Bank of America Oregon and Seafirst Bank to assist victims of flood and storm damage.PORTLAND, Ore.--(BUSINESS WIRE)--Feb. 9, 1996--Bank of America Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. and Seafirst Bank Seafirst Corporation was a bank holding company based in Seattle, Washington. Formed on November 11, 1929, from the merger of Seattle's three largest banks, the First National Bank Group, the Dexter Horton National Bank (founded 1870 by Dexter Horton), and Seattle National will offer low-interest loans and waive To intentionally or voluntarily relinquish a known right or engage in conduct warranting an inference that a right has been surrendered. For example, an individual is said to waive the right to bring a tort action when he or she renounces the remedy provided by law for such closing fees for Oregon and Washington residents who are victims of flood and storm damage, and provide other assistance for customers impacted by the storm. In addition, Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Oregon will donate $25,000 to the American Red Cross' local disaster relief fund for Oregon, and Seafirst Bank will donate $25,000 to American Red Cross' disaster relief fund in Washington. BofA and Seafirst loan specialists will be available 24 hours a day at 1-800-THE-BofA for BofA customers and 1-800-24-FIRST for Seafirst customers in order to process loan requests for Oregon and Washington residents who experienced damage in the floods. The banks' programs offer loans with sharply reduced interest rates, no loan fees, lower loan minimums and priority processing Noun 1. priority processing - data processing in which the operations performed are determined by a system of priorities background processing, backgrounding - the execution of low priority programs while higher priority programs are not using the processing . "It's too early to assess the damage that these floods will cause," said Chuck Armstrong, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Bank of America Oregon. "Bank of America wants to do whatever we can to help our friends and neighbors clean up the damage quickly." The banks will offer unsecured loans Unsecured Loan A loan that is issued and supported only by the borrower's creditworthiness, rather than by some sort of collateral. Notes: Generally, a borrower must have a high credit rating to receive an unsecured loan. of $1,000 to $7,500 at 7 percent APR APR See: Annual Percentage Rate ; home equity loans of $7,500 to $25,000 at 6 percent APR; a home equity line of $7,500 to $25,000 at the T-Bill rate plus 4 percent (at today's 5.25 percent T-Bill rate, that would provide a line at 9.25 percent APR); and equity loans for owners of manufactured homes of $7,500 to $25,000 at 6 percent APR. Customers with existing lines of credit also are eligible for line increases of $5,000 to $25,000 at the T-Bill rate plus 4 percent. "The reduced rates along with the elimination of fees represents a considerable savings over standard loan packages," Armstrong said. To be considered for the banks' special loan programs, individuals need only fill out a letter indicating the type and amount of flood damage received, and agree to have loan payments automatically paid from a BofA or Seafirst checking account. Applicants must also qualify under the banks' standard credit criteria. The offer is valid through March 31, 1996. Bank of America's and Seafirst's other programs for flood victims include: -- providing small business customers in Oregon and Washington with payment deferrals on existing loans of up to 90 days and increases to existing small business lines of credit of up to 20 percent of the current credit amount up to $100,000. In addition, special loans and lines of credit are available up to $50,000 with streamline processing and flexible underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. criteria for current BofA Oregon and Seafirst small business customers. -- emergency credit line increases to BankAmericard and Seafirst VISA and MasterCard customers who are storm or flood victims, as well as a delay for upcoming monthly payments. -- no early withdrawal penalties on time deposits and individual retirement accounts for flood and storm victims who wish to withdraw funds from these accounts. The banks' donations of $25,000 in each state will be made to the American Red Cross' local disaster relief for Oregon and Washington. "Unfortunately, once again many families and individuals face damaged homes and soaked soak v. soaked, soak·ing, soaks v.tr. 1. a. To make thoroughly wet or saturated by or as if by placing in liquid. b. To immerse in liquid for a period of time. 2. possessions," said John V. Rindlaub, Seafirst chairman. "Our donation will help meet the needs of the area's flood victims and lessen less·en v. less·ened, less·en·ing, less·ens v.tr. 1. To make less; reduce. 2. Archaic To make little of; belittle. v.intr. To become less; decrease. the human tragedy caused by the recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. floods." To apply for the special loan programs, flood victims should visit their nearest BofA or Seafirst branch or call 1-800-THE-BofA (Oregon) or 1-800-24-FIRST (Washington). For information about the nearest BofA or Seafirst branch, please call 503/275-2222 (Portland) or 1-800-843-2632 for BofA, or 1-800-243-4778 for Seafirst. Bank of America is Oregon's third largest bank, with 87 branches and assets of $3.7 billion. Seafirst is Washington's largest bank, with 270 branches and assets of $17.2 billion. -0- (30 seconds) ------------------------------ Bank of America Oregon and Seafirst Bank will offer low- interest loans and waive closing fees for customers affected by the floods in Oregon and Washington and will provide emergency credit line increases to BankAmericard and Seafirst VISA and MasterCard customers and delay upcoming monthly payments. All early withdrawal penalties on time deposits and individual retirement accounts for flood and storm victims will be waived. Bank of America Oregon and Seafirst Bank also are offering a special loan program for small businesses. For more information, customers should visit their local branch or call 1-800-THE-BofA or 1-800-24-FIRST. CONTACT: Rich Brown, 503/275-1611 503/635-8044 (Portland) OR Betty Lattie, 206/358-3427 (Seattle) |
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