More customers in Chicago’s western suburbs will have access to specialized loan programs such as reverse mortgages as a result of a new partnership between The Federal Savings Bank (TFSB) and West Suburban Bank (WSB).
The partnership, announced Monday by The Federal Savings Bank, will enable the company to provide mortgage banking and home loan services to all 37 West Suburban Bank branches throughout the western suburbs of Chicago.
As a result, WSB clients will have complete access to TFSB’s competitive mortgage rates and suite of mortgage products, including VA, USDA, jumbo, super jumbo, asset based lending and portfolio lending products.
Additionally, specialized lending programs such as Home Equity Conversion Mortgages (HECMs) and foreign national loans, will also be available to qualified WSB customers.
“The Federal Savings Bank is thrilled to further expand our footprint in the Chicagoland area and offer our mortgage banking and home loan services to more customers in Chicago’s west suburbs,” Steve Calk, CEO of TFSB, said in a statement.
In addition to its Chicago headquarters, TFSB has loan production offices in the suburbs of Naperville and Schaumburg, as well as 15 other deposit and loan offices in Overland Park, Kansas and other locations throughout the U.S.
“Working with West Suburban Bank, we have identified a banking need where we can add value through the expertise of our mortgage bankers, along with our unique programs and safe and sound lending practices,” Calk said.
In conjunction with the partnership, TSFB also plans to hire up to 10 new mortgage bakers to support work with WSB customers, who the bank assures will receive the same individualized service they are accustomed to from WSB.
“We feel the partnership with The Federal Savings Banks will provide enhanced mortgage services with additional products that will benefit our customers, that we could not provide them before,” said West Suburban Bank President Keith Acker in a statement.
An independent community bank that opened in 1962, WSB currently holds assets in excess of $2 billion throughout its 37 locations.
Written by Jason Oliva