SAGINAW, MI (January 16, 2013) – “We are coming to Saginaw,” announced Robert M. Wolak, President and CEO of Community State Bank, St. Charles MI, following a settlement with the U.S. Justice Department (DOJ) and announced on Tuesday, January 15, 2013. Wolak said Community State Bank’s decision will not delay any effort to bring access to affordable credit to borrowers in a predominantly African-American neighborhood in Saginaw.
In the spirit of community banking, Community State Bank is investing $165,000 to open a loan office in the city. “We are going to make it work for the neighborhood, city and the bank,” Wolak emphasized. He explained that when Montrose State Bank merged with Community State Bank regulators felt the bank’s footprint should be all of Saginaw County including the city of Saginaw. “We accept that and will have our loan office up and running in the City of Saginaw very soon.”
Wolak said Community State Bank will invest $75,000 in special financing subsidies and down payment assistance programs to increase the credit extended to majority African-American neighborhoods in and around Saginaw; $75,000 in organizations that provide credit, and foreclosure prevention services in the area; and $15,000 in outreach to potential customers in the neighborhoods – totaling $165,000. Community will also open a loan production office in a majority African-American neighborhood in Saginaw and provide fair lending training for employees.
Wolak added, no factual findings of discrimination were found during the investigation by either the FDIC or DOJ. The bank agreed to the settlement with the idea that it would be more productive to invest in Saginaw versus paying the cost of litigation.
The settlement – which does not involve any legal finding regarding the allegations brought against Community State Bank – is still subject to court approval.
About Community State Bank
Community State Bank is a locally owned and operated full service financial institution. Headquartered in St. Charles, the Bank has eight neighboring branches – St. Charles, Thomas Township, Birch Run, Chesaning, Montrose, Flushing, Albee and New Lothrop. Community State Bank has been serving the community for over 71 years. For more information, please visit gotocsb.com or call the Bank at 989-865-9945.
