We are here for our customers because we have partners like FHLB Des Moines. Let me explain why.
Nearly 17 years ago when I first joined People’s Bank of Seneca, we were a small bank in a small town that could only offer homebuyers in-house mortgages with balloons. In a world where banks offer similar rates and similar mortgage loan programs, it’s critical to have a differentiator when talking to realtors and customers. When we began participating in the FHLB Des Moines Mortgage Partnership Finance® Program, we gained instant credibility in the marketplace. Te MPF® Program became our differentiator because it offered a streamlined process that allowed us to retain control over the underwriting, closing and funding processes. We can close more loans than we could when we kept the mortgages on our books, but we still have the ability to retain service going forward. Our customers interact with one person from start to finish, and we still go to every closing.
Te MPF® Program was a catalyst for our bank’s growth. People’s Bank of Seneca is now at $375 million in assets with five locations. Te size of the bank gives us the opportunities to do things we couldn’t have done 17 years ago. A percentage of our profits are delivered back to local sponsorships and the school.
Te turf installation on the football field isn’t the end of the story. Since then, our band has a place to practice outside, our junior high athletes have a place to practice, and we host a youth sports camp for the surrounding communities, just to name a few additional community benefits. Most memorable to me, though, was our football team had a fantastic season and made it to the state quarterfinals. Te game was in a town more than two hours away. Tere isn’t a lot of wealth in Seneca and between the drive and ticket fees, the game was out of reach for many students and families. Experiences become memories that unite a community, and People’s Bank of Seneca wanted to create an experience for our community. We booked busses and secured tickets (and ordered lots of snacks) so students and families could attend the game. On the night of the game, bus aſter bus aſter bus pulled into the opposing team’s stadium. We
had more fans than the home team, and the Indians football team pulled off a huge upset. Our fans rushed the field. It was a moment people are still talking about … a moment of unity.
It may not be obvious, but our partnership with FHLB Des Moines played a huge role in that story. Using the MPF® Program and other FHLB Des Moines liquidity products, we have been able to grow to the point where we can strengthen our communities and invest in the success of our families, businesses and school districts. People’s Bank of Seneca can count on FHLB Des Moines to be there for us so we can be there for our communities.
treasurer of the MBA Board of Directors.
stable source of funding for more than 6,600 federally insured depository institutions of all sizes and
types.Visit
fhlbdm.com Des Moines is an MBA associate member.
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THE MISSOURI BANKER 23
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