Five Star Bancorp Announces Loan Funding for Energy Efficiency and Residential Electrification Projects SMUD
RANCHO CORDOVA, Calif., May 02, 2022 (GLOBE NEWSWIRE) — Five Star Bancorp (Nasdaq: FSBC) (the “Company” or “Five Star”), the holding company of Five Star Bank, today announced the financing of Sacramento Municipal Utility Loans for residential energy efficiency and district electrification (“SMUD”) projects.
The company and Folsom-based LoanGlide have collaborated with SMUD to offer a new financing option for energy-efficient upgrades for SMUD residential customers. Sustainable Home Improvement Loans can be used to finance energy-efficient improvements such as converting electrical appliances and equipment to gas, as well as upgrades such as windows and weather protection. Additional upgrades such as new countertops can be incorporated into these projects. Eligible devices and equipment include:
Electrical panel upgrade
HVAC heat pump or heat pump water heater
Household electrical wiring
HVAC or water heater without heat pump
Seal and insulate
Switch from gas dryer to electric dryer
“We are very pleased to work with SMUD to help protect the earth’s natural resources,” said James Beckwith, President and CEO of Five Star Bank. “LoanGlide is a great technology partner helping the Bank deliver on its commitment to sustainable energy in our region.”
New loan features include attractive Annual Percentage Rates (APRs), currently ranging from 4.99% to 7.49%, and a simple, paperless application process powered by LoanGlide, which includes electronic signature capabilities for loan documents, faster loan decisions and a wider range of eligible. projects – not only SMUD reimbursement measures, but also any energy efficiency or electrification improvements, which can be combined with a home improvement project.
Learn more at smud.org/Loans.
About Five Star Bancorp
Five Star is a bank holding company headquartered in Rancho Cordova, California. Five Star operates through its wholly owned banking subsidiary, Five Star Bank. Five Star has seven branches and two loan origination offices in Northern California.
LoanGlide (www.LoanGlide.com) is a leading financing technology platform that enables merchants to increase sales by providing affordable financing to their consumers. We make it easier for merchants and consumers by integrating our solution into merchant workflows. The company was established in 2019 and has helped merchants, consumers, and banks with millions of dollars in transactions.
As the sixth largest community-owned, nonprofit electric service provider in the nation, SMUD has provided reliable, low-cost electricity to Sacramento County for more than 75 years. SMUD is a recognized industry leader and award winner for its innovative energy efficiency programs, renewable energy technologies and sustainable solutions for a healthier environment. In 2020, SMUD’s power supply was over 60% carbon-free, and SMUD aims to achieve zero carbon in its power supply by 2030. For more information on SMUD’s zero carbon plan and its customer programs, visit smud.org.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of the company’s beliefs regarding future events, business plans, objectives, expected operating results and the assumptions on which such statements are based. Forward-looking statements include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are generally identified by words such as “may”, “could”, “should”. “, “should”, “would”, “believes”, “anticipates”, “estimates”, “expects”, “aims”, “intends”, “plans” or words or phases of similar meaning. The Company cautions that forward-looking statements are based in large part on the Company’s expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors that are, in many cases , beyond the control of the Company. These forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties, which change over time, and other factors that could cause actual results differ materially from those currently anticipated. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. If one or more of the factors affecting the Company’s forward-looking information and statements prove incorrect, the Company’s actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking information and statements contained in this press release. Press. Release. Accordingly, the Company cautions you not to place undue reliance on the Company’s forward-looking information and statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, under the section titled Risk”, and other documents filed by the Company with the Securities and Exchange Commission from time to time.
Heather Luck, Chief Financial Officer
Five Star Bancorp
Shelley Wetton, CMO
Five Star Bancorp