BLOOMINGTON, IN — Monroe Bank has pledged $1,000,000 to the City of Bloomington's Purchase-Rehab Loan Program, a program developed for low- and moderate-income individuals and families who are considering purchasing a home in need of repair.

"Our strategic partnership with the City of Bloomington makes affordable homeownership possible while improving the quality of housing available," said Mark D. Bradford, President and CEO. "It is through cooperative efforts such as these that we are able to demonstrate our continued commitment to support and strengthen our communities."

Monroe Bank's $1,000,000 will come in the form of mortgage financing to fund the home purchases, and will be combined with City of Bloomington assistance earmarked for the home repairs. The City will provide a deferred loan, with no payments and no interest. Homeowners who remain in their home for at least 15 years, may also have this City loan forgiven. The program is administered by the City's Housing and Neighborhood Development (HAND), which can also provide down payment and closing cost assistance. HAND will also provide assistance in determining necessary repairs and in selecting a contractor to complete the work.

Monroe Bank has also contributed $500 to HAND's Home Buyers Club, a homeowner counseling program offering home buyer education classes that explore all aspects of buying and owning a home. Several Monroe Bank loan officers have volunteered time to teach Home Buyers Club classes.

For more information on affordable mortgage options offered by Monroe Bank, please contact the Mortgage Loan Department at (812) 331-3509.

Monroe Bank was established in 1892 in Bloomington, Indiana and is the wholly owned subsidiary of Monroe Bancorp, an Indiana bank holding company headquartered in Bloomington. Monroe Bank offers a full range of financial, trust and investment services to its more than 20,000 retail and commercial customers through 16 offices and 14 ATMs in Monroe, Jackson, Lawrence and Hendricks counties. Monroe Bancorp common stock is traded on the NASDAQ ® National Stock Market under the symbol MROE.