Home Savings Cuts Ribbon at Cranberry Office
CRANBERRY TOWNSHIP, Pa. -- Stan Foraker led a team of Home Savings and Loan Co. officers this morning as they cut a ribbon to mark the official opening of the Youngstown, Ohio-based bank’s newest mortgage production office, 20120 U.S. Route 19, Suite 209.
Foraker is senior vice president for retail lending at Home Savings.
Home Savings has a retail branch in Beaver and this is its first mortgage-production office in the Keystone State. The mortgage office can originate loans and refinance existing mortgages but not accept deposits.
Home Savings sees itself as serving the greater Pittsburgh market, Allegheny, Beaver and Westmoreland counties as well as Butler County.
Besides originating mortgages for those who want to buy an existing house, Home Savings lending officers can finance the construction of new houses. The bank will lend the funds to the person or couple to pay the contractor, not the contractor.
Because of the rapid growth in Cranberry Township, Foraker anticipates the percentage of loans for construction will be higher than in the Mahoning Valley.
Home Savings has an extensive presence in the Cleveland/Akron/Canton market, Foraker notes, and “It’s a natural extension” to expand that presence to greater Pittsburgh. Hiring Kim Kaluzny last April as area sales manager, who has extensive experience in mortgage lending, should help the bank better serve customers in a market of more than two million residents, he says.
Besides originating mortgages, Kaluzny and her colleagues have been calling on real estate agents and home contractors and making speeches to service clubs such as the Rotary and Kiwanis.
“We intend to grow organically,” Foraker says, “slow and steady. The Pittsburgh market one we understand” because of its similarity to the Mahoning Valley and Cleveland markets.
No dollar goals have been set for the six mortgage originators who will work out of the Cranberry Township office, Foraker says. They have been working out of other rented space awaiting the opening of the office on Route 19.
Copyright 2013 by The Business Journal, Youngstown, Ohio.
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