Press release
Five Star Bancorp Announces Financing of SMUD Residential Energy Efficiency and Electrification Project Loans
RANCHO CORDOVA, Calif., May 02, 2022 (GLOBE NEWSWIRE) -- Five Star Bancorp (Nasdaq: FSBC) (the “Company” or “Five Star”), the holding company for Five Star
About this update from Five Star Bancorp
[{"type":"text","content":"RANCHO CORDOVA, Calif., May 02, 2022 (GLOBE NEWSWIRE) -- Five Star Bancorp (Nasdaq: FSBC) (the “Company” or “Five Star”), the holding company for Five Star Bank, today announced financing Sacramento Municipal Utility District (“SMUD”) residential energy efficiency and electrification project loans. 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 efficiency upgrades such as converting from gas to electric appliances and equipment, as well as improvements including windows and weatherization. Additional upgrades such as new countertops can be bundled into these projects. Eligible appliances and equipment include: Battery storageCool roofElectrical panel upgradeEV ChargerHeat pump HVAC or heat pump water heaterHome electrical wiringInduction cooktop/rangeLightingNon-heat pump HVAC or water heaterPool pumpSeal and insulateSolarSwitch from gas to electric dryerWindows “We are very happy to work with SMUD to help protect the earth’s natural resources,” said James Beckwith, Five Star Bank President & CEO. “LoanGlide is a great technology partner helping the Bank execute on its commitment to sustainable energy in our region.” New loan features include attractive annual percentage rates (APRs), currently ranging from 4.99 percent to 7.49 percent, and an easy, paperless application process powered by LoanGlide, that includes electronic signature capabilities for loan documents, faster loan decisions and a wider range of eligible projects - not only SMUD rebated measures, but also any energy efficiency or electrification upgrade, which can be combined with a home improvement project. Learn more at smud.org/Loans. About Five Star BancorpFive 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 production offices throughout Northern California. About LoanGlideLoanGlide (www.LoanGlide.com) is a leading Financing Technology platform enabling merchants to increase sales by offering affordable financing to their consumers. We make it easier for both merchants and consumers by embedding our solution into the merchant's workflows....