FOR IMMEDIATE RELEASE
Louisiana Community Bank Supports Local Students Through ICBA iHELP® Student Loan Program
Washington, D.C. (May 17, 2011)-Peoples State Bank, Many, La., is the first Louisiana member bank of the Independent Community Bankers of America (ICBA) to commit loan capital to the ICBA-sponsored iHELP® private student loan program. Peoples State Bank will also join iHELP® as the originating lender for the state.
"The iHELP® private student loan program is an invaluable service for students and their families, providing funding for tuition costs after other financial aid has been exhausted," said Dan Clancy, ICBA senior vice president of services. "Many of the nation's largest lenders are making fewer private-education loans. The iHELP program allows our nation's community banks to ensure that within their community deserving students and their families are able to obtain loan funding. We are delighted that Peoples State Bank is making such a significant commitment to the program and the students of Louisiana."
iHELP® 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 in 2010, home of the program's administrator, the Student Loan Finance Corporation (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 now being rolled out nationwide, with seven states already processing loans and an additional 15 states currently in the "due diligence" process.
"Peoples State Bank is pleased to join the iHELP® program as an originating and participating bank in Louisiana so that we may meet the educational funding needs of local students and also help other ICBA member banks achieve the same goal in their communities," said John J. Blake III, president and CEO of Peoples State Bank. "Meeting the needs of students throughout our state is an important role for us to play and a fundamental strength of community banks in Louisiana. This important program further enhances our ability to rise to that challenge."
For more information about the iHELP® private student loan program, contact Ann Anderson (303) 621-2533 or firstname.lastname@example.org.