We can’t tell if First Bank came up with the idea on its own or picked it up from another financial institution and adopted it, but it’s a good one!

First Bank, working with SHARE of North Carolina Inc., will donate a local foreclosed home for a low- to moderate-income family, with the official transfer of property set to take place today.

SHARE’s Web site claims it is a “nonprofit created to provide counseling, homeowner education and affordable housing to deserving low- to moderate-income families.” SHARE has successfully implemented its program in High Point’s West Macedonia area and has similar programs in place in the West End and Southside communities.

Hats off to Joe Youngblood, senior vice president and area executive for First Bank, for coming up with the business model that well may be replicated throughout the Troy-based First Bank organization. Donating the foreclosed house, which will be renovated prior to resale, is much better use for the property than for the bank to “sit on it” for months until the economy and real estate situations improve.

Hopefully, other financial institutions will consider following the model.