Associated Bank commits $1.4 million in mortgage purchases to assist the work of Habitat for Humanity
GREEN BAY, Wis., - July 30, 2012 - Associated Bank today announced an agreement to purchase $1.4 million in residential mortgage loans from the Greater Green Bay Habitat for Humanity's "15 by 2015" plan. The plan will provide housing for 15 families per year by 2015.
"Associated Bank is proud to partner with Greater Green Bay Habitat for Humanity for a program that is so meaningful to so many families," said Scott Fecteau, Residential Lending Director, Associated Bank. "We are committed to supporting the financial and social health of the communities we serve through corporate financial contributions and the volunteer support of our colleagues. By purchasing these interest-free loans, Associated is providing the funding to enable Habitat to continue to build homes for families in need in the Greater Green Bay area."
Four of the six houses planned for completion in 2012 are currently under construction. By 2015, Green Bay Habitat expects to have served close to 100 families since its inception in 1987.
"We are grateful for Associated Bank's purchase of these mortgages," said Jeff Johnson, Executive Director, Greater Green Bay Habitat for Humanity. "The money will be used to fund future builds and help us achieve our build goal."
Habitat for Humanity uses charitable donations from businesses and community members and the sale of some of its mortgages, in addition to mortgage payments from partner families and profits from the ReStore, to build safe and affordable homes for deserving families. The families selected for a Habitat home go through an extensive screening process and are required to spend 300-500 hours working on their home during the build process.
The families are not given homes, but instead carry an affordable, interest-free mortgage on their house. The families will also continue to attend educational sessions to learn more about managing finances and home maintenance.
"The sale of these mortgages is an excellent opportunity but we will continue to need support from the community to achieve and sustain our goal," Johnson said. "We'll also need more volunteers to participate in the builds to reach 15 houses in 2015."
Associated Bank previously purchased $400,000 in Habitat loans in 2005.
To help with ongoing fundraising for Habitat, Phil Flynn, Associated Banc-Corp President and CEO, will serve as the honorary chair for the organization's annual "Hard Hat and Heels" dinner and auction being held on Oct. 4, 2012.
The event includes dinner, both silent and live auctions, and the popular "Mr. Habitat" contest, which features a secret Packers player to be revealed at a later date. "The inaugural event in 2011 was a huge success and we want to continue to build on that success," Johnson said. "Our goal is to raise enough money from Hard Hat and Heels to sponsor a home build each year."
Among this year's live auction items is a dinner for six, with the secret Packers Player and his wife, at the Chef's Table sponsored by Chives.
If you are interested in being a sponsor for the event or donating auction items please contact Katie Johnson at firstname.lastname@example.org. Tickets, Mr. Habitat voting and additional information on the event can be found at www.greenbayhabitat.org
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NASDAQ: ASBC) has total assets of $22 billion and is one of the top 50 financial services holding companies operating in the United States. Headquartered in Green Bay, Wis., Associated has more than 250 banking locations serving more than 150 communities throughout Wisconsin, Illinois and Minnesota. The company offers a full range of banking services and other financial products and services. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.
ABOUT GREATER GREEN BAY HABITAT FOR HUMANITY
Habitat for Humanity is a nonprofit, ecumenical Christian housing ministry. Habitat seeks to eliminate substandard housing and homelessness and to make adequate, affordable shelter a matter of conscience and action. Habitat is founded on the conviction that every man, woman and child should have a simple, decent, and affordable place to live in dignity and safety. Greater Green Bay Habitat for Humanity has built over 50 houses since its inception in the late 1980's. For more information about Habitat in Brown County, please visit www.greenbayhabitat.org.
Contact: Jennifer Kaminski
Public Relations Manager