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PROVIDENT NATIONAL BANK PARTICIPATES IN KNOLL HOMESTART II PROGRAM, 'PROVIDING LOWEST 30-YEAR FIXED MORTGAGE RATE IN AMERICA'

PROVIDENT NATIONAL BANK PARTICIPATES IN KNOLL HOMESTART II PROGRAM,
 'PROVIDING LOWEST 30-YEAR FIXED MORTGAGE RATE IN AMERICA'
 PHILADELPHIA, Feb. 7 /PRNewswire/ -- Provident National Bank was recently selected to participate in the Pennsylvania State Treasurer's innovative Homestart II Program, which is designed to provide $100 million in below-market rate mortgages to qualified first- and second-time homebuyers throughout Pennsylvania.
 Homestart II provides 7.56 percent mortgage rates -- currently the lowest 30-year fixed mortgage rate in the country.
 In conjunction with the program's regulations, the mortgage origination fee will be two points, or 2 percent, and no refinances are permitted. The mortgage program is for the purchase of a primary residence only. The participant(s) must have a valid signed and dated agreement of sale or a construction contract.
 The maximum purchase price for a property in Bucks, Chester, Delaware, Montgomery, and Philadelphia counties cannot exceed $154,500. The income limit of the borrower is $61,800. All existing properties must close by June 30, 1992, and newly constructed homes must close by Oct. 30, 1992. Eligible homes include single-family residences that are existing- or new owner-occupied, including condominiums.
 To apply for a mortgage through the Homestart II Program, prospective homebuyers should bring a signed copy of the agreement of sale or construction contract to anyone of the following Provident branches: Woodhaven at No. 1 Woodhaven Mall; in the Somerton section of Philadelphia at 11830 Bustleton Ave.; in Coatesville at 112 E. Lincoln Highway; in Westlakes at the Westlakes Corporate Center on 1000 Westlakes Drive; in Concordville at 505 Wilmington-Westchester Pike (Route 202); in Drexel Hill at State and Township Line roads; in Rydal at the Baederwood Shopping Center; in Ambler at 132 E. Butler Ave.; in the Germantown section of Philadelphia at 150 W. Chelten Ave.; and in the Northeast section of Philadelphia at 2410 Welsh Road. The application period is from Feb. 13 to 18. The Somerton, Rydal, Drexel Hill, and Concordville branches offer Saturday business hours from 9 a.m. to noon.
 To assure fair distribution of the state's limited funds, those who apply for a Homestart II mortgage will be entered into a lottery, and the Homestart II recipients will be notified on Feb. 20.
 Provident, a PNC bank, is the fourth-largest bank in the Philadelphia metropolitan area. At year-end 1991, it had assets of $8.2 billion, deposits of $6.1 billion and assets under Trust Management of $89.5. An affiliate of PNC Financial Corp (NYSE: PNC) , which is the 15th-largest bank holding company in the nation, Provident has 67 branches in the Delaware Valley.
 /delval/
 -0- 2/7/92
 /CONTACT: Frank Sitner of Provident Mortgage, 215-993-7631/
 (PNC) CO: Provident National Bank ST: Pennsylvania IN: FIN SU:


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Date:Feb 7, 1992
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