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PEOPLE’S UNITED BANK INVESTS IN OPPORTUNITY

August 20, 2013

$300,000 investment in the Genesis Community Loan Fund will be provided to strengthen communities in Maine

PORTLAND, ME – People’s United Bank recently invested $300,000 in the Genesis Community Loan Fund (GCLF) to support the nonprofit’s work of helping the people of Maine achieve safe, stable affordable homes and to help underserved Maine communities create needed facilities like child care centers and health clinics.

This is People’s United Bank’s third investment with GCLF, bringing its total investment to $450,000.

 “People's United Bank is pleased to support the critical work of GCLF on behalf of low- and moderate-income individuals throughout Maine. We understand the value of community economic development and CRA initiatives, and are proud of our long record of supporting our communities and community organizations such as GCLF. We look forward to finding new ways to expand our relationship, and enhance the ability of this community development financial institution to meet credit and affordable housing needs,” said Art Casavant, Vice President and CRA Officer, Peoples United Bank.

GCLF, as a community development financial institution, differs from most nonprofits in that it seeks investments as well as donations. Every dollar invested in GCLF (at fixed interest rates of up to 3 percent for individuals) is immediately loaned to Maine nonprofits developing affordable housing and community facilities for disadvantaged people, families and communities across the state. In fiscal year 2013, GCLF made seven loans totaling nearly $2 million.

Donations to the fund, which are tax deductible, pay for the specialized education and training provided to its borrowers. These investment loans are used as lending capital – money the nonprofit lends many times over for affordable housing and essential community projects across Maine.

“This investment from People’s United Bank will be put to use right away,” said Bill Floyd, Executive Director, GCLF. “We have affordable housing projects in York County, Portland and Westbrook with immediate needs. Additionally we have several other statewide projects in our lending pipeline that will require capital in the next few months.”

About People’s United Bank
People's United Bank is a subsidiary of People's United Financial, Inc., a diversified financial services company with $31billion in assets. People’s United Bank, founded in 1842, is a premier, community-based, regional bank in the Northeast offering commercial and retail banking, as well as wealth management services through a network of 418 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.

About the Genesis Community Loan Fund

For over 21 years the Genesis Fund has played a vital role in financing opportunities that address critical needs and sustain and strengthen communities throughout Maine. Flexible and innovative financing from the Genesis Fund has made more than 220 affordable housing and community facility projects possible. These projects have improved the lives of thousands of Maine’s most vulnerable people: single parent families, elders, people with disabilities, and working families. Since 1992, the Genesis Fund has provided almost $22.5 million in loans and has leveraged more than $140 million for the benefit of Maine people. Learn more about the Genesis Fund here www.genesisfund.org or call 207.563.6073.  Visit us on facebook: www.facebook.com/GenesisFund

 

 

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