Bank of Oak Ridge (NASDAQ CM: BKOR) is utilizing Federal funds from the Troubled Assets Relief Program (TARP) to help both local homebuyers and homebuilders by offering special financing and incentives on specific homes and lots in the Triad area.
“One of the goals of TARP was to improve the flow of lending. Our Community Investment Loan Program uses TARP funds to benefit both local homebuyers and local homebuilders,” said Bank of Oak Ridge CEO Ron Black. “Without this special financing and incentives, these homes and lots would most likely sit vacant. This program allows homebuyers the opportunity to move forward with getting their dream home. This, in turn, allows homebuilders to put people to work and get a return on their investment.”
As a well-capitalized bank, Bank of Oak Ridge met stringent standards to qualify for the TARP funds and is using some of the money for their Community Investment Loan Program, which they have rolled out just two weeks after receiving the funds. Unlike many of the larger banks receiving TARP funds, Bank of Oak Ridge has been a model of stability, remaining profitable for the past 20 consecutive quarters.
Additionally, despite the overall perception that banks are not lending money, and at a time when many banks’ loan portfolios were shrinking, Bank of Oak Ridge’s portfolio was growing. In fact, it increased by 15% in 2008, reaching $245 million, even in an overall slower business climate with less loan opportunities. The bank’s support to local consumers and businesses is proof of the vital role that community banks continue to play.
Bank of Oak Ridge, headquartered in Oak Ridge, NC, is a community bank with five branch locations in Greensboro, Oak Ridge and Summerfield. The bank offers a complete line of banking and investment services, including savings and checking accounts, mortgage and business loans, Saturday and extended weekday hours, same-day deposits, Virtual Check Deposit service for businesses, a business courier service, mobile banking, business and personal Internet banking with email balance alerts and reminders, and Internet bill payment.
For more information on specific homes and lots available through this program, call Tori Apple at 336-662-4824 or visit www.bankofoakridge.com.