Sandy Spring Bank and Vehicles for Change Partner to Aid Families in Need
OLNEY, Md., Dec.18, 2013
OLNEY, Md., Dec.18, 2013 /PRNewswire/ --Sandy Spring Bank and Vehicles for
Change are excited to announce a new partnership through which the
organizations work together to provide cars with affordable loan terms to
families with financial challenges.
In 2013, Vehicles for Change, in need of a partner bank in the Washington D.C.
region, approached Sandy Spring Bank and asked for help to provide reliable
transportation to individuals for employment purposes. Vehicles for Change
receives donated cars from the public, repairs these cars and awards them to
families with financial challenges. Car recipients pay as little as $750 for
their vehicle; this is financed through a loan that Vehicles for Change
guarantees. These families typically have difficulties qualifying for loans or
obtaining loans with a manageable interest rate on their own. Sandy Spring
Bank immediately stepped in to assist by offering low-interest loans to
families receiving cars from Vehicles for Change.
"We award cars every day to families in the area. It's necessary for us to
have a lender who can provide the loans at an affordable rate, and we're
pleased to work with Sandy Spring Bank to provide these loans," said Marty
Schwartz, President of Vehicles for Change. "The loans are important because
they allow deserving local families to receive cars, and help them to build
"Sandy Spring Bank is happy to be partnering with Vehicles for Change because
we're committed to improving the lives of local families," said John Goedeke,
SVP, Treasury Management Division Leader at Sandy Spring Bank.
Through Vehicles for Change and Sandy Spring Bank, low-income families across
the Washington D.C. region will become proud vehicle owners and have reliable
transportation for their families.
About Sandy Spring Bancorp/ Sandy Spring Bank
With $4.1 billion in assets, Sandy Spring Bancorp, Inc. is the holding company
for Sandy Spring Bank and its principal subsidiaries, Sandy Spring Insurance
Corporation and West Financial Services, Inc. Sandy Spring Bancorp is the
largest publicly traded banking company headquartered and operating in
Maryland. Sandy Spring is a community banking organization that focuses its
lending and other services on businesses and consumers in the local market
area. Independent and community-oriented, Sandy Spring Bank was founded in
1868 and offers a broad range of commercial banking, retail banking and trust
services through 49 community offices in Anne Arundel, Carroll, Frederick,
Howard, Montgomery, and Prince George's counties in Maryland, and Arlington,
Fairfax and Loudoun counties in Virginia. Through its subsidiaries, Sandy
Spring Bank also offers a comprehensive menu of insurance and investment
management services. Visitwww.sandyspringbank.com for more information about
Sandy Spring Bank.
About Vehicles for Change
Vehicles for Change accepts and repairs donated cars and awards them to
prequalified families for as little as $750, enabling families with financial
challenges to become self-sufficient. A nonprofit organization, VFC receives
99 percent of its car donations from the public. Since 1999, Vehicles for
Change has awarded more than 4,400 cars to low-income families, changing the
lives of more than 15,000 people. Eligible families are referred to Vehicles
for Change through partnering social service type agencies. VFC car donors
gain a substantial tax advantage that's not available with most other
charities. Vehicles for Change is the only organization in Maryland and
Washington D.C. that makes it possible for donors to deduct the full fair
market value of their car, because their donation is awarded to a low-income
family.Visit vehiclesforchange.org for more information.
SOURCE Sandy Spring Bank
Contact: Mandy Walsh, 301-260-3614, email@example.com
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