Home Federal Savings and Loan Association
was a federal stock savings and loan association
operating in Fayetteville, North Carolina
, Lumberton, North Carolina
, and Spring Lake, North Carolina
with consolidated assets of $155.6 million, as of July 31, 1997. The Institution was wholly owned by Green Street Financial Corporation
, Fayetteville, North Carolina, a unitary nondiversified holding company. The Institution had a main office at 241 Green Street in downtown Fayetteville, one branch on Raeford Road in Fayetteville, one branch in Spring Lake, and one branch in Lumberton. Home Federal's staff consisted of 30 full time employees and two part time employees as of July 31, 1997.
Home Federal operated as a traditional thrift originating adjustable and fixed rate mortgages
for the construction, purchase, and refinancing of single family dwellings. In addition, Home Federal offered home equity loans. The Institution also offered share loans, as well as loans secured by unimproved lots. Home Federal did not sell loans in the secondary market
, but retained them in its own portfolio.
Between January 1, 1995, and June 30, 1997, Home Federal originated 693 loans totaling $53.7 million. This represents an average loan amount of $78,000. A review of the OTS's Thrift Financial Report for Home Federal disclosed that as of June 30, 1997, residential permanent mortgages totaled $111.9 million, and nonresidential mortgages totaled $14.3 million, or 68.2 percent and 9.2 percent of... Read More