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Transforming a Former School into Fresh Space, New Jobs

“Maffett Elementary School is a prime example of how BOB places jobs and property on the tax rolls while improving neighborhoods. In five short years, we've been able to make the dreams of small businesses come true, freeing capital that might otherwise not have been available to them."
— Jay Roy, former president and CEO, FHLBank Pittsburgh

An abandoned former school in Plains Township, PA, recently reopened its doors as the renovated Maffett Hill Office Center — thanks to Banking On Business (BOB), FHLBank Pittsburgh’s program available to new or expanding small businesses. The 82-year-old Maffett Elementary School, shuttered since 1997, was transformed by local architectural/engineering firm The A + E Group, Inc., which relocated from Wilkes-Barre to Plains Township to occupy and renovate the building. BOB funds were combined with a first mortgage from Community Bank & Trust Company, providing more than $1.5 million in financing. The renovation created new space and jobs for 60 area residents.

Throughout northeastern Pennsylvania, FHLBank is working with nine member banks to make small-business growth plans more bankable. Together, they have put forward nearly $29 million in funding for the purchase of land, buildings, equipment, machinery and leasehold improvements, permanent working capital and closing costs. More than 900 area jobs have been created or retained through the BOB program.

In 2005, FHLBank celebrated BOB's $100 million milestone, representing $16 million in BOB program funding to date, coupled with $75 million in member bank financing and $9 million in borrower equity.