PRESS RELEASE
FDIC SMALL-DOLLAR LOAN PILOT PROGRAM A SUCCESS
BankFive To Continue Offering Payday Alternative To SouthCoast Consumers
(WASHINGTON, D.C., June 23, 2010) – Since 2008, BankFive has been one of 32 financial institutions nationally, and one of two in Massachusetts, chosen to participate in the Federal Deposit Insurance Corporation (FDIC) Small-Dollar Loan Program. The pilot program ended this past February, and BankFive Vice President Stephanie Primo-Simons was thanked by FDIC Chairman Sheila Bair for BankFive’s participation in a ceremony at FDIC headquarters in Washington, DC.
The Small-Dollar Loan Program was designed as an alternative for consumers who use payday lenders and check-cashing services, which typically charge high fees and service charges. These loans were offered at affordable rates, with a savings component built into the monthly payment. The term is a maximum of 36 months with no pre-payment penalty. BankFive will continue to offer these loans as the BankFive Affordable Smart Dollar Loan Program. Applications can be found at all 13 branches and online at www.bankfive.com.
“This loan program is perfect for consumers wishing to safely and securely establish credit while also learning the benefits of saving,” stated Mrs. Primo-Simons. “By keeping the rate low and fixed, it provides a stable way to borrow money and save with each loan payment.”
About BankFive
One of the 100 oldest banks in America, BankFive has been serving the communities of the SouthCoast since 1855 with a steadfast commitment to provide local individuals, families and businesses with outstanding products and services designed to meet their financial needs. With 13 offices conveniently located throughout the SouthCoast, BankFive is one of the top community banks in Massachusetts and the place to BankSmart. For more information, visit us online at www.bankfive.com.
