INDIANA, Pa., April 13 /PRNewswire-FirstCall/ -- S&T Bank (Nasdaq: STBA), a full-service financial institution with branch locations in 10 Pennsylvania counties, is pleased to add the S&T Special Residential Mortgage Construction Program to a growing list of premium banking products and financial services. The $20 million initiative is a result of the U.S. Treasury Department's Capital Purchase Program, designed to restore the flow of capital to households through reliable lending institutions as strong and secure as S&T Bank.
"Our new S&T Special Residential Mortgage Construction Program will stimulate growth in the residential construction market by providing much-needed access to capital," said Joanne Duggan, senior vice president of retail mortgage lending. "With the unique challenges and opportunities facing banks during this ongoing economic crisis, S&T is committed to remaining a steadfast resource of banking solutions."
With graduated payments, the Special Residential Mortgage Construction Program will improve cash flow for borrowers during the first two years, while simultaneously offering a competitive rate through the life of the mortgage. The program is available exclusively through S&T approved builders and land developers.
"Participation in the program provides the opportunity for builders and land developers to offer their customers highly competitive mortgage rates and the immediate savings of a graduated payment plan," added Todd D. Brice, president and CEO. "As part of the Capital Purchase Program, we are committed to offering financial products that will restore faith in the U.S. economy."
About S&T Bancorp, Inc.
Headquartered in Indiana, PA, S&T Bancorp, Inc. operates 55 offices within Allegheny, Armstrong, Blair, Butler, Cambria, Clarion, Clearfield, Indiana, Jefferson and Westmoreland counties. With assets of $4.4 billion, S&T Bancorp, Inc. stock trades on the NASDAQ Global Select Market under the symbol STBA. For more information, visit stbank.com.
SOURCE S&T Bank