NCB New York reports strong results for 2004.NCB (Network Control Block) A packet structure used by the NetBIOS communications protocol. , FSB (FrontSide Bus) See system bus. FSB - front side bus , a wholly-owned thrift of National Cooperative Bank The National Consumer Cooperative Bank (NCCB) was created and chartered by the National Consumer Cooperative Bank Act (92 Stat. 499, 12 U.S.C.A. 3001), enacted on August 20, 1978. The bank is directed by the act to encourage the development of new and existing cooperatives. (NCB), and a leading provider of financing to housing cooperatives in the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Tri-State area There are a number of places in the United States known as tri-state areas where three states or holdings meet at one point (a tripoint), or in proximity to each other. The two most well-known are for the New York and Chicago metropolitan areas. , posted a stellar year in 2004. The New York real estate team originated more than $662 million in financing for 304 regional housing cooperatives and condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. associations, through its subsidiary NCB, FSB. Overall, NCB's New York office experienced just a five percent decrease from 2003's record setting year-end numbers. Edward Howe III, Managing Director of NCB's New York office, made the year-end announcement. "The dynamic financing market in 2004 was driven by the strong borrowing activity of cooperative boards that leveraged increased property valuations in a continued low interest rate environment. The result was a 61 percent increase in the average loan amount from 2003 to 2004," stated Mr. Howe. In addition, NCB's residential real estate group provided more than $58 million in financing to individual cooperative and condominium homeowners in the metropolitan area. These funds were borrowed through existing and new bank products, including home equity lines of credit, a product that was launched in early 2004, indicating the strong demand for a wide range of financing options in the New York area cooperative and condominium market. "Despite the record setting numbers of 2003, we still saw strong levels of borrowing during 2004, a trend we predict will continue into the first six months of the new year," commented Ms. Gendels. "Individual cooperative and condominium homeowners continue to turn to NCB because of our customer-oriented approach and ability to tailor loans to the varied financial needs of our customers." |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion