Omega Bank Forms Joint Mortgage Venture
December 12 2006 - 4:00PM
PR Newswire (US)
STATE COLLEGE, Pa., Dec. 12 /PRNewswire-FirstCall/ -- Omega Bank
has formed a joint venture with American Home Bank, N.A. to expand
the variety of mortgage products the bank can offer its
marketplace, according to bank officials. (Logo:
http://www.newscom.com/cgi-bin/prnh/19990921/OMFCLOGO ) The new
company, Omega Financial Mortgage Solutions, LLC, will be 49% owned
by Omega Bank. It will be headquartered in Mountville, Lancaster
County, said Donita R. Koval, president and chief executive officer
of Omega Bank. "By forming this new alliance, we will enhance the
types of mortgage products we can offer to customers throughout our
market area," Koval said. "We are looking to be an aggressive force
in bringing to market innovative ways for people to realize their
dream of home ownership." Koval noted that among those innovations
is HOME ONE(SM), a one of a kind program that will have customers
approved and ready to break ground in 21 days or less. Consumers
can lock in today's low fixed rate and protect their payment prior
to building, giving them peace of mind during construction, she
said. The builder will have nine months following the closing to
complete construction. In addition, the new joint venture will
offer reverse mortgages, with specialists trained and certified in
this product. That offering can provide avenues for customers
interested in the bank's Wealth Management products and services.
Steve DiPangrazio will serve as Director of the new joint venture.
He began his career with the former Keystone Financial as a loan
officer shortly after his graduation from Shippensburg University
where he earned a BS/BA in Finance. In 1998, he moved to the bank's
Blair County region, becoming Blair County area mortgage lending
manager in 2000. Keystone was acquired by M&T Bank that year.
Steve is also a past-president of the Central Highlands Mortgage
Bankers Association. DiPangrazio, who lives in the Hollidaysburg
area, is married with three children. Omega Bank will continue to
originate Pennsylvania Housing Finance Agency (PHFA) loans as well
as certain other in-house mortgage solutions, including U.S.
Department of Agriculture's Guaranteed Rural Housing Loan Program
loans, for which Omega was named the top-producing Pennsylvania
originator. Earlier this year, Omega Bank received a Pillars of the
Community award from the Federal Home Loan Bank of Pittsburgh
(FHLB) for sustained and outstanding commitment to projects that
provide affordable housing and community and economic development.
Omega is the only financial institution in Central Pennsylvania to
receive the award this year and one of only four in Pennsylvania,
Delaware and West Virginia among 340 institutions eligible to
compete for the designation. Mortgage specialists from Omega
Financial Mortgage Solutions will be stationed in various branches
throughout Omega Bank's retail network, which includes over 60
offices in 13 counties in Central and Northeastern Pennsylvania.
The mortgage specialists can also meet with applicants at their
residence to take applications and review options, adding to the
customer convenience. "Just as a builder constructs a home that's
custom-made for a buyer, we plan to construct a mortgage solution
that's tailored to that particular customer's needs," Koval said.
"We continue to emphasize the customer-driven nature of our product
design across all our business lines and this is one further
example of that philosophy in action." American Home Bank is
headquartered in Mountville. The AHB team includes over 220
employees and closed over $834 million in residential loans last
year. The bank was named to the top position of this year's Central
Penn Business Journal list of 50 fastest growing companies, having
been on the list in both 2003 and 2004. AHB was also ranked the #1
mortgage lender in Central Pennsylvania in 2003, 2004 and 2005.
James M. Deitch, AHB's chairman and CEO, is a familiar face to the
Central Pennsylvania banking community, having served as chairman
and CEO of Keystone National Bank, Keystone Financial Mortgage
Corp. and executive vice president of Keystone Financial, Inc., the
former parent firm of the former Mid-State Bank. "We're excited
about combining our expertise in mortgage lending with Omega's
strengths and customer relationship management techniques to exceed
customer expectations," Deitch said. "Together, we are going to
provide an outstanding line of products and superior customer
service to homebuyers in Omega's marketplace." Koval said that the
formation of Omega Financial Mortgage Solutions is a logical
extension of the bank's customer relationship management strategy
that seeks to develop enhanced relationships that span traditional
lines of business rather than assign customers to categories. "The
new entity gives us additional opportunities to sell products from
our other affiliates like homeowners and title insurance, as well
as checking products. This helps Omega diversify its revenue stream
beyond the traditional reliance margin business to include more
sources of fee income." Omega Bank is an affiliate of Omega
Financial Corporation (NASDAQ:OMEF)
http://www.newscom.com/cgi-bin/prnh/19990921/OMFCLOGO
http://photoarchive.ap.org/ DATASOURCE: Omega Financial Corporation
CONTACT: Teresa Ciambotti, SVP, Director of Investor Relations of
Omega Financial Corporation, +1-814-231-6401 Web site:
http://www.omegafinancial.com/
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