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)
SOURCE Omega Financial Corporation
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Related links:
http://www.omegafinancial.com/
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/19990921/OMFCLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Teresa Ciambotti, SVP, Director of Investor
Relations of Omega Financial Corporation, +1-814-231-6401
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