UTICA, N.Y. -- Adirondack Bank is trying to help federal employees impacted by the ongoing government shutdown. The bank was contacted by a federal worker seeking a deferment, which they granted, then quickly set to work on how to help other federal workers in the same predicament.
The bank announced Friday a new Federal Employee Government Shutdown Assistance Program available to federal and contract employees.
The program will offer loan payment deferment on current Adirondack Bank consumer, home equity, and mortgage loans for up to six months. They will also offer new loan assistance, which features a 90-day deferral of the first payments with a fixed rate as low as 5.5 percent.
The short-term financial help will be offered to those who qualify. It's not really a money maker for the bank. At least, not in the traditional sense.
"No, it's not a moneymaker. This is just something... kind of good will. Trying to help out the consumer, the unfortunate federal worker there,"said President and CEO, Rocco Arcuri.
Friday afternoon, a reprieve; President Trump signed a bill, temporarily funding government for three weeks. Arcuri says, the offer still stands.
"There are workers that have been without money for the past month. Maybe they might need some catchup money. And this might be a nice solution for them"