Seaway Bank to announce partnership that means 1% down mortgages for MPS employees

First recipient will use new mortgage to purchase grandparents’ home

MILWAUKEE – Seaway Bank and Trust Company will on Thursday afternoon announce a new, exclusive partnership that gives Milwaukee Public Schools’ employees access to 1% Down Mortgages.

The announcement is set for 1:30 p.m. at Seaway’s Milwaukee branch, 2102 W. Fond du Lac Avenue, Milwaukee 53206. MPS Superintendent Gregory Thornton, Seaway Senior Vice President/Branch Manager Tracy Meeks and the first recipient of a mortgage under the partnership will attend.

“This is a win-win-win,” Dr. Thornton said. “We’re strengthening homeownership in our neighborhoods; helping build stronger connections between MPS and the community; and we’re getting a great incentive for our employees as we approach the last year of a three-year wave of retirements. We appreciate Seaway recognizing that our more than 9,000 MPS employees are important to the economic vitality of Milwaukee and reaching out to find a way they can contribute even more as homeowners.”

That wave of retirements is tied to the aging of the baby boom generation, which is strongly represented among MPS employees.

“We welcome this opportunity to partner with Milwaukee Public Schools,” Meeks said.  “Seaway has always strived to support growth in the community.  Making homeownership more available and affordable to families through innovative programs, such as our Educators Home Loan, is just one way we contribute.”

Employees can take advantage of the program for a new home purchase or to refinance an existing mortgage up to $200,000 on a single-family home, condominium or duplex. MPS employees also receive a 25 basis-point discount in addition to lower closing costs.

The first recipient of the program will use his mortgage to purchase the northwest-side home his grandparents lived in before moving to a senior living community.

“I’ve known this home for years. It’s attached to many memories for me,” said Reginald Lawrence, a regional administrator who oversees 31 of MPS’ 166 schools. “I’ve been working over the past three years to get myself in a position to re-enter homeownership and this awesome opportunity made that a reality.”

 

About Seaway Bank and Trust Company

Seaway Bank and Trust Company is a full-service community bank, serving families, churches/nonprofits and businesses in diverse neighborhoods.  It was established in 1965 to counter discriminatory lending practices and is now recognized as one of the nation’s largest minority-owned banks, with more than $570 million in assets and 300+ employees.  Seaway has eight banking centers in the Chicago area, a branch in Milwaukee and foreign currency exchange centers and banking outlets at O’Hare and Midway International Airports.  The bank’s headquarters is located at 645 E. 87th Street in Chicago.  Seaway Bank and Trust Company is an Equal Housing Lender, an Equal Opportunity Employer and a member of the FDIC. For more information visit www.seawaybank.us.

 

About Milwaukee Public Schools

Milwaukee Public Schools is Wisconsin’s largest school district, serving nearly 80,000 students in more than 160 schools across the city. U.S. News and World Report named MPS’ Rufus King International School and Ronald Wilson Reagan College Preparatory High School the two best high schools in the state and among the 200 best in the country in 2012. In the past year, Milwaukee Public Schools posted a growing graduation rate 17 points higher than the rate for 2000.