ICBA News Release
FOR IMMEDIATE RELEASE
ICBA Member Community Bank Makes Commitment to iHELP Student Loan Program
Washington, D.C. (August 4, 2010)-The Independent Community Bankers of America (ICBA) is pleased to announce that ICBA member, Mifflin County Savings Bank (MCS) in Lewistown, Pa., is making a significant commitment of loan capital to support the iHELPTM private student loan program as the originating lender for the state of Pennsylvania. ICBA is also pleased to announce that the iHELPTM program is being rolled out in Pennsylvania and nationwide just in time for this year's fall semester.
"ICBA thanks MCS Bank for being one of the first ICBA member community banks to jump on board and make such a significant commitment to this program," said Dan Clancy, ICBA senior vice president of services. "Many of the nation's largest lenders are making fewer education loans. The iHELPTM private student loan program allows our nation's community banks to provide funding within their communities to deserving students and their families. More than 400 ICBA members have already expressed interest in the program, one of the strongest responses we have ever had to a new program."
Formed and operated by the Student Loan Finance Corporation (SLFC) and ReliaMax Surety, the program has been designed specifically for ICBA member community banks. iHELPTM is a very simple and transparent, low-cost, private lending program that helps community bank customers achieve their higher-education goals and helps meet the funding gap between the cost of education and other available forms of financial aid. Launched in November 2009, iHELPTM was initially rolled out in South Dakota, home of the program's administrator, SLFC, which also provides ICBA members with turnkey loan origination and servicing support for the program, and ReliaMax Surety, a South Dakota domiciled insurance company providing insurance for iHELPTM loans.
"MCS Bank is pleased to make this commitment to our customers and our communities," said Terry Foster, executive vice president and CEO of MCS Bank. "iHELPTM will allow us to meet our customers' educational funding needs locally, which is the strength of America's community banks. And because MCS Bank will be both an originating and participating bank, we also have the opportunity to help other ICBA member banks attain the same goal in their communities through participation agreements."
For more information about ICBA's iHELPTM private student loan program, contact Ann Anderson at 303-621-2533.