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Contact: Stan Dunsmore, Citizens Trust Company, 814-274-9150
Neil Cotiaux, FHLBank Pittsburgh: 412-288-2851; cell: 412-335-9488

CITIZENS TRUST COMPANY JOINS GROWING 'FIRST FRONT DOOR' PROGRAM: FIRST-TIME HOMEBUYERS TO GET HELP WITH DOWN PAYMENT, CLOSING COSTS

COUDERSPORT, PA, June 8, 2006 - First Front Door (FFD) has arrived in Coudersport.

Citizens Trust Company today announced that it is joining a growing group of financial institutions across Pennsylvania, Delaware and West Virginia that are making available more than $6 million in grants to help lower-income first-time homebuyers with down payment and closing costs.

In announcing the bank's participation in the new grants program, Stan Dunsmore, Citizens Trust Company's vice president and chief lending officer, encouraged first-time homebuyers to claim funds under the first-come, first-served program as soon as possible.

"So far, approximately $2 million of the $6 million available this year has been committed," Dunsmore said. "We want as many qualified homebuyers in our area to take advantage of this program before the money runs out.

"Building equity in a first home empowers individuals and families to build wealth for future life events — including moving up in the housing market — while contributing to a community's property values, stability and social life," Dunsmore continued. "What's good for a new homeowner often proves good for neighbors as well as the local economy. First Front Door creates just such an opportunity."

Up to $5,000 now available per homeowner

Through Citizens Trust Company, FHLBank Pittsburgh, a wholesale lender to community banks, will contribute $3 for every $1 contributed by the homebuyer, for a maximum of $5,000 per recipient, based on need. Citizens Trust will also make measurable concessions to the affordability of the house such as waived or reduced fees or points or below-market rates. Approval of participant paperwork is completed by FHLBank within seven business days.

The homebuyer must successfully complete homeownership counseling that addresses topics like creditworthiness, household budgeting and home maintenance. Buyers must also receive counseling on predatory lending. Further, the buyer must live in the new home for at least five years in order to keep the full amount of the grant.

Who qualifies?

First Front Door provides down payment and closing cost assistance for first-time homebuyers with incomes at or below 80 percent of their area's median income. Under First Front Door, an individual is considered a first-time homebuyer if he or she has not owned a home within the past three years, or owned a home only while married but not as a single person within the past three years. Homes that qualify for purchase with FFD assistance include single-family homes, townhomes, duplexes, condominiums and modular units.

Consumer contacts

Prospective homebuyers should visit any of Citizens Trust's three area offices to learn more about First Front Door: 10 North Main Street, Coudersport; 100 Maple Street, Port Allegany; or 135 East Fourth Street, Emporium. They can also visit www.firstfrontdoor.com for additional program details. Or, call Stan Dunsmore at 814-274-9150.