State Savings Bank of Manistique assists homeowners through FHLB
$693,997 in grant funding provided to Schoolcraft County homeowners
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Manistique -- As the largest single source of federal housing assistance in Schoolcraft County through the Federal Home Loan Bank (FHLB), State Savings Bank was able to help 57 households save on the purchase of their home and the cost of home repairs due to their partnership with the FHLB. This impact of low-cost funding and grant programs for Schoolcraft County homebuyers was from April, 2021 to July, 2026.
"This tremendous accomplishment reinforces the impact community banks like State Savings Bank have on the regions they serve. We pride ourselves on being a hometown bank that has our customers' best interests in mind. This milestone proves that," says Eric Oas, President & CEO of State Savings Bank.
As one of only 11 financial institutions in the Upper Peninsula who offer this program, State Savings Bank made the largest impact across the entire region with $693,997 disbursed to 57 homeowners. The funds came directly from the FHLB and were disbursed to eligible homeowners through grants and other forms of assistance to help reduce the upfront costs of purchasing a home and complete repairs.
"Many households in the Upper Peninsula and around the country cannot afford to purchase a home due to the down payment requirements, closing costs, and other expenses associated with the sale, which is why this program is vital for our community," adds Oas.
The programs' impact can be seen beyond the individual home that receives the funding. By helping families purchase homes, it strengthens neighborhoods, supports communities and contributes to the long-term economic vitality of Schoolcraft County.
About State Savings Bank
State Savings Bank is an independent bank headquartered in Manistique, Michigan. With three branches located in Michigan's Upper Peninsula, the bank has been serving the area since 1917. It provides business and personal banking solutions to those in Schoolcraft County and the surrounding areas. Learn more about State Savings Bank at statesavingsbank.com.