Hancock County Savings officials discuss loan initiative, foundation

EAST LIVERPOOL — Several members of the community and representatives from Hancock County Savings Bank, were on hand Wednesday to hear about the bank’s involvement with the community and help for homeowners during a luncheon at the East Liverpool Country Club.

Guests for the luncheon learned about the Hancock County Savings Bank Charitable Foundation, which helps local nonprofit organizations with funding for various events, and the bank’s 80/20 Program, which help low- to moderate-income residents to purchase homes.

Catherine Ferrari, president and chief executive officer of Hancock County Savings Bank, discussed the bank’s mission, which is to fulfill the dream of home ownership, provide a fair return on deposits and make the community a better place to live.

Ferrari discussed the HCSB Charitable Foundation, which was formed in 1999 and has donated more than $700,000 to various nonprofit organizations throughout nine counties.

Among the grants that have been awarded by HCSB were to the East Liverpool Rotary Club for its Thompson Park swimming pool campaign, for which the club received $20,000, the East Liverpool Policeman’s Association for $6,500 for equipment, and the Team Mojo Foundation for $11,000 for various programs which help area children.

Grants typically are awarded to nonprofit groups as seed money for startup costs of new and innovative programs, matching grants, one-time grants for programs in which refunding is not required, grants for programs providing direct human services and/or grants for capital and equipment needs.

Ferrari said that organizations seeking funding through the HCSB foundation must be a 501(c)3 charitable organization and must provide its current budget, the organization’s financial statements from the past three years, copies of any solicitation items currently in use and a copy of the 501(c)3 exemption certificate.

Steve Cooper serves as president of the foundation as he has since its formation, while Ferrari \serves as chairperson.

Meanwhile, senior vice president of lending Caroll Rosenlieb discussed the bank’s 80/20 program, which Rosenlieb said is designed for low-to-middle income families and individuals. Rosenlieb told the guests that Ferrari spoke to several lenders and bankers, who all sat and brainstormed over ideas to help those who are struggling.

“We came to a conclusion that most of the low-to-moderate families didn’t own a home because, one, they couldn’t afford a down payment, two, they have credit issues or no credit, or three, they didn’t know they could own a home,” Rosenlieb told the guests.

Rosenlieb said the bank is able to finance the entire home through two loans: 80 percent for the purchase, and 20 percent for the down payment.

According to the information, no credit scores are reported, participants do not have to be a first-time homebuyer, and reduced rates are available. The home must be a single-family dwelling, have no private mortgage insurance, reduced closing costs, and no maximum and minimum loan amount.