BankFive's Federal Loan Programs: The Future of the Small Dollar Loan Program
In 2008, BankFive was chosen as one of only 32 national financial institutions, and one of only two in Massachusetts, to participate in the FDIC Small Dollar Loan Program. This Federal loan program was designed to help banks provide smart, community-oriented service to consumers who might otherwise turn to check cashing services and payday loans. Through the Small Dollar Loan Program, BankFive was able to offer a higher level of service to the people in the community who needed it most. When the Small Dollar Loan Program pilot program ended, BankFive chose to continue offering the same service, calling it the Affordable Smart Dollar Loan Program.
The Affordable Smart Dollar Loan Program
The Affordable Smart Dollar Loan Program, BankFive's own version of the FDIC Small Dollar Federal Loan Program, helps you build credit and save money*!
- Loan amounts up to $1,000
- No origination fees
- No prepayment penalties
- Low fixed interest rate at 5.00% APR**
- Terms up to 36 months
Subject to credit approval. Fees may apply.
*A savings account will be established whereby a minimum of $10.00 will be deposited on a monthly basis. This amount will be included in your monthly loan payment. Interest will be earned in accordance with the terms of BankFive's regular savings account program.
**Interest rate set to Wall Street Journal Prime rate at time of closing. The annual percentage rate will never be less than 5% or higher than 18% per annum. Monthly payment per $1,000 borrowed at 5% for 36 months is $29.97.
BANKFIVE HIRES PAULA ANDREWS TO LEAD NEW BRANCH IN BRISTOL
Trusted Bristol Banker to Head Bank’s First Rhode Island Location
Fall River, MA (October 20, 2014) – BankFive (bankfive.com), one of the top community banks in Massachusetts, today announced the appointment of Paula Andrews as Branch Manager for the Bank’s new Bristol, RI location. A grand opening event for the new location, located at 590 Metacom Avenue in Bristol, is scheduled for November 15.
With more than 25 years in banking, Ms. Andrews is an experienced banking professional. For the past 14 years, she served as Bristol branch manager for two banks – one regional and one national bank. During that time she has been actively engaged with the business community as a member and past chairman of the board for the East Bay Chamber of Commerce. She is also a member, past president and board member of the Bristol Rotary Club.
Ms. Andrews has also made several contributions across the broader Bristol community, actively supporting and volunteering on behalf of any organizations such as American Cancer Society, Habitat for Humanity, March of Dimes, Save the Bay/CVS Golf Classic, Art Night Bristol/Warren, and the Food Bank. She even organized the Tri-town Food Drive.
“Paula is a fantastic example of what a community banker is supposed to be,” said BankFive President & CEO Bill Eccles. “Not only is she a knowledgable and dedicated banking professional, she has demonstrated a clear concern for the community she serves. I am confident she will be an invaluable addition to our team, and a valued resource for BankFive’s customers in and around Bristol.”
Originally from Bristol, Ms. Andrews now lives in nearby Warren with her family.
BankFive’s new Bristol branch is the Bank’s first in the Ocean State. It features a state-of-the-art technology bar, a kids corner, and all of the proven banking solutions you’ve come to expect from BankFive. This new office will also provide tremendous convenience with three drive-up lanes, including two teller lanes and one 24-hour drive-up ATM.