Aloha Petroleum Offers Employer-Assisted Housing Program; First Private Employer in Hawaii to Offer Mortgage Benefit.

HONOLULU -- When Aloha Petroleum CEO Bob Maynard first read about the Hometown Home Loan Program, he saw it as an attractive benefit for his employees on Oahu and the Big Island. Now, through a new partnership with HomeStreet Bank, Aloha Petroleum's 350 employees will be able to lower their initial costs when they purchase or refinance a home through the Hometown Home Loan Program, an employer-assisted housing program offered through the privately-owned bank.

"We believe one of the keys to attracting and maintaining a great staff is to offer innovative benefits that will be valued by our employees," said Maynard. "We all want to provide a good home for our families. In a state where desirable housing often seems out of reach for the ordinary citizen, Aloha welcomes the relationship with HomeStreet as a way to help put home ownership within our employees' grasp."

Through the Hometown Home Loan Program, employees of partnering organizations receive significant savings on closing costs and fees for home purchases and refinances, often saving as much as $2,500 at the time of closing. Employees also receive free homebuyer education. The program is offered without cost to participating companies.

In addition, first-time homebuyers have access to several down payment assistance options, such as the HomeStart accelerated savings program or those offered through the City and County of Honolulu. Such programs can amount to thousands of dollars in assistance for eligible borrowers.

"The amount most people are able to put away for a down payment doesn't often keep up with the pace of rising home prices," said Maynard. "Through this program, we can help reduce up-front costs for our employees and possibly cut a few months off the saving process. We all talk about the problem of housing costs. As an employer, we want to find ways to help address that problem."

More than 6,000 people in Washington, Oregon and Hawaii -- including nearly 3,000 first-time homebuyers -- have used the Hometown Home Loan Program, saving more than $7 million in closing costs and fees. Offered in Hawaii to members of AFL-CIO-affiliated unions for several years, the program was expanded earlier this year, becoming available to municipalities and private employers in Hawaii. Aloha Petroleum is the first local employer to participate.

Aloha Petroleum has a history in Hawaii that dates back to the early 1900s. Today, Aloha employs approximately 350 Hawaii residents and operates nearly 80 fueling locations on Oahu and the Big Island of Hawaii. In addition to its retail fuel network, Aloha provides fuel and lubricants to hundreds of commercial and government customers. Its operations are supported by a large fleet of delivery vehicles and two fuel storage terminals in Campbell Industrial Park on Oahu and in Hilo on the Big Island.

Now in its 85th year, family- and employee-owned HomeStreet Bank has assets of $2.2 billion and a network of 30 branches in the Northwest and Hawaii. HomeStreet Bank offers a full range of financial services, including business banking, business lending, consumer banking, mortgage lending, residential construction financing, income property financing, and insurance services. Each year, HomeStreet contributes two percent of its pre-tax profits to organizations in its communities.

For more information about the Hometown Home Loan Program, call HomeStreet Bank's Affinity Lending Center at 808-596-2008 or toll free at 866-389-6369, or visit online at www.homestreet.com/hometown.