Bank of Elmwood's Levin honored

Northwestern Financial Review, Feb 6, 1999

Racine banker Jess Levin was honored by Racine's daily newspaper for contributions to community and citizens in 1998.

Levin, chairman of the Bank of Elmwood, was one of six people to receive The Journal Times Awards. The newspaper has been honoring people in Racine County since 1993 for achievements in the prior year, or for years of commendable community service.

Levin has received national attention for a program that hopes to increase home ownership for first-time buyers who have low- to moderateincome. Known as Mortgages to Advance a Growing Neighborhood Equity Tradition (MAGNET), the program offers a no-downpayment loan for first-time homebuyers in poor neighborhoods for houses worth up to $75,000.

The MAGNET program is geared at redeveloping parts of Racine, calling for buyers to occupy single-family homes financed on mortgages below market interest rates.

Because of the program's success, The Bank of Elwood received an award from the Boston-based Organization for a New Equality, a civil rights organization that annually honors financial institutions for innovative community investment programs.

Levin also is among other Racine bankers to work with the Racine Interfaith Coalition to secure low-interest loans for people in poor neighborhoods.