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July 26, 2005 - FARMINGTON HILLS, MI – Paramount Bank announced today that they have granted a commercial loan to the Association of Chinese Americans (ACA) for the building renovation of a new Chinese Community Center.
Based in Madison Heights, the 10,000 square foot former restaurant space was originally purchased in 2003, with the mission of building a center that provided outreach programs to the Chinese and Asian community. As part of the ACA program, the Chinese Community Center will provide educational and charitable service development in the Southeast Michigan area. Free programs and services offered by the center will include exercise classes, a soup kitchen for the underprivileged and homeless, as well as group activities and social gatherings for senior citizens in the community. The first of its kind in the area, the ACA anticipates a grand opening of the Chinese Community Center by late July.
“This was our first time applying for a commercial loan, so we specifically sought out a bank capable of delivering great service and a trouble free loan process,” said Maria Weng, President of the ACA. “Paramount was fast-moving and very willing to work with the ACA to accommodate our specific needs.”
Paramount has one of the fastest growing commercial real estate portfolios; however they also take pride in being the leader in community banks that provide residential mortgages. Extending this leadership to their community efforts as well, Paramount Bank is currently one of the banks partnered with the Lighthouse Community Development (LCD) project.
The LCD began its operations in 1992 with the goal of making affordable housing available to low-income families, primarily within Unity Park – a 55 square block residential area in Pontiac. Partnered with community resources, such as Paramount Bank, LCD offers not only community housing development, but also education in the areas of: comprehensive personal financial management, credit counseling, reconstruction, home ownership training, and community organization opportunities.
“We are a true community bank that takes pride in our versatility and progressive lending philosophies that do not require lengthy committee approval processes, as seen in larger banks,” said Jeff Sugg, President and CEO. “We continue to be committed to assisting positive growth in our community, because we live in your neighborhood.”
ABOUT PARAMOUNT BANK
Paramount Bank, founded in 1998, was established to serve the Oakland and Macomb County communities, with financial products and services that meet the needs of today’s customer. Paramount offers a full range of banking services, including commercial and residential lending and currently has two full-service branch locations in Birmingham and Farmington Hills, and loan production offices in Troy and Clinton Township. For more information visit www.paramountbank.com or call (800) 421-BANK. Paramount Bank, “You’ve Never Seen A Bank Like This”.
ABOUT ASSOCIATION OF CHINESE AMERICANS
The ACA was founded in 1972, with the mission to promote active participation of Chinese and Asian Americans in both civic and national matters; securing social justice, equal opportunity, and equal treatment; eliminating prejudices and ignorance and enhancing the image of Asians in America; while promoting the cultural heritage of Chinese and other Asian Pacific Islander Americans. For more information visit www.acadetroit.org
For more information on Paramount Bank, please contact Christine Fisher :
cfisher@pushtwentytwo.com or call 248.335.9500x30
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