Wayne Savings Opens Poland Branch
POLAND, Ohio — Wayne Savings Community Bank brings “small bank” customer service to Mahoning, Columbiana and Trumbull counties with its new office at 70 West McKinley Way.
The loan production office is the first location in the Mahoning Valley for the residential and commercial lender from Wayne County, and will focus on mortgages and commercial lending. Luke Schuster, mortgage sales manager for the company, manages the branch and brings 15 years of lending experience in the Valley.
“Our area is a great place to buy a home, and I am thrilled to bring this awesome bank to our area,” Schuster said. “Customers who use Wayne Savings for their residential or commercial lending needs are going to get top-notch service, some of the lowest interest rates available and have more options than many local lenders offer.”
Some of those products include mortgages with a 10-year fixed rate of 3.72% with $900 in closing costs. “We’re about an eighth- to a quarter-percent lower than everybody else in town,” he said.
Another product – a home equity bridge loan – gives sellers a way to put a down payment on their next house by pulling equity out of their current house, he said. Houses listed in the local market sell quickly, which puts sellers at a disadvantage if they need to sell their current house before they can put money down on a house they liek. “They need that money for a down payment on the new house,” he said. The home equity “bridges the gap” between the two houses.
“No banks will lend on a house that is currently listed,” he said. “We just want to help them get into their new house.”
The home equity is offered at a 3.99% interest rate with no closing costs until the seller’s current house is sold. Payments are interest-only for the life of the home equity, he said.
Founded in 1899 on the public square in Wooster, Wayne Savings Community Bank operates 11 offices with some 100 employees, including those in Ashland, Creston, Lodi, Millersburg, North Canton and Rittman, Ohio.
Copyright 2023 The Business Journal, Youngstown, Ohio.