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UNITED JERSEY BANK TARGETS DOVER FOR HOME IMPROVEMENT LOAN PILOT; SPECIAL PROGRAM OFFERS REDUCED RATES, NEW OPTION FOR RENTERS

PRINCETON, N.J., Dec. 4 /PRNewswire/ -- United Jersey Bank today announced a home improvement loan program that offers special fixed rates on Title I and "Signature Loans" to low and moderate income residents of Morris County through its Dover office. The loan program is being offered in conjunction with the bank's "Partners in PRIDE"(SM) initiative and is a pilot for additional programs planned for other locations.

Spectrum Mortgage, a division of United Jersey Bank, is offering the FHA Title I loans to low and moderate income homeowners who have little or no equity in amounts up to $25,000, for terms up to 20 years. The special annual percentage rate is 10.4%, or 9.9% with automatic withdrawal from a United Jersey checking account. This Title I loan carries no fees or points and applies to one-to-six family owner-occupied dwellings. As with other types of home improvement loans, the interest payments on a Title I Loan may be 100% tax deductible.

At the same time, United Jersey's new Signature Loan provides low and moderate income renters or homeowners with up to $3,000 for home improvements at the reduced annual percentage rate of 13.5%, or 13% with automatic withdrawal from a United Jersey checking account. The United Jersey Bank Signature Loan is specifically designed to include renters and applicants who may lack a credit history. Possible uses for a Signature Loan include the purchase of appliances, new carpeting or furniture. United Jersey Bank offers terms up to 60 months on its Signature Loan, with no fees or points.

United Jersey Bank's reduced rate Title I and Signature Loans are available only through the bank's office at 15 West Blackwell Street in Dover. Literature explaining both loan types and applications for both loan types will be available in Spanish as well as English.

United Jersey Bank is a subsidiary of UJB Financial Corp., a $15.5 billion financial services organization based in Princeton. UJB Financial operates 290 community banking offices throughout New Jersey and eastern Pennsylvania.
 -0- 12/4/95




/CONTACT: Barbara Horn, Corporate Communications of United Jersey Bank, 609-987-3332/

CO: United Jersey Bank; UJB Financial Corp. ST: New Jersey IN: FIN SU: PDT

SH -- NYM046 -- 4067 12/04/95 10:04 EST
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Publication:PR Newswire
Date:Dec 4, 1995
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