First Time Home Buyer Grant Funds Available for Limited Time Only.
On April 19th, Franklin Federal received grant funds to share with first time home buyers who are approved for a loan at Franklin Federal and meet the qualifications. Individuals could receive up to $7,500 as part of the down payment or closing costs. Speak with a loan officer today.
Franklin Federal Increases Money's Worth Bonus Interest Rate
Franklin Federal wants to reward customers who own both money market accounts and CDs*. Now is the time to take advantage of our money market bonus program, Money's Worth. Every customer who owns a money market account (passbook savings, checking or Kids Count Club) will earn a 0.20% (20 basis points) higher interest rate on all CDs* that are newly opened or that renew on or between January 1, 2010 and December 31, 2010.
Visit any local branch or call 804.967.7000 for more information.
* also includes certificate IRAs
Franklin Federal Renews Community Commitment With Two "Pillar" Programs
Franklin Federal was built on two founding "pillars"; helping people save money and realize their dream of home ownership. Today, we are proud to continue those traditions by partnering in our community to help make a difference.
First, Franklin Federal has developed a financial literacy lesson plan for 2nd graders and is currently partnering with elementary schools to teach the important lesson of "Making Money Count". This proprietary lesson plan incorporates Language Arts, Math and Civics and reviews 1st grade Math SOLs and reinforces 2nd grade Math, Economic and Civic SOLs.
Second, Franklin Federal is proud to once again support the Partnership for Housing Affordability and sponsor the 2010 Affordable Housing Awareness Week (April 18-24, 2010). This annual event brings together dozens of non-profit agencies with hundreds of volunteers who together tackle the issue of affordable housing for all.
To learn more about these and other community programs, click here.
Franklin Federal Renews Commitment To Richmond And Customers With An Updated Look
After 75 years, one of Richmond's oldest financial institutions has changed its name. As of April 25, 2009 Franklin Federal Savings and Loan became Franklin Federal Savings Bank. This move reflects two essential parts of Franklin Federal's identity — its long history in the Richmond community as well as its focus on meeting the growing needs of Richmond's banking public. Franklin Federal Savings Bank will continue to embrace the values on which it was founded, while at the same time move forward in ways that are consistent with the products and services that today's customers demand. While very proud of its heritage, its focus is very much on the future.
Frequently Asked Questions About These Changes
Q: Franklin Federal Savings and Loan has been a Richmond institution for 75 years. Why did you change your name now to a bank?
A: The term "savings and loan" has lost its resonance to the banking public. In fact, there are many people who don't really know what a savings and loan is. We are one of the last savings and loans in the Commonwealth of Virginia, and we have been contemplating a name change since 2007. We are a financial institution with deep roots in the community that focuses on helping people achieve their financial goals. We think that as Franklin Federal Savings Bank, we'll have a greater opportunity to connect with the banking public that is looking for a strong, stable, local bank. The bottom line is we are still Franklin Federal.
Q: What will be new about Franklin Federal Savings Bank besides the new name and logo?
A: Our new name reflects our focus on the future, on providing an expanded array of products and services that our customers are telling us they want. To start, we recently introduced a money market checking account. That's a first for us. We also are introducing a new and improved youth savings account called Kids Count Club. And we've expanded the hours that our branches are open. This is just a start. We will continue to evaluate new products and services to better serve our customers.
Q: Does this move have anything to do with the financial health of Franklin Federal?
A: Not at all. In fact, with assets of around $1 billion, Franklin Federal's financial health continues to be strong. We continue to operate with the same sound banking principles that have been the foundation of our growth and success.
Q: What will this change mean for Franklin Federal customers?
A: This change has no effect on customers. Customers can continue to use their existing passbooks, checks and coupon books until they need replacements.
Q: Isn't there some irony in the fact that you changed your name to a bank at a time when consumer confidence in banks is as low as it's been for many years?
A: Concerns about the banking industry have largely been focused on the nation's large, mega-banks and Wall Street investment banks. Most traditional community-based banks like Franklin Federal have stayed true to their long-held banking principles and, as a consequence, have not been as adversely affected as most of the larger banks. So, while the timing of this name change is somewhat ironic, it is consistent with the direction in which we believe we need to go.
Q: Do you have any others plans, such as adding more locations or putting ATMs in your branches?
A: We are continually evaluating these kinds of questions, but we have no plans at this time for any expansion or the addition of ATMs. Our focus will continue to be on providing personalized service to the customers visiting our current branches.
Q: Does this move change your regulatory oversight? What about the levels of insured deposits?
A: No changes in either area. The oversight of Franklin Federal will continue to be by the Office of Thrift Supervision (OTS), a federal supervisory agency, and customer deposits will continue to be insured (up to $250,000 per depositor) by the FDIC at absolutely no charge.
Q: You took the word "loan"out of your name. Are you still lending?
A: Absolutely. Lending continues to be an important product of our bank, and we are committed to the same responsible lending practices that have made us Richmond's hometown lender since 1933.
Q: What about the Financial Center? Will its name change too?
A: Yes, after 10 years of Franklin Financial Center helping both bank and non-bank customers with their insurance and investment needs, it too is having a face-lift. Its name is now Franklin Federal Financial Center, and it has a new branded logo that is closely associated with that of the bank. It is important for customers to understand that they can have the same trust and confidence in the Financial Center as they do in the bank.
