Summer 2023 Issue #14

6.264 6.759 A SEASON OF CHANGE Maspeth Federal Savings has been around a long time. For over seven decades, generations have grown up both within and outside our walls, each one teaching us more and more about what it means to be a community bank. When I think about the younger generations, one word comes to mind : hustle. According to a survey by Microsoft, 48% of Gen Zers juggle several side gigs as the cost of living rises. Software company Salesforce tells us Gen Z and Millennials are 188%more likely to start a business than their predecessors, and Forbes says two - thirds either plan to or have already done so. If these numbers tell me anything, it ’ s that young people need a bank like MFS on their team. Helping them save money, make smart financial decisions, and build livelihoods that better their communities. That ’ s why, we launched the Johnny Card — " the card with hustle ”— in partnership with St. John ’ s University Athletics. Initiatives like the Johnny Card and the invaluable financial literacy sessions we host at local schools prove just how hard our employees work to serve the needs of our growing community. In this issue, we ’ ve also put together tips on saving money in college and practicing cybersecurity — a topic that continues to impact all of us on a daily basis. Sincerly, Thomas Rudzewick President & Chief Executive Officer MORTGAGE RATES * Annual Percentage Rate (APR) is effective 9 / 7 / 23. The annual percentage rate (APR) is the cost of credit over the term of the loan expressed as an annual rate. Visit maspethfederal.com for current rates. Available for loan amounts up to $999,999.00 for 1 to 4 family properties, condominiums & co - ops only. Rates for loan amounts of $1,000,000.00 and above will be determined by the Bank. Loans over $500,000.00 and above on 1 family homes & condominiums must be owner - occupied. Co - op loans must be owner - occupied regardless of loan amount. Up to 75% loan to value for purchases, 70% loan to value for refinances. Available to properties located in the state of NY (Manhattan, Queens, Brooklyn, Bronx, Staten Island, Nassau, Suffolk & Westchester). Rates & terms are subject to change without notice. $550.00 non - refundable application fee is required on investment properties. Rates are for informational purposes only and are not binding until a formal commitment has been issued. First Time Homebuyers Program is available for purchase of owner occupied 1 family homes, 2 family homes, condominiums & co - ops with maximum Purchase Price of $999,000.00. You will receive .25% discount on Interest Rate. Down payment of 5% to 19% will require PMI (Private Mortgage Insurance). YEAR FIXED RATE Primary 1 – 2 family homes, condos, and co - ops % APR * Non - owner occupied 1 – 4 & owner occupied 3 – 4 family homes, and condos 7.015 % APR * YEAR FIXED RATE Primary 1 – 2 family homes, condos, and co - ops % APR * Non - owner occupied 1 – 4 & owner occupied 3 – 4 family homes, and condos 7.509 % APR * As we wrap up another fantastic summer event season, I look forward to what tomorrow brings, for the institution, our customers, and our extended MFS community. 15 30