SOURCE: The First Marblehead Corporation

June 06, 2008 09:57 ET

Union Federal Savings Bank to Offer Online Banking Services on

BOSTON, MA--(Marketwire - June 6, 2008) - Union Federal Savings Bank, a wholly owned subsidiary of The First Marblehead Corporation (NYSE: FMD), located in North Providence, R.I., announced today it has entered the online banking space with the launch of the easy-to-use

"The driving principle in moving Union Federal to the online space is the belief that technology and simplicity can actually go hand in hand," said Jack Kopnisky, CEO of First Marblehead Corporation, and a Director of Union Federal Savings Bank. "What Union Federal has done is to keep the aspects that many people find so appealing in a neighborhood bank and to offer them to a national market. The online customer base continues to grow exponentially, and what many of those new users are seeking is value and simplicity."

Underpinning the UFSB business strategy has been a decision to stay focused on a few carefully selected products and services that can be delivered at highly competitive rates. Simultaneously, the bank is maintaining a customer-centric approach, providing personal service to every account-holder.

The bank is currently offering two signature products. UFSB's FDIC-insured Money Market accounts feature high rates, no monthly fees, easy access and can be opened with as little as $1. Its home mortgage loans are competitively priced, and include free consultation, multiple rate and term options, low down payments for those who qualify and many closings within 30 days.

About United Federal Savings Bank -- Union Federal Savings Bank (UFSB) is an Equal Opportunity Lender, a Member FDIC and serves customers nationwide. UFSB is a wholly owned subsidiary of The First Marblehead Corporation. For more information, visit

About The First Marblehead Corporation -- First Marblehead provides financial solutions that help students achieve their dreams. The Company helps meet the growing demand for private education loans by providing national and regional financial institutions and educational institutions, as well as education loan marketers, with an integrated suite of design, implementation and capital market services for student loan programs. First Marblehead supports responsible lending and is a strong proponent of the smart borrowing principle, which encourages students to access scholarships, grants and federally guaranteed loans before considering private education loans. For more information, go to

Contact Information

  • Contact:

    Janice D. Walker
    Corporate Communications

    Jeff Landis
    Corporate Communications