Hawthorne Savings Awarded Grant to Fund Inglewood Neighborhood Housing Services' Homeownership Program

Apr 24, 2001, 01:00 ET from Hawthorne Savings Bank

    EL SEGUNDO, Calif., April 24 /PRNewswire Interactive News Release/ --
 Hawthorne Savings Bank, a subsidiary of Hawthorne Financial Corporation
 (Nasdaq:   HTHR) was awarded $81,000 in federal grant funds by the Federal Home
 Loan Bank of San Francisco (FHLB).  The funds will be designated for Inglewood
 Neighborhood Housing Services (INHS) to promote homeownership opportunities
 for low-income households.
     The grant will be used by INHS to contribute matching funds to local
 participants in the 2001 Individual Development and Empowerment Account
 (IDEA).  Those who enroll in the IDEA program attend 10 classroom-style
 sessions over the course of 10 months and make a deposit to their own IDEA
 account each visit.  In the sessions, participants learn about credit,
 budgeting, home loans, banking terminology, and the escrow process.  The
 culmination of the program is a 3:1 match of the funds that have accumulated
 in the IDEA account.  The combined proceeds are then used for a down payment
 on a home.
     The first graduate of the IDEA program in Southern California is scheduled
 to complete the requisite INHS coursework next month.  Hawthorne Savings,
 which has partnered with INHS for the past 7 years, is credited with procuring
 the funds for this unique program.
     "Hawthorne Savings is a pioneer in the field of community development,"
 said Simone Lagomarsino, President and Chief Executive Officer of Hawthorne
 Savings.  "Our Community Outreach staff has done a wonderful job in partnering
 with the FHLB, and the results of their collective efforts speak for
 themselves."
     IDEA accounts target the "unbanked" -- those who do not have a banking
 relationship with a financial institution and know little or nothing about
 banking concepts.
 
     Inglewood Neighborhood Housing Services, Inc. (INHS) is a non-profit
 corporation committed to developing opportunities to build healthy communities
 through homeownership lending, economic development, homeownership, education
 and leadership.  Inglewood NHS serves the South Bay area of Los Angeles
 County, which has a large concentration of families making below 80% of the
 median income.  Because lending volume to this population is very low,
 Inglewood NHS' involvement through special lending products and development
 services is critical to assuring that low and moderate-income families have
 equal access to capital.
 
     Hawthorne Savings, with $1.78 billion in assets, is a federally chartered
 savings bank with eight branch offices serving the South Bay and San Fernando
 Valley regions of Southern California.  Hawthorne was established in 1951.
 
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                http://tbutton.prnewswire.com/prn/11690X50587115
 
 

SOURCE Hawthorne Savings Bank
    EL SEGUNDO, Calif., April 24 /PRNewswire Interactive News Release/ --
 Hawthorne Savings Bank, a subsidiary of Hawthorne Financial Corporation
 (Nasdaq:   HTHR) was awarded $81,000 in federal grant funds by the Federal Home
 Loan Bank of San Francisco (FHLB).  The funds will be designated for Inglewood
 Neighborhood Housing Services (INHS) to promote homeownership opportunities
 for low-income households.
     The grant will be used by INHS to contribute matching funds to local
 participants in the 2001 Individual Development and Empowerment Account
 (IDEA).  Those who enroll in the IDEA program attend 10 classroom-style
 sessions over the course of 10 months and make a deposit to their own IDEA
 account each visit.  In the sessions, participants learn about credit,
 budgeting, home loans, banking terminology, and the escrow process.  The
 culmination of the program is a 3:1 match of the funds that have accumulated
 in the IDEA account.  The combined proceeds are then used for a down payment
 on a home.
     The first graduate of the IDEA program in Southern California is scheduled
 to complete the requisite INHS coursework next month.  Hawthorne Savings,
 which has partnered with INHS for the past 7 years, is credited with procuring
 the funds for this unique program.
     "Hawthorne Savings is a pioneer in the field of community development,"
 said Simone Lagomarsino, President and Chief Executive Officer of Hawthorne
 Savings.  "Our Community Outreach staff has done a wonderful job in partnering
 with the FHLB, and the results of their collective efforts speak for
 themselves."
     IDEA accounts target the "unbanked" -- those who do not have a banking
 relationship with a financial institution and know little or nothing about
 banking concepts.
 
     Inglewood Neighborhood Housing Services, Inc. (INHS) is a non-profit
 corporation committed to developing opportunities to build healthy communities
 through homeownership lending, economic development, homeownership, education
 and leadership.  Inglewood NHS serves the South Bay area of Los Angeles
 County, which has a large concentration of families making below 80% of the
 median income.  Because lending volume to this population is very low,
 Inglewood NHS' involvement through special lending products and development
 services is critical to assuring that low and moderate-income families have
 equal access to capital.
 
     Hawthorne Savings, with $1.78 billion in assets, is a federally chartered
 savings bank with eight branch offices serving the South Bay and San Fernando
 Valley regions of Southern California.  Hawthorne was established in 1951.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X50587115
 
 SOURCE  Hawthorne Savings Bank