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CITIZENS FIRST NATIONAL BANK ANNOUNCES RENEWED COMMITMENT TO LOW- TO MODERATE-INCOME GROUPS WITHIN BANK'S TRADE AREA

 GLEN ROCK, N.J., May 6 /PRNewswire/ -- Allan D. Nichols, chairman and chief executive officer of Citizens First National Bank of New Jersey announced a renewed commitment to low- to moderate-income groups within the bank's trade area. The bank recently received approval to participate in the New Jersey Housing & Mortgage Finance Agency (NJHMFA) program. It was previously precluded from participation due to the existence of a Cease and Desist Order which was terminated in December 1992, by the Office of the Comptroller of the Currency.
 The bank also announced a new program targeting the refinance market of existing residential mortgages to these income groups. The refinance program, developed and sponsored in-house by Citizens First, offers below-market rates, no points, and one of the lowest application fees in New Jersey.
 "We believe the primary reason for a bank to be in business is to increase the financial well-being of the people living in the communities we serve," Nichols stated. "The programs available to first-time homebuyers under the NJHMFA, offers an additional conduit to achieve this basic goal. It will augment similar programs we have designed to meet this community need" Nichols added.
 J. Michael Feeks, executive vice president, responsible for the bank's consumer market noted that "Refinancing a high-rate residential mortgage makes a great deal of economic sense. For example, a $75,000 mortgage refinanced from 9 percent to 6-1/2 percent will save a family almost $130 per month. That level of savings for a low income household is significant."
 Because of the considerable benefits associated with these programs, participation is limited to qualified borrowers meeting specific household income requirements. Income levels cannot exceed the low- to moderate-income limits established by the New Jersey Council on Affordable Housing.
 These new programs offered by Citizens First are expected to help it achieve its $10 million residential mortgage commitment to the low- to moderate-income groups. The bank also offers a first-time homebuyers program, low-cost home improvement loans and basic checking account services.
 Citizens First Bancorp, Inc. (AMEX: CFB), is a one bank holding company for Citizens First National Bank of New Jersey. As of March 31, 1993, total assets stood at $2.5 billion; and total deposits were $2.2 billion. The bank has 50 branch offices located throughout Bergen, Morris, Passaic, Hudson, and Ocean counties.
 -0- 5/6/93
 /CONTACT: Allan D. Nichols, chairman of Citizens First National Bank, 201-670-2203/
 (CFB)


CO: Citizens First National Bank of New Jersey ST: New Jersey IN: FIN SU:

PS -- NY024 -- 5256 05/06/93 09:13 EDT
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Publication:PR Newswire
Date:May 6, 1993
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