PHOENIXVILLE, Pa., Nov. 5, 2012 /PRNewswire/ -- In the wake of the widespread devastation wrought by Superstorm Sandy, Customers Bank (customersbank.com) has announced a relief loan program to help customers affected by the storm.
"There is no question that the recent damage and destruction caused by Sandy has placed a severe economic toll on residents and businesses across many states," said Warren Taylor, President of Community Banking for Customers Bank. "Our goal with these relief programs is to help businesses and individuals obtain financing for repairs, clean-up and other needs as they try to get back to business as usual."
The business relief loans will come with no fees attached, and will give business customers the option of a fixed interest rate of 4.5% or a floating interest rate at prime rate with a lifetime cap of 4.99%.
The Customers Bank business relief loan program will offer maximum loan amounts of $100,000, with a minimum loan level of $10,000. Eligible businesses can qualify for up to a seven-year term, and up to a two-year interest-only advance period, after which the balance will automatically term out for the remainder of the loan period.
In addition, Customers Bank has announced a new program of consumer-oriented relief loans that will provide borrowers with "very attractive rates" and no annual fees, said Customers Bank's Taylor.
"We understand the importance of getting our business customers and their families back to normal as quickly as possible," Taylor said. "Because of that, we will do everything possible to expedite the application process and assure a fast turnaround time for our customers."
Additional loan terms and conditions may apply for these relief loans. Customers Bank is an equal opportunity lender, as well as an Equal Housing Lender.
Customers can get more information about the relief loans at customersbank.com or by contacting their local bank branch.
About Customers Bank
Customers Bank is a community-based, full-service bank headquartered in Phoenixville, Pa., with assets of about $2.7 billion. A member of the Federal Reserve System and deposits insured by the Federal Deposit Insurance Corporation ("FDIC"), Customers Bank provides a full range of banking services to small and medium-sized businesses, professionals, individuals and families through branch locations in Pennsylvania, New York and New Jersey. Committed to fostering customer loyalty, Customers Bank uses a High Tech/High Touch strategy that includes use of industry-leading technology to provide customers better access to their money, as well as a continually expanding portfolio of loans to small businesses, multi-family projects, mortgage companies and consumers. Customers Bank is a subsidiary of Customers Bancorp, Inc., a bank holding company based in Wyomissing, Pa.
SOURCE Customers Bank