Bank proves to be good Citizens

The Jewish Federation of Greater Philadelphia received an early Rosh Hashanah gift to the tune of $250,000 last Tuesday from their friends at Citizens Bank Foundation.

Citizens Chairman Stephen Steinour met with Federation Board Chair Beryl Simonson at the Klein Branch of the Jewish Community Centers (JCC), located at 10100 Jamison Road, to announce the "Citizens Community Bridge" initiative. The proposal involves a grant, to be doled out over two years, which will fund the introduction and expansion of six programs that serve disadvantaged people.

"This is a very special day for the Jewish Federation and for all of us," Simonson said.

"We are very, very excited about the announcement," Steinour said, "and the partnership that will be developed over the next few years and we're optimistic about where that may even take us as we think forward beyond that."

The six components that the money will fund include social action and service, self-sufficiency, reducing hunger, emergency assistance, food for the elderly and financial literacy training. The Jewish Relief Agency, Golden Slipper Club, the JCCs and other organizations under the umbrella of the Federation will all receive part of the money.

Area synagogues and community-based youth organizations are receiving the most money. Steinour said this is the first time Citizens has reached out to help the youth "find ways to get profoundly involved with the community."

Citizens isn't just providing financial assistance. Bank employees will also volunteer their time in each area of the initiative, including mentoring area students, leading workshops and distributing meals.

"For us, this was not about presenting a check," Steinour said. "It was about trying to make a profound impact. The great work that you're doing is the reason we wanted to try and partner."

The Federation grant is the most money Citizens has ever given to an organization.

"I am thrilled about this very generous gift," said Harold Goldman, president of the Jewish Federation. "It's very rewarding to see that our efforts significantly impact our community priorities and that they are recognized and acknowledged by one of our business leaders in this great community of ours."

He also remarked on the Citizens gift coinciding with the Jewish New Year.

"It's time for reflection, it's time for insight and it's time to plan for the future."

Nearly 30 Citizens employees spent the morning at Klein helping to package 500 meals for the Cook for a Friend program, which delivers kosher meals to senior citizens of all faiths who cannot cook for themselves.

"We're finding now that there's not only a tremendous need, not only for the clients who are homebound, but for many of the clients who come here," said Nina Cohen, emergency meals coordinator for Klein. "So we find that we need to develop programs."

Citizens employees enjoyed their volunteer experiences.

"It's very easy," said employee Lynn Turkington, who had already helped bag over 100 meals. "It's nice to be apart of it."

"It's been a great experience," said Barbara Buchanan. "You get to give back to the community and you get back 100-fold."

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.