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Mutual Bank Commits $20 Million to help homeowners cope with current mortgage crisis

WHITMAN, MA, ISSUED MARCH 23, 2009 - Mutual Bank, a community bank with nine branches throughout Southeastern Massachusetts, today announced a new initiative to help homeowners cope with the current mortgage crisis.

The Bank has launched its new $20 Million Mortgage Solution Fund, designed to help homeowners and prospective homeowners. "If you've put blood, sweat, and tears into your home, we'd like to put some money into it," reads the headline on Mutual Bank's latest newspaper ad.

"We have never been part of the mortgage problem," said Mutual Bank CEO Glen White. "And now we're committing $20 million - at very attractive rates - to being part of the solution. We won't stand by and watch our neighbors in southeastern Massachusetts become victims of the mortgage crunch."

"We've made mortgage loans to generations of local people for 120 years," added Bill Morse, the bank's president. "It's always been - and always will be - according to sound banking practices, and in the best interests of our customers. They put their hearts and souls into their homes, and many have brought their children and grandchildren here for mortgages."

The bank is offering to help well-intentioned homeowners who may have obtained mortgages elsewhere, and now are under pressure. White said that the program is also appealing to prospective buyers, especially first-time buyers, who would like to take advantage of unprecedented low real estate prices and mortgage rates. The bank has set up a special toll-free number for people interested in the Mortgage Solution Fund: 866-88-MYBANK (866-986-9226).