First Place Financial, a financial services holding company based in Warren, Ohio, has decided to participate in the US Department of Treasury’s capital purchase programme.
First Place intends to use the Treasury’s capital purchase programme (CPP) to help the flow of capital into local communities. Several new lending programmes will be rolled out over the next several weeks, including Builders First, Community First, and Buyers First, said First Place.
Steven Lewis, president and CEO of First Place Financial, said: We are committed to leveraging the CPP funds and investing in our communities, thus strengthening the local economy.
As we come off of two of our largest loan production months ever, we continue to be committed to helping local residents who need to buy or sell a home, and that’s why we’re offering these special programmes. As a community bank, we believe that one of the most important investments we can make is with people in communities where we live and work.
The capital purchase programme (CPP) is a voluntary programme designed to assist financial institutions in increasing the flow of financing to US businesses and consumers as a way of stimulating the US economy. The CPP is available to bank holding companies, financial holding companies, insured depository institutions and savings and loan holding companies that engage solely or predominately in activities that are permissible for financial holding companies under relevant law.
