New Beneficial Ownership Requirements for Legal Entity Customers
Your business relationship is important to us. Our goal is to make the business account-opening process an efficient and enjoyable experience for you. Effective May 11, 2018, all banks will be subject to new rules under the Bank Secrecy Act imposed by the United States Department of Treasury. This new federal requirement will help law enforcement investigate involvement in terrorist financing, money laundering, tax evasion, corruption, fraud and other financial crimes.
EACH time an account is opened for a covered Legal Entity, we will be required to ask you for identifying information:
- Date of Birth
- Social Security Number
as well as identification documentation for:
- EACH individual that has 25% or more Beneficial Ownership in the Legal Entity; and,
- ONE individual that has Significant Managerial Control of the Legal Entity.
If you are opening an account on behalf of a Legal Entity, modifying signers on an existing account, renewing a Certificate of Deposit or adding a service to your account, you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge.
In order to make this process as efficient as possible, we suggest that you obtain the above bulleted information, along with a legible copy of the current Driver’s License or State ID and a legible copy of a second piece of identifying information (credit card, debit card or employee ID) for EACH identified individual. Please keep this information current and available to present EACH time you come in to establish a new account or make changes to an existing account. If you have any questions please don’t hesitate to contact us.
Buying a home—first home, vacation home, dream home—may be one of the most important decisions you make. Your neighbors at Hometown Bank work hard to make home financing simple and hassle-free. We offer a variety of mortgage loans to make your new home purchase an easy one. As always, you can expect more from Hometown Bank—we make decisions locally and quickly.
Before you choose your dream home, it’s generally a good idea to meet with a lender to discuss your options and get pre-approved for a loan. You’ll gain an understanding of how much house you can afford, and this makes for a quicker closing when you finally do find that dream home.
Choose from a variety of fixed and variable rate mortgages, VA and FHA loans and more. Let us help you explore the best options to fit your needs.
To help us expedite your loan application, please bring the following documents with you when you visit us.
- W2 forms for the past 2 years
- Copies of pay stubs for one full month
- Copies of last 2 months’ bank statements
- Two years of tax returns if you are self employed or a commissioned employee
- The most recent award letter for pensions or Social Security
- An itemized list of all monthly payments
Fixed Rate Mortgages
Fixed rate mortgages at current market rates with terms to fit your budget. You’ll know exactly what to expect every month, and your interest rate won’t change as market interest rates fluctuate. Conventional loans are available for both purchasing and refinancing a home.
Adjustable Rate Mortgages
An Adjustable Rate Mortgage, or ARM, offers a fixed rate of interest for a specified period of time. After the initial period, the interest rate, payment amount and terms can change.
FHA Mortgage loans
Fixed rate mortgages are administered by the Federal Housing Administration that typically require down payments as low as 3.5%, feature easier qualification, and offer other advantages. Let us help you determine if you qualify.
VA Loans are available to qualified veterans and active duty military persons guaranteed by the United States Department of Veterans’ Affairs. VA loans generally feature no down payments and financing up to 100% of purchase price without requiring mortgage insurance. Seller can pay all closing costs.
Rural Housing Loan Programs
Qualified applicants can finance 100% of the purchase price at below market rates on new and existing construction. There is no expensive monthly mortgage insurance and qualifying guidelines are flexible. (Subject to county income restrictions).
First Time Home Buyers
We want to help our neighbors become homeowners. We’ll work with you to help make that happen with a variety of programs to choose from designed specifically for first time home buyers.
If you’re building, Hometown Bank offers competitive rates with a one-time close construction-to-perm loan option.
Home Equity Line of Credit
A Hometown Bank Home Equity Line of Credit lets you use the equity that’s been building in your home for home improvements, additions, education, travel, auto financing, major purchases and unexpected expenses. Once your line is approved, you decide when to use your funds—and how. And the interest you pay may be tax deductible, so be sure to ask your tax advisor.
Options for every situation:
- First time homebuyers
- Self-employed borrowers
- Veteran’s and FHA loans
Hometown Bank is your hometown bank, and we can respond to your needs quickly. Let one of our professionals help put together financing that meets the demands of your business. We can set up a Business Line of Credit or a package of loans, including Commercial Real Estate, Commercial Construction, Commercial Machinery, Commercial Auto, Inventory, Equipment, Accounts Receivables, Farm Equipment or Farm Real Estate loans.
- Commercial Loans
- Construction Loans
- Business Lines of Credit
- Letters of Credit
SBA Loans available