Community Mutual Savings Bank Provides Nearly $10 Million in Loans for Properties in Westchester

June 25, 2010 - PRLog -- The Commercial Lending Division of Community Mutual Savings Bank, a 122-year old community savings bank, has announced closing nearly
$10 million in loans for commercial and multifamily properties in communities in Westchester County and the Bronx.

The Bank provided a $2.1 million loan for refinancing a commercial office property in Peekskill. Michael Schiliro, Vice President and Director of Commercial Lending and Small Business for Community Mutual Savings Bank handled the transaction. In other recent loan transactions handled by Mr. Schiliro, the Bank provided a $437,500 loan for the purchase of a retail building in Larchmont as part of an SBA 504 transaction; $370,000 for refinancing a commercial office property in the Bronx; and $332,500 for the purchase of a medical building in Yorktown.

In White Plains, the Bank provided a $1.7 million loan for the cash-out refinancing of a mixed-use multifamily property. Raymond E. Sacher, Vice President, Small Business and Commercial Lending, was the lending officer for the transaction. Mr. Sacher also handled the following loan transactions: an $800,000 loan for the cash-out refinancing of a multifamily property in Irvington; a $709,300 construction loan for an industrial building in Valhalla, and a $275,000, loan for the cash-out refinancing of an office building in South Salem.    

In another two additional loan transactions, the Bank provided a $449,000 loan for the refinancing of a multifamily property in Tarrytown and a $2.6 million loan for the cash-out refinance of an industrial building in the Bronx. Lenny Carraturo, Assistant Vice President & Commercial Real Estate Lender, was the lending officer in both transactions.

Community Mutual Savings Bank provides a wide range of banking products and services to the retail consumer and small business customers including residential and commercial real estate loans, consumer loans and small businesses loans primarily in Westchester, Dutchess and Putnam Counties as well as Fairfield County, CT. In April 2007, Community Mutual Savings Bank converted from a mutual savings bank charter to a stock company. The holding company, CMS Bancorp, Inc. is publicly traded on NASDAQ under the ticker symbol “CMSB”.

Forward-Looking Statement

This press release may include certain forward-looking statements based on current management expectations. Readers should not place undue reliance on any such forward-looking statements contained in this press release, which speak only as of the date made. Factors of particular importance to CMS Bancorp, Inc. include, but are not limited to: (i) changes in general economic conditions, including interest rates; (ii) changes in conditions in the real estate market or the local economy; (iii) competition among providers of financial services; (iv) changes in the quality or composition of loan and investment portfolios of the Bank; (v) changes in accounting and regulatory guidance applicable to banks; and (vi) price levels and conditions in the public securities markets generally. These factors could effect CMS Bancorp’s financial performance and could cause the actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. Neither CMS Bancorp nor the Bank undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.