FOR IMMEDIATE RELEASE
Pennsylvania Community Bank Pledges Support to ICBA iHELP® Student Loan Program
First Federal Savings and Loan Association of Bucks County Joins iHELP as a Participating Bank in Pennsylvania
Washington, D.C. (August 10, 2011)—First Federal Savings and Loan Association of Bucks County, Pa., is the latest member bank of the Independent Community Bankers of America (ICBA) to commit loan capital to the iHELP® private student loan program.
“ICBA is pleased that First Federal Savings and Loan Association of Bucks County has agreed to make a commitment to the iHELP student loan program in Pennsylvania,” said Dan Clancy, ICBA executive 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.
iHELP, which was rolled out 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 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.
“During this time when many families are struggling with reduced federal student aid, the iHELP program still allows students to achieve the dream of a higher education,” said William McDaniel, chairman of the Community Bank of Raymore and ICBA’s Bank Services Committee. “I’m glad that ICBA is able to offer this valuable program to member banks like mine.”
iHELP will hit its first full lending cycle this July through September and has 10 states processing loans for the current academic year. These states include South Dakota, Nebraska, Minnesota, Iowa, Wisconsin, Illinois, Pennsylvania, Louisiana, Georgia and Colorado.
“First Federal Savings and Loan Association of Bucks County is pleased to join the iHELP program so we can offer this loan program to help our local customers and communities throughout Pennsylvania,” said Bruce Iacobucci, president of First Federal Savings and Loan Association of Bucks County. “iHELP will allow us to meet our customers’ educational funding needs locally—a strength of America’s community banks. We are excited to begin working as a participating bank in this worthwhile program.”
For more information about the iHELP private student loan program, contact Ann Anderson (303) 621-2533 or firstname.lastname@example.org.