New Loan Center, New Opportunities
Bay State Savings Bank hopes to better serve the local community and change the public’s opinion of the banking industry with a brand new loan center in downtown Worcester.
Paul Gilbody, the bank’s executive vice president who came up with the new loan center idea, said that the public’s perception that banks are not lending inspired him to prove that Bay State Savings was different. “We looked at our main branch and said let’s make a statement and emphasize our interest in doing small business and home mortgage lending in the community,” Gilbody said.
The new loan center, which is located in the bank’s main branch on Franklin Street, will provide loan programs for consumers, homeowners and small- to medium-sized businesses. Gilbody said the center will also serve as an outpost for other financing agencies in the city. In conjunction with the new loan center, Bay State Savings Bank also unveiled a new mortgage refinancing program.
Gilbody said that homeowners are unable to refinance their mortgages because of depressed market values, but the new refinancing program allows the bank to provide 5.99 percent interest rate on up to 100 percent of the current market value of a home for 30 years.
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