April 29, 2019
In 2018, officials of Lackawanna County, Pennsylvania, needed to make county-wide improvements and turned to FHLBank Pittsburgh member Fidelity Bank for help with funding.
Fidelity used FHLBank’s Community Lending Program (CLP) to provide the County with flexible, competitive financing. The funds supported a variety of capital projects, including repairs to government buildings, improvements to a bridge and several local roads, and updates to an 840-acre park used year-round by residents and visitors.
"CLP's flexible terms and low interest rate helped Lackawanna County get the funding it needed, while ultimately saving the taxpayers money," said Timothy O'Brien, Fidelity’s Senior Executive Vice President and Chief Lending Officer. Salvatore DeFrancesco, Fidelity's Executive Vice President and Chief Financial Officer, agrees that using the program benefited the County and, ultimately, the community. "Because of CLP’s flexibility, we were able to help support local jobs and improve infrastructure for residents."
Fidelity used FHLBank’s Community Lending Program (CLP) to provide the County with flexible, competitive financing. The funds supported a variety of capital projects, including repairs to government buildings, improvements to a bridge and several local roads, and updates to an 840-acre park used year-round by residents and visitors.
"CLP's flexible terms and low interest rate helped Lackawanna County get the funding it needed, while ultimately saving the taxpayers money," said Timothy O'Brien, Fidelity’s Senior Executive Vice President and Chief Lending Officer. Salvatore DeFrancesco, Fidelity's Executive Vice President and Chief Financial Officer, agrees that using the program benefited the County and, ultimately, the community. "Because of CLP’s flexibility, we were able to help support local jobs and improve infrastructure for residents."