Sturdy Largely Unaffected by Credit Crisis

COURT HOUSE — Sturdy Savings Bank has a healthy balance sheet and a strong source of funding for mortgages and business loans.
“Sturdy is here for our community and we have money to lend,” stated Gerald L. Reeves, president and CEO, in a release.
Sturdy, with $450 million in assets, is largely unaffected by the credit problems big financial institutions are encountering. The bank’s lending expertise, combined with its knowledge of the local community, combine to make it a secure resource.
Sturdy is not, and never was, a player in the sub-prime mortgage market.
“We take the time to really understand our customers and find realistic solutions,” stated Reeves.
The bank is a mutual savings bank, and it derives its lending funds from deposits.
Sturdy offers a variety of options for homebuyers, including programs for first time buyers and those with low to moderate income.
The First Home Club, which Sturdy offers in partnership with the Federal Home Loan Bank of New York, prepares potential buyers by helping them establish a savings pattern for their down payments.
The program offers a matching grant of up to $7,500 (four dollars for each dollar saved) to those who meet the eligibility criteria. Some of these requirements include showing a pattern of savings for a minimum of 10 months and attending credit counseling.
Sturdy also offers fixed rate modification programs for those with adjustable rate mortgages. For information on home loans, contact Kevin Deely, vice president, senior residential and consumer lending manager.
In addition to mortgages and home equity products, Sturdy offers a wide range of products for small businesses. The bank’s loan professionals have experience with a variety of businesses, including restaurants, retail properties, fishing vessels, hotels/motels and more.
Contact Michael Woods, senior vice president, director of lending, for information in that regard.