LEBANON, TENN. – With a footprint across Middle Tennessee that encompasses the path of last week’s devastating tornado, Wilson Bank & Trust today announced a major loan initiative to help residents rebuild damaged homes in Davidson, Putnam, Smith, and Wilson counties.
Wilson Bank & Trust has set aside $100 million for loan funding to help victims of the storm who sustained damage to their homes, including those who will need to rebuild. The bank will provide construction loans or lines of credit to those residents in affected areas with a 12-month fixed interest rate at less than half of the normal cost.
“Many of the areas impacted most by last week’s destruction are the communities that have helped build our bank over the past three decades. We want to assist where insurance may not cover the complete cost to repair or replace those homes,” CEO John McDearman said. “We’re blessed to be able to assist our neighbors in a time of need, and we hope these funds for repairing and rebuilding will help many of them get back on their feet a little faster.”
In addition to construction loans for total rebuilds and larger repair projects, the funds committed to the initiative will include home equity lines of credit for residents who require smaller renovations, in order to provide a shorter turnaround time.
Residents whose homes were damaged by the tornado can contact a loan officer at their nearest Wilson Bank & Trust location to get details about the discounted construction loans and to start an application.
“We’ll certainly get involved in other ways as specific needs are identified, but this loan program will provide help to rebuild primary residences so healing and restoration in our communities can begin,” Executive Vice President Gary Whitaker commented. “We are proud to serve in a region and a state where people are so responsive, caring and giving when there is suffering.”
Wilson Bank & Trust (www.wilsonbank.com), member FDIC and an Equal Housing Lender, is a community bank established in 1987 to provide personal and professional service in a hometown setting. One of the top banks in the South in stability, products, technology, growth and earnings, WB&T currently operates 28 full-service offices in nine Middle Tennessee counties, offering a full range of financial products that include secondary market mortgage loans and mobile and online banking services.