News Menu 2/4/05 Community Bank of Orange Offers Residential Mortgages MIDDLETOWN, NY – Community Bank of Orange, NA, the first bank in history to be established in the Town of Wallkill, announced today that effective immediately, it is offering residential mortgages. "We are excited about our alliance with Countrywide Home Loans, Inc. in the Town of Newburgh," said CBO President and CEO Ron Gentile. "This is yet another step forward for our growing hometown bank. Our list of services continues to expand to provide more banking opportunities for our customers so that they can conduct all of their banking under one roof." CBO will now be offering a comprehensive line of residential mortgage products of all types with competitive rates and very quick turnaround from application to closing. "We believe in quick decisions," said Mr. Gentile. "In most cases, our customers can expect same day decisions on the residential mortgages, and 48 hour turn around with our commercial loans, which we have been offering since our inception over two years ago." Conventional conforming, fixed, adjustable, jumbo non-conforming fixed, reduced documentation, 100 percent with no PMI, and special programs for less than perfect credit are among the types of financing Community Bank of Orange is now offering its customers. To facilitate transactions and help make them as hassle-free as possible, CBO has appointed Diane Ferrero, a 10-year veteran of the residential mortgage lending field, to serve as its residential mortgage consultant. She is located at the Bank’s 643 Route 211 East, Middletown office. Ms. Ferrero will be able to originate mortgage applications for virtually any amount, from $50 thousand dollars to $2 million, if required. She has the expertise in handling the financing of new construction, including modulars; purchases, refinances, and both conforming and nonconforming home equity lines of credit. "These are exciting times here at your hometown bank – and we are planning to launch other services in the future," said Mr. Gentile. "They will include credit cards, mutual funds, annuities, and a variety of insurance products. The Bank is also exploring the development of additional branches in the Mid-Hudson Valley in the next two years, Mr. Gentile said. Ms. Ferrero may be reached at CBO at 845-695-7406.