ICBA News Release
FOR IMMEDIATE RELEASE
Minnesota Community Bank Pledges Support to ICBA iHELP Student Loan Program
Peoples National Bank Mora Joins as Originating Lending for Minnesota
Washington, D.C. (October 15, 2010)- Peoples National Bank of Mora, Minn., is the latest member bank of the Independent Community Bankers of America (ICBA) to commit loan capital to the ICBA-sponsored iHELP private student loan program. Peoples National Bank Mora will also join iHELP as the originating lender for the state of Minnesota.
"ICBA is pleased that Peoples National Bank Mora has agreed to make such a significant commitment to this student loan program," said Dan Clancy, ICBA senior vice president of services. "The iHELPTM 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. This is one of the strongest responses ICBA has ever had to a new program."
iHELPTM, which was rolled out earlier this year, 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. iHELPTM 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 ICBA's iHELPTM loans. The iHELPTM program is now being rolled out nationwide.
"Peoples National Bank Mora is pleased to join the iHELP program so we can offer this loan program to help our local customers and communities throughout Minnesota," said Doyle Jelsing, president and CEO of Peoples National Bank Mora. "iHELPTM 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 participation agreements. We are happy to begin working as both an originating and participating bank of this worthwhile program."
For more information about ICBA's iHELPTM private student loan program, contact Ann Anderson (303) 621-2533 or firstname.lastname@example.org.