and solve problems. For more information, visit www.theloanfund.org.
About Merrimack County Savings Bank
Founded in 1867, The Merrimack is a mutual savings bank headquartered in Concord, New Hampshire, with seven full service offices in Bow, Concord, Contoocook, and Nashua. The bank offers a wide variety of deposit, loan, and convenience services to individuals, businesses and organizations. Deposits are insured by the Federal Deposit Insurance Corporation (FDIC). Bank assets total over $575 million. For more information visit www.mcsbnh.com or call (603)225-2793.
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