NCB sees 1Q surge in activity.

NCB, FSB, a National Cooperative Bank (NCB) company, experienced a dramatic surge in lending activity over the first quarter of 2002, closing 113 loans totaling more than $185 million.

As a result, the bank has more than doubled its first quarter 2001 level of $80 million. Due to this robust activity, NCB is now ideally positioned to post yet another record-breaking year in 2002.

One major reason for the increase in lending throughout the New York metropolitan area is the record-low interest rate environment. Both housing cooperatives and condominium associations are currently taking advantage of the attractive options to create more favorable financing packages for their properties -- whether to lower maintenance costs, pay for major capital improvements or reduce overall debt by refinancing.

Some of the largest transactions completed over the first three months of 2002 included a $7.5 million first mortgage for a 290-unit cooperative in Bayside, NY, a $6.6 million first mortgage and $1.0 million line of credit for a 158-unit cooperative in Manhattan, and a $2.0 million line of credit for a 50-unit condominium located in Manhattan.