Recent headlines would lead you to believe that money for home mortgages has dried up. The truth is that community banks and First Citizens Bank of Georgia has money to lend to homeowners for new purchases and to refinance existing mortgages...
Dear Editor:
Recent headlines would lead you to believe that money for home mortgages has dried up. The truth is that community banks and First Citizens Bank of Georgia has money to lend to homeowners for new purchases and to refinance existing mortgages. We offer the same mortgages we always have. Community banks are weathering the credit storm because we are well run, highly capitalized and among the most highly regulated financial institutions in the country. Our depositors’ money is safe with us.
Community banks are conservative lenders. While in recent years, some lenders have been more concerned with which loan was best for them, community banks like mine have always been more concerned with which loan is best for our customer. We don’t just want to get you into a home, we want to get you into a home that you can afford and afford to keep.
As a matter of fact, the Independent Community Bankers of America (ICBA), the national trade association that represents 5,000 community banks of all sizes and charter types throughout the country, reports that nearly 90 percent of mortgages made through community banks that do business with ICBA Mortgage are owner-occupied and have delinquency rate that is below the national average for one-to four-unit residential properties.
While we are currently hearing a lot about the woes of the largest financial institutions on Wall Street and many non-bank lenders, there are 8,600 community banks and savings institutions meeting the credit needs of typical borrowers in our community every day. Despite talk of a potential credit crunch, the truth is that community banks like First Citizens Bank of Georgia are open for business!
Sincerely,
Charles M. Buckner
President
First Citizens Bank of Georgia
Dawsonville, Georgia