Savings Institute Bank & Trust Co., Willimantic
The Savings Institute Bank & Trust Co. Employees’ Caring & Giving Program has awarded $4,150 to 11 local charitable organizations.
Employees targeted organizations dedicated to assisting families in need. Organizations receiving grants included the Windham Area Interfaith Ministry Back to School Program, the ACCESS Agency Back to School Program, the Salvation Army Back to School Program in Willimantic, Catholic Charities and the TVCCA Shelter for the Homeless of Norwich. Also receiving funds were Killingly Central School in Dayville, United Services in Columbia, Mother’s Retreat of Groton, Tolland Youth and Family Services of Tolland and the Charles N. Enes Community Center in South Windsor.
In 2007, employees pledged more than $16,800 to assist organizations that address such issues as assisting families in need, hunger and homelessness, helping the elderly and assisting individuals with disabilities or special needs.
SI Financial Group is the parent company of Savings Institute Bank & Trust Co., which is based in Willimantic. The bank has 19 offices in eastern Connecticut.
Silo Grants Loans
Silo Financial Corp., a Stamford-based mortgage finance company specializing in small-balance situational bridge loans, recently made five loans totaling $5.17 million.
Silo operates a private equity fund that provides real estate-secured loans ranging from $250,000 to $20 million for special situation requirements and other circumstances that do not conform to the standard guidelines of banks and other traditional mortgage lenders.
Silo’s recent closings include $1.95 million in Greenwich, for a fully approved 7-acre building lot; $1.18 million in New Haven, for a five-unit condominium rehab; $590,000 in Ozone Park, N.Y., for complete construction on mixed-use properties; $1.53 million in Bensalem, Pa., and Marlboro, N.J., for a blanket lien secured by four properties; and $1.2 million in Riverdale, N.Y., for 17 condominium units.
CMBA to Host Seminar
The Connecticut Mortgage Bankers Association will present a half-day “2007 Legislative Update Seminar” on Friday, Sept. 14, at the Institute of Technology and Business Development at 185 Main St. in New Britain.
The speakers will be Norman H. Roos and James R. Kinyon, both of Thelen Reid Brown Raysman & Steiner; Deputy Banking Commissioner Alan J. Cicchetti; and Richard F. Conway of Gaffney, Bennett and Assoc.
The cost of the seminar is $80 for CMBA members and $150 for nonmembers.
The day will begin with registration at 8:30 a.m. The seminar will begin at 9 a.m. and adjourn at 11:30 a.m. To register or obtain further information, contact CMBA at (860) 232-9141 or info@cmba.org.
Fitch Upgrades Securities
Fitch Ratings has upgraded the $36 million M-2 class of CBA Commercial’s Series 2004-1 commercial mortgage pass-through certificates to “AA+” from “AA.”
The securities received the upgrade because of increased credit enhancement from additional pay-down, 13.8 percent, since Fitch’s last rating action in January 2007, according to Fitch. As of the July 2007 distribution date, the pool’s aggregate collateral balance has been reduced by 35.7 percent to $65.6 million from $102 million at issuance in December 2004.
Fitch is one of three rating agencies, along with Moody’s Investor Service and Standard & Poor’s Ratings Services, that assign ratings to CBA Commercial’s certificates. An upgrade typically indicates a rating agency’s increased confidence in a security’s strength as an investment.
Stamford-based CBA Commercial is a specialized mortgage investment firm that purchases and securitizes small-balance multifamily, commercial and mixed-use mortgage loans. Its nationwide CBAC Authorized Lender Program provides standard underwriting guidelines, online processing, appraisals and environmental insurance for commercial mortgage loans ranging from $100,000 to $3 million.
