Bryn Mawr Bank Corp., holding company of Bryn Mawr Trust Co., said recently it will dedicate $10 million to funding home loans for low-to-moderate income households and areas.
The $10 million will be available through the bank until June 15, 2017, or until the money runs out, according to bank spokeswoman Tina McDonald. It will be funded through the bank’s Neighborhood Opportunity Program, established in 2014 to help low-to-moderate income families get funding they need for home buying and renovation.
The bank intends to make the loans in and around its footprint. While it only has what amounts to a limited-services branch in Dauphin County’s Derry Township in the midstate, McDonald said the loans will be available outside of Dauphin County. In the midstate, the bank has identified areas in Berks, Cumberland, Lancaster, Lebanon and York counties as well as Dauphin County all available for the loans.
The $10 million will be the bank’s latest round of funding for its Neighborhood Opportunity Program, which provides primary home loans to people with low-to-moderate incomes or to those buying or repairing a home in a low-to-moderate income census tract.
The program also is available for low-to-moderate income homeowners who are improving their home. The program offers alternative cost-saving features like down payments as low as 3 percent of the cost of the home and the possibility to eliminate private mortgage insurance in the cost of the loan.
The Delaware County-based bank acquired the private wealth management division of Hershey Trust Co. in 2011 and opened a banking branch at its downtown Hershey space this year. The new branch is more of a limited-services branch, with shorter hours and no traditional tellers.
“We just started marketing it, we haven’t be advertising it very consistently,” she said of the branch. “It’s not a cash-heavy branch, but the plan is to grow the branch over time.”
The company trades its shares on the NASDAQ exchange under the ticker symbol BMTC.