James M. Deitch, Chairman and CEO of American Home Bank, N.A., announced the launch of American Log Mortgage, a newly formed division of the Bank. American Log Mortgage will focus on helping customers build, afford and enjoy the construction of their log home.
Deitch named A. R. Miller to the position of President of American Log Mortgage, saying, “Ms. Miller has consistently demonstrated the ability to get new initiatives up and running quickly.” Miller will continue as a director and executive vice president of the Bank.
Miller estimated that there are over 500 log homes already built within central Pennsylvania. “The number of customers approaching us to help them with their log home financing indicated a clear market need. We started to serve this need, and demand took off.”
American Home Bank was invited by Country’s Best Log Homes magazine to offer financial services at their Log Home and Timber Frame Show at the Harrisburg Farm Show, June 6-8, 2002. American Log Mortgage will also conduct a seminar on financing log home construction on Friday evening at 5:00 p.m.
Miller said, “We were pleased to be asked to participate by Country’s Best Log Homes magazine. Their interest and customer demand convinced us to launch American Log Mortgage earlier than planned.”
In conjunction with the show, Miller announced an innovative new product for log construction mortgage customers – the affordable ‘no interest payments during construction’ mortgage. This loan helps people afford their new log home by easing the burden of paying two mortgages during the construction period. “We’re not aware of any other bank offering this product for log home construction.”
“Modern log homes typically run 2000 to 3000 square feet, and cost between $150,000 and $300,000. Customers are sophisticated and are usually building their ideal lifestyle home. They prefer to deal with an experienced log home lender”, according to Miller. American Log Mortgage employees have over 70 years of combined experience serving this niche. Miller expects American Log Mortgage to expand to approximately 15 employees within the next year. It currently employs 4 in Lancaster.
Miller was an organizer and co-founder of American Home Bank. Prior to this role, she was a co-founder and served as president of Keystone Financial Mortgage Corporation, which was acquired by M&T Mortgage. She is a graduate of Penn State University. She resides with her husband and two children in West Hempfield Township.
American Home Bank recently announced its agreement to acquire Aarrow Mortgage and Best Price Mortgage, both divisions of Guardian Home Funding Inc., with operations on Oregon Pike, Lancaster. Pending regulatory approval, the Bank expects to complete the transaction during the summer of 2002.
American Home Bank N.A. was formed in August 2001 after raising $12 million of capital from private investors. The Bank has grown quickly since opening, and had assets of $30 million at March 31, 2002. American Home Bank opened loan production offices in Carlisle and Lewisburg, PA in March of 2002. The Bank’s headquarters are at 805 Estelle Drive, Lancaster PA. The Bank currently employs about 30 people; employment will increase to about 55 when the Aarrow and Best Price transaction is completed. American Home Bank focuses on residential and commercial lending in central Pennsylvania. The Bank also specializes in construction/permanent lending throughout Pennsylvania and beyond. American Home Bank’s national charter allows the Bank to lend in all 50 states.
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