Home Federal operated as a traditional thrift originating adjustable and fixed rate mortgages for the construction, purchase, and refinancing of single-family dwellings. In addition, Home Federal offered home equity loans. The Institution also offered share loans, as well as loans secured by unimproved lots. Home Federal did not sell loans in the secondary market, but retained them in its own portfolio.
Between January 1, 1995, and June 30, 1997, Home Federal originated 693 loans totaling $53.7 million. This represents an average loan amount of $78,000. A review of the OTS's Thrift Financial Report for Home Federal disclosed that as of June 30, 1997, residential permanent mortgages totaled $111.9 million, and nonresidential mortgages totaled $14.3 million, or 68.2 percent and 9.2 percent of total assets, respectively. As of that date, cash and investments totaled $26.5 million, or 17.1 percent of total assets.
Home Federal Savings and Loan Association was purchased by New South Bank Company of Washington, North Carolina, and the subsequent company assumed the name First South Bank.
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