Citizens Bank of Pennsylvania offering low-interest loans to homeowners affected by flooding
PITTSBURGH (August 10, 2007) - Citizens Bank of Pennsylvania is reminding homeowners in low-and-moderate-income communities, whose properties were damaged from recent flooding, of the bank’s EZ Home Improvement Loan. The unsecured loan program offers low-to-moderate-income customers the ability to borrow $1,000 at an interest rate of 1% APR over three years.
“Flooding can be a devastating and stressful event in peoples’ lives,” said Ralph Papa, president of Citizens Bank of Pennsylvania. “We hope to reduce some of that stress by reminding homeowners of a unique product that can help them pay for repairs not covered by insurance.”
The EZ Home Improvement Loan is designed for family incomes of less than $46,320. This figure is based on HUD median family income guidelines and the income amount may vary depending upon the actual place of residence. The $1,000 1% APR fixed rate loan has a three-year term with a low monthly payment of $28.20 per month when payments are automatically deducted from a Citizens Bank checking or savings account. There are no fees or closing costs.
Under the same HUD guidelines and for larger home improvement projects, Citizens Bank is also offering a 6.50% APR on loans up to $10,000 at terms up to seven years. For example, a $5,000 loan at a 6.5% APR with a five-year term would result in 60 monthly payments of $97.83.
To apply for an EZ Home Improvement Loan, homeowners and renters should visit a Citizens Bank branch office or call 1-888-337-6500.
About Citizens Bank of Pennsylvania
Citizens Bank of Pennsylvania is a $34 billion state-chartered bank with dual headquarters in Pittsburgh and Philadelphia. It has approximately 400 branches, more than 660 ATMs throughout Pennsylvania. It also operates 13 retail branches and 26 ATMs in southern New Jersey and a commercial loan office in Virginia. It is a subsidiary of Citizens Financial Group, Inc., a $161 billion commercial bank holding company headquartered in Providence, R.I. Citizens has more than 1,600 branches, approximately 3,100 ATMs and more than 25,000 employees. It has a13-state retail branch network plus non-branch retail and commercial offices in about 40 states. Citizens is the eighth-largest commercial banking company in the United States ranked by deposits and ninth in assets as of September 30, 2006. Citizens is owned by RBS (The Royal Bank of Scotland Group plc).
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