Hazleton, PA – June 17, 2009 – (RealEstateRama) – ESSA Bank & Trust was honored today for excellence in community service.
At a meeting of Pennsylvania banking executives hosted by the Federal Home Loan Bank of Pittsburgh (FHLBank), Stroudsburg-based ESSA Bank & Trust was presented with the coveted Pillars of the Community Award, bestowed annually by FHLBank for superior service to the community in the areas of affordable housing, small business development and sustainable community revitalization.
A member of the FHLBank financial institution cooperative, ESSA Bank & Trust was cited for committing more than $8 million in Community Lending Program (CLP) funds during 2008 to support small business lending in its region. The bank also utilized $27,000 in Banking On Business (BOB) funds to help a magazine publisher expand its business in East Stroudsburg, and also channeled a grant of more than $170,000 from the Affordable Housing Program (AHP) to complete Wisteria Commons, a 40-unit rental project in Cresco, PA. AHP, BOB and CLP are all funding programs offered to local lenders by FHLBank as they work together to strengthen neighborhoods through affordable housing and community and economic development.
In addition to its loans and grants, ESSA Bank & Trust’s management and staff engage in a variety of outreach activities in the community, including serving as mentors for the Leadership Pocono program and hosting a series of seminars entitled “topix for Women” that educate area residents on healthy living, investing and retirement. In addition, the ESSA Bank & Trust Foundation, established in 1998, also funds the needs of nonprofit organizations in the greater Monroe County region. Since its creation, the foundation has distributed nearly $5.1 million in the form of gifts and donations that support area schools, parks, agencies and individuals that improve the area’s quality of life.
In honor of ESSA Bank & Trust’s commitment to the community, FHLBank has donated $1,000 to the ESSA Bank & Trust Foundation.
This year’s Pillars Award was presented to ESSA Bank & Trust by John R. Price, president and CEO of FHLBank Pittsburgh, and by John J. Bendel, FHLBank’s Community Investment director.
“We are delighted to cite ESSA Bank & Trust for its excellence in community service,” said Price. “For nearly a century, this Monroe County institution has made a name for itself through both superior customer service and a genuine commitment to its neighbors. We are pleased to have ESSA Bank & Trust as a member of the Home Loan Bank cooperative.”
About the banks
Founded in 1916, ESSA Bank & Trust now operates 13 offices in upper Northeastern Pennsylvania, including a refurbished downtown headquarters that opened in 2003. Beginning as a traditional thrift institution, ESSA Bank & Trust now offers a full complement of consumer, business and investment services, including a highly personalized Asset Management and Trust Division.
FHLBank Pittsburgh is a wholesale bank that serves the housing finance and community and economic development needs of its member-owner financial institutions. FHLBank Pittsburgh provides reliable access to low-cost funds, competitive pricing in the purchase of mortgage loans, correspondent banking, technical assistance, affordable housing grants and other programs so members can better serve their own communities. FHLBank Pittsburgh is privately capitalized and funded, does not use taxpayer dollars and enjoys a triple-A rating. At March 31, 2009, it had 320 members in its district of Delaware, Pennsylvania and West Virginia and approximately $83 billion in assets. FHLBank Pittsburgh is one of twelve Banks in the Federal Home Loan Bank System, established by Congress in 1932 to support the residential mortgage activities of local financial institutions.