FOR IMMEDIATE RELEASE
State Bank of Cross Plains Develops Partnership with iHELP® Student Loan Program
Community Bank Joins as an Originating Lender for Wisconsin
Washington, D.C. (February 10, 2011)-State Bank of Cross Plains, Wis., is the first member bank of the Independent Community Bankers of America (ICBA) to commit loan capital to the iHELP® private student loan program in the state of Wisconsin. State Bank of Cross Plains will also join iHELP® as the originating lender in Wisconsin.
"ICBA is pleased that State Bank of Cross Plains has agreed to make such a significant commitment to this student loan program," said Dan Clancy, ICBA senior vice president of services. "The iHELP® private student loan program allows our nation's community banks to provide ‘gap' funding within their communities to deserving students and their families. More than 400 ICBA members have expressed interest in the program, six states are already processing loans and an additional 15 states are in the ‘due diligence' process."
iHELP®, which was rolled out in the first quarter of 2010, is a simple, transparent and low-cost private lending program that is offered through local community banks to help their customers achieve their higher-education goals. iHELP® was initially launched in South Dakota, home of the program's administrator, the Student Loan Finance Corp. (SLFC), which provides ICBA community bank members with turnkey loan origination and servicing support for the program, and ReliaMax Surety, a South Dakota-domiciled insurance company providing insurance for iHELP® loans. The iHELP® program is being rolled out nationwide.
"State Bank of Cross Plains is pleased to join iHELP® so we can offer this excellent loan program to help our local customers and communities throughout Wisconsin," said Jan P. Hogan, president and CEO of State Bank of Cross Plains. "iHELP® will allow us to meet our customers' educational funding needs locally-a strength of America's community banks. We will be able to help other ICBA member banks attain the same goal in their communities through student loan participation agreements. We are happy to begin working as both an originating and participating bank of this worthwhile program."
For more information about iHELP® private student loan program, contact Ann Anderson at (303) 621-2533 or firstname.lastname@example.org.