Business Briefs March 24, 2020
ANB Bank announces program to help customers impacted by COVID-19
is taking a number of steps to help customers relieve financial stress due to the COVID-19 outbreak’s significant economic impact, including offering a loan deferral program, effective immediately.
ANB recognizes that quarantines, event cancellations, school closures and business closures are having a significant economic impact on many in the community.
“We want our customers to know, our ANB team is here for them,” stated Koger Propst, CEO & president of ANB Bank in a press release. “Our low-moderate risk underwriting, our privately held model, and the fact that all our loans are portfolio loans put us in a unique position to respond to this challenge in a truly meaningful manner — one that will provide financial and emotional relief to our ANB customers in this challenging time.”
Amid the current uncertainty and likely economic challenges ahead, ANB is taking the following actions to help alleviate financial stress for customers.
• Ensuring that borrowers with floating rate, prime-based loans receive the full impact of the Federal Reserve Bank’s two emergency rate reductions, which total 1.5 percent, by reducing ANB Bank’s prime borrowing rate and temporarily removing interest rate floors through Dec. 31, 2020.
• Offering a three-month deferral of payments for all consumer and commercial term loans that require a monthly principal and interest payment. This includes installment loans, mortgages, home equity loans, commercial real estate loans, equipment loans, and any other loan that requires a monthly principal and interest payment. All customers are eligible; there is no fee or penalty; and there are no requirements to prove need or impact from the coronavirus.
• Working directly with customers if they are experiencing financial difficulties and need assistance beyond the two actions noted above.
ANB Bank is currently reaching out to all loan customers; however, customers are encouraged to contact their loan officer directly or call the customer care center at 866-433-0282 to proceed with the payment deferral or to discuss other options.
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Glenwood Music is looking forward to honoring instrument rental contracts with local schools but is currently trying to navigate months of backorders due to supply chain interruptions caused by COVID-19.