Since 2000, Oak Bank has created personalized solutions for its business clients. The bank supports the local community, donating to over 125 local nonprofits annually and hosting several community events, including its famous Great Pumpkin Giveaway. The bank’s community involvement and dedication to local businesses has always set it apart from national and regional banks. “We know our clients,” says Jim McNulty, SVP business banking. “We’re small, we’re local, we see them face to face often and really get to know them.”
Oak Bank offers the full spectrum of business banking services — from ACH processing and commercial loans, to business checking and remote deposit services — but it is its local mindset and personalized service that sets it apart. “The depth of the relationships at smaller banks allow us to know who our clients are and how they operate,” says McNulty. “When they come to us during a stressed time and ask for support, we’re able to step up and support them.”
During the pandemic, Oak Bank has leaned into its personal relationships with clients and its active role in the community, providing support to those who are struggling. “We didn’t say no to a single request for payment relief. We helped our clients, no questions asked,” says Terry Taylor, Oak Bank president. “As our clients have navigated turbulent times, we’ve done our best to help them. We’ve approved $54 million of Paycheck Protection Program loans during this time. We originated two years’ worth of loans within two months. It was all hands on deck securing funds for our clients.”
With many of its business clients experiencing losses, downsizing, and facing threats of closure, helping keep local businesses afloat has been a daily challenge for Oak Bank associates. One client, the owner of a previously stable and successful small business, almost had to furlough all 15 of its employees when the pandemic hit. McNulty put together a PPP loan that not only secured the business, but also saved the jobs of all its employees. McNulty says the relief was palpable, and the business owner — on the verge of tears — told McNulty, “There are now 15 families who are able to put food on the table and pay their mortgages because of the work Oak Bank did to secure our PPP loan.”
Oak Bank’s corporate culture has also adapted well to operating in a world dealing with COVID-19. “Several associates work remotely. We’ve identified and backed up the critical areas to take care of clients’ needs so that in the event we are affected by COVID, it would be business as usual and we would still be able to effectively service our clients,” says Taylor.
Oak Bank recently celebrated its 20th anniversary. The bank continues to work hard to meet clients’ unique needs with innovative solutions to take the next step in life, one family and one business at a time.
CONTACT:
Terry Taylor
President
(608) 441-6000
