Home Federal Savings and Loan Association
Encyclopedia
Home Federal Savings and Loan Association was a federal stock
savings and loan association
operating in Fayetteville, North Carolina
, Lumberton, North Carolina
, and Spring Lake, North Carolina
with consolidated assets of $155.6 million, as of July 31, 1997. The Institution was wholly owned by Green Street Financial Corporation, Fayetteville, North Carolina, a unitary nondiversified holding company. The Institution had a main office at 241 Green Street in downtown Fayetteville, one branch on Raeford Road in Fayetteville, one branch in Spring Lake, and one branch in Lumberton. Home Federal's staff consisted of 30 full time employees and two part time employees as of July 31, 1997.
Home Federal operated as a traditional thrift originating adjustable and fixed rate mortgage
s for the construction, purchase, and refinancing of single family dwellings. In addition, Home Federal offered home equity loans. The Institution also offered share loans, as well as loans secured by unimproved lots. Home Federal did not sell loans in the secondary market
, but retained them in its own portfolio.
Between January 1, 1995, and June 30, 1997, Home Federal originated 693 loans totaling $53.7 million. This represents an average loan amount of $78,000. A review of the OTS's Thrift Financial Report for Home Federal disclosed that as of June 30, 1997, residential permanent mortgages totaled $111.9 million, and nonresidential mortgages totaled $14.3 million, or 68.2 percent and 9.2 percent of total assets, respectively. As of that date, cash and investments totaled $26.5 million, or 17.1 percent of total assets.
Home Federal Savings and Loan Association was purchased by New South Bank Company of Washington, North Carolina
, and the subsequent company assumed the name First South Bank.
Stock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
savings and loan association
Savings and loan association
A savings and loan association , also known as a thrift, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans...
operating in Fayetteville, North Carolina
Fayetteville, North Carolina
Fayetteville is a city located in Cumberland County, North Carolina, United States. It is the county seat of Cumberland County, and is best known as the home of Fort Bragg, a U.S. Army post located northwest of the city....
, Lumberton, North Carolina
Lumberton, North Carolina
Lumberton is a city in Robeson County, North Carolina, United States. The population was 20,795 at the 2000 census. It is the county seat of Robeson County. Lumberton, located in southern North Carolina's Inner Banks region, is located on the Lumber River...
, and Spring Lake, North Carolina
Spring Lake, North Carolina
Spring Lake is a town in Cumberland County, North Carolina, United States. The 2010 census recorded the population at 11,964 people.- History :...
with consolidated assets of $155.6 million, as of July 31, 1997. The Institution was wholly owned by Green Street Financial Corporation, Fayetteville, North Carolina, a unitary nondiversified holding company. The Institution had a main office at 241 Green Street in downtown Fayetteville, one branch on Raeford Road in Fayetteville, one branch in Spring Lake, and one branch in Lumberton. Home Federal's staff consisted of 30 full time employees and two part time employees as of July 31, 1997.
Home Federal operated as a traditional thrift originating adjustable and fixed rate mortgage
Fixed rate mortgage
A fixed-rate mortgage is a mortgage loan first developed by the Federal Housing Administration where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or "float." Other forms of mortgage loan include interest only...
s for the construction, purchase, and refinancing of single family dwellings. In addition, Home Federal offered home equity loans. The Institution also offered share loans, as well as loans secured by unimproved lots. Home Federal did not sell loans in the secondary market
Secondary market
The page applies to the finanical term; For the merchandising concept, see Aftermarket .The secondary market, also called aftermarket, is the financial market where previously issued securities and financial instruments such as stock, bonds, options, and futures are bought and sold....
, but retained them in its own portfolio.
Between January 1, 1995, and June 30, 1997, Home Federal originated 693 loans totaling $53.7 million. This represents an average loan amount of $78,000. A review of the OTS's Thrift Financial Report for Home Federal disclosed that as of June 30, 1997, residential permanent mortgages totaled $111.9 million, and nonresidential mortgages totaled $14.3 million, or 68.2 percent and 9.2 percent of total assets, respectively. As of that date, cash and investments totaled $26.5 million, or 17.1 percent of total assets.
Home Federal Savings and Loan Association was purchased by New South Bank Company of Washington, North Carolina
Washington, North Carolina
Washington is a city in Beaufort County, North Carolina, United States. The population was 9,744 at the 2010 census. It is the county seat of Beaufort County. The closest major city is Greenville, approximately 20 miles to the west....
, and the subsequent company assumed the name First South Bank.