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NBT Bank News

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NBT Bank Pledges $1 Million in Residential Mortgages to Norwich First-time Homebuyer Program

NORWICH, N.Y. (October 25, 2012) – NBT Bank Senior Vice President and Residential Mortgage Manager Joseph Culver recently announced the bank’s pledge of $1 million in residential mortgages to support the City of Norwich’s First-time Homebuyer Program.

Announcing the pledge Culver said, “NBT Bank is pleased to make available low-interest mortgages to qualified Norwich residents. This partnership with the City of Norwich and Opportunities for Chenango allows them to continue assisting local home buyers through their grant program thereby satisfying a need for affordable housing and stimulating the local economy.” Armed with a low-interest mortgage from NBT Bank, first-time homebuyers can apply for a second mortgage offered through Opportunities for Chenango’s Quaranta Housing Services program for additional funds to cover down payment or closing costs. Participants also complete a homebuyer education class that helps prepare them for the responsibilities of home ownership covering topics like home maintenance, selecting a realtor and mortgage lender and credit and debt management.

City of Norwich Mayor Joseph Maiurano thanked the bank for its support saying, “This partnership between NBT Bank and other local organizations will encourage and expand homeownership in the City of Norwich. Initiatives like this are vital to restoring confidence in the housing sector and to bringing the pride of home ownership within reach for local residents who can do the most to keep our neighborhoods family-friendly.”

Opportunities for Chenango's Executive Director Wayne Viera thanked NBT Bank as well stating, “We are very excited about this initiative as it brings much needed assistance by making homes affordable to first-time homebuyers wishing to live in the City of Norwich. Coupling this with OFC's Quaranta Housing Services down payment and closing cost assistance along with homebuyer education ensures first time buyers are well prepared for the responsibilities of homeownership and ultimately, instills pride in community.”

For more information on the city’s first-time homebuyers program contact Quaranta Housing Services, 43 Hale Street, Norwich, N.Y., 13815 or call 336-2101.

NBT Bank offers personal banking, asset management and business services through a network of 137 banking locations in five states. NBT Bank operates from 97 locations in upstate New York, northwestern Vermont and western Massachusetts. NBT’s Pennstar Bank division operates from 35 locations in northeastern Pennsylvania, and its Hampshire First Bank division operates from five locations in southern New Hampshire. NBT Bank and its parent company, NBT  Bancorp Inc., are headquartered in Norwich, N.Y. NBT Bancorp Inc. had assets of $6.0 billion as of June 30, 2012, and is traded on the NASDAQ Global Select Market under the symbol NBTB. More information about NBT Bank and NBT Bancorp can be found on the internet at www.nbtbank.com and www.nbtbancorp.com.