July 29, 2021 – New Mexico Bank & Trust, powered by HTLF (Heartland Financial USA, Inc. – NASDAQ: HTLF), introduced its new Home Improvement Loan for Low- to Moderate-Income consumer borrowers. The new loan product is structured to help low- to moderate-income borrowers access much needed credit.
“We’re proud to launch this new loan product to help the communities we serve,” said Bill Callahan, President and CEOBrent Giles, President and CEOMichael Wamsganz, President and CEOStephen Bishop, President and CEOGreg Leyendecker, President and CEOLo B. Nestman, President and CEOTod Petersen, President and CEODouglas Kohlbeck, President at New Mexico Bank & Trust. “New Mexico Bank & Trust is dedicated to meeting the needs of our customers by providing access to credit. The new Home Improvement loan will provide credit for those who need it most”.
The new Home Improvement Loan is a secured by the borrower’s primary residence. The loan is a 60-month term for loan amounts of $5,001-$14,999.
This new product is part of a broader initiative at New Mexico Bank & Trust and HTLF to help consumers in need of credit. The Forbes Best Bank has significantly increased consumer lending in 2021:
- Created a new, popular Buy Local loan that provides credit up to $5,000 for unexpected expenses or to finish your next project while shopping local to support your favorite small businesses.
- Launched a new HELOC promotion in January 2021.
- Launched a new special on Home Equity Installment Loans in January 2021.
- New Mexico Bank & Trust’s decision to increase consumer lending comes at a time when some larger, national “trillionaire banks” have announced they are discontinuing their lending, including no longer offering HELOCs to new loan applicants or discontinuing their personal line of credit lending.
“HTLF is a consortium of community banks in 12 states. We have the size and strength of a larger regional bank but operate with local leadership and decision making. That allows us to offer products and services that our customers and communities need,” said Kevin Karrels, EVP, Head of Retail Banking.