BANKING / FINANCE

Samco Growing: Beverly Hills Federal Savings Bank in Laguna Hills and Landmark Bank in La Habra are the latest Orange County financial institutions to join a statewide consortium of lenders that fund mortgages for low-income housing.

The consortium, the Savings Assns. Mortgage Co. in Santa Clara, provides the institutions with a supplemental way to fulfill their obligations under federal law to meet some of the needs of their communities.

Most institutions, however, use Samco only as a supplemental way of meeting the requirements of the Community Reinvestment Act, said David Nahas, a Samco executive. They continue to provide other services themselves to meet the needs of their communities, he added.

Last year, Samco added 37 new members statewide, a 42% increase over the previous year. The organization also decided to admit banks. Landmark is only the fifth bank to join.

For a one-time, $1,000 membership fee, institutions can let Samco handle the administrative end of affordable home loans. The institutions then get credit from regulators for whatever projects they agree to help fund.

Since it started lending money in 1971, Samco has provided $274 million in financing for more than 9,000 affordable housing units--mainly apartments--throughout California.