[January 23, 2019]

Highland Bank Launches Loan Relief Program to Help Furloughed Federal Workers Navigate Uncertainty During Government Shutdown

Highland Bank, a privately held Twin (News - Alert) Cities community bank, today announced its new Federal Employee Loan Relief Program for furloughed government workers. Highland Bank is offering new and existing customers a short-term, low-interest loan for up to three months of an eligible federal employee's net monthly salary - up to a maximum loan amount of $7,500. Loan recipients will have up to twelve months to repay the loan.

"Highland Bank has been committed to the prosperity of the communities and customers we serve for 75 years," said Troy Rosenbrook, president of Highland Bank. "As federal furloughed employees face the financial realities of not receiving paychecks during the ongoing 2018 - 2019 government shutdown, we want to be a resource and provide these dedicated people with some peace of mind during this unexpected hardship."

Minnesota has approximately 17,000 federal workers impacted by the government shutdown that began in December 2018. Unplanned, out-of-pocket expenses can lead a family down a destabilizing and difficult path, forcing them to seek high-interest rate loans, default on their debts or even declare personal bankruptcy. As the government shutdown entersits fifth week and these workers have missed their first paychecks, Highland Bank's new loan program comes at an essential time to offer relief.

Through Highland Bank's Federal Employee Loan Relief Program, eligible recipients will receive a one-time advance at an interest rate of 5.00% Annual Percentage Rate for financial relief to furloughed employees.

To qualify for this short-term loan, a federal furloughed employee will need to provide the Notice of Furlough they received along with proof of income via a bank statement including direct deposit or year-end pay stub. A state- or government-issued ID is also required. Employees of federal contractors are not eligible for Highland Bank's Federal Employee Loan Relief Program.

Highland Bank is waiving its customary $25 loan application fee for federal furloughed workers. The Federal Employee Loan Relief Program is not available online. To apply, visit one of Highland Bank's five branch locations in Maple Grove, Minnetonka, St. Paul, Bloomington or St. Michael.

For more information, visit www.highland.bank or contact David Esposito, Director of Retail Banking at 952-858-4541 or by email: [email protected].

About Highland Bank
Highland Bank has been a fixture in the Twin Cities for 75 years and has grown to over $500 million in assets operating out of five offices. Highland Bank is dedicated to building strong profitable relationships by focusing on and helping to identify the needs of each individual customer. We believe every customer interaction contributes to the building of a stronger foundation.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190123005774/en/

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