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In the face of a global pandemic, it’s easy to be drawn into a doom-and-gloom mindset that focuses only on the negative. At ICBA, we know that out of the darkness light emerges, with community banks like you serving as bright spots, performing herculean efforts to provide access to critical funding needed to fuel America’s economic engines—small businesses—as you work to keep their doors open.
As small businesses, community banks are busy figuring out how they can help—instituting safety procedures to protect employees, contacting customers to work out financial arrangements as needed, and exploring programs to support members of the community. For the nation’s community banks, one thing is readily apparent—it’s about how to help the whole community weather the storm. When times are tough, the true nature of community banks emerges.
Take for example, Live Oak Bank, a $4 billion-asset institution in Wilmington, N.C., which used its on-campus kitchen to prepare food for a local homeless shelter and donated 50 computers to schools in the community for virtual learning. Then there’s $84.6 million-asset First National Bank of Brundidge, Ala., which organized and held a community blood drive to respond to possible shortages. Or look at Tom’s River, N.J.’s OceanFirst Bank, with assets of $7.6 billion, whose foundation established a $250,000 grant pool to support nonprofit organizations that have been impacted by COVID-19 or $838 million-asset Guilford Savings Bank in Guilford, Conn., which donated $100,000 across four community foundations to ensure timely distribution of funds to those most significantly impacted.
Beyond these efforts, community bankers are also homing in on ways to contribute to the economy and support local businesses. Peshtigo National Bank, a $204.6 million-asset institution in Peshtigo, Wis., is buying lunches for its team from local restaurants over the course of a few weeks. North Easton Savings Bank, a $545 million-asset institution in North Easton, Mass., meanwhile made direct cash donations to businesses that were impacted by early shutdowns. And First National Bank of Litchfield, a $106.6 million-asset bank in Omaha, Neb., purchased gift certificates from local restaurants to help with their bills and made donations to the local hospital.
The community within the bank—the employees—are also a focus of bank response. As employees need necessary assistance so they can be ready to help their customers, community banks are stepping up. Like $1 billion-asset Cross River Bank in Fort Lee, N.J., which required everyone to work remotely and provided all of its more than 300 employees a $500 stipend for resources to help them telework. Or consider Millbury National Bank, a $90.8 million-asset institution in Millbury, Mass., which issued a $300 bonus to employees to help with their immediate needs.
We hope these stories serve as a reminder of the valuable role community banks play in their communities and inspire you to share how your bank is stepping up to serve during the COVID-19 crisis for recognition as part of the ICBA National Community Bank Service Awards.
As we reflect on this sense of coming together, I can’t help but think of the famous Martin Luther King Jr. quote: “The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy."
Witnessing all that community bankers have done and continue to do, there can be no doubt that community banks measure up.
Rebeca Romero Rainey is ICBA President and CEO.