A community bank since 2000, Oak Bank understands the importance of communities supporting those in need. The COVID-19 pandemic hit businesses in our community hard and Oak Bank went straight to work helping clients with their Paycheck Protection Program (PPP) loans.
“We take the community bank label and ethics very seriously,” says Jim McNulty, senior vice president, business banking. “Deploying the PPP resources to our clients, almost all locally owned and operated, allowed us to take federal dollars and direct them straight into the community where our bank was formed, where our associates live, and where we all raise our families.”
The bankers at Oak Bank take pride in building lasting relationships with their clients by anticipating their needs and providing support wherever they can.
“It is vital for a strong economy to support businesses to provide employment and economic growth,” says Linda Zimdars, senior vice president, business banking. “Also, we may be able to help them with their future lending needs to grow their business within the community. We want to be a valued part of their team and we really enjoy watching their success.”
“Community banks are an integral part of Main Street America,” Zimdars continues. “We reinvest money into the community which in turn helps create jobs. The Paycheck Protection Program retained and restored jobs, keeping our clients’ businesses running and their employees in their jobs. Overall, our community will heal faster because of these programs, and we will come out as strong as before the pandemic.”
Beyond the qualification process, business bankers had to understand the technologies, services, and other pertinent information about PPP loan As their client’s trusted advisor, Oak Bank was able to effectively alleviate any concerns businesses may have had in the initial stages of applying for the loan.
“We have a number of associates that are very knowledgeable about the Paycheck Protection Program,” says Terry Taylor, president. “These individuals spent countless hours reading through legislation passed by Congress, the rules crafted by the Treasury Department, and the frequently asked questions and guidance published by the Small Business Administration. As a result, we have been able to help clients navigate their eligibility and approval process and, subsequently, the forgiveness process. As we gained more experience with the process, we have partnered with third-party vendors to provide technology that makes the application process simpler and more efficient.”
For the last 21 years, Oak Bank has always put its community first in every banking situation that arises. Whether in person, at home, or by phone, associates are ready for any challenge they may face.
“All through the process, we have had a personal touch,” says McNulty. “We have adapted to automated tools at many points to streamline the paperwork and processing, but the same people that have been helping our small business clients for over two decades were the same people answering questions by phone and email.”
Although businesses can no longer apply for PPP loans this year, Oak Bank is positive that as uncertainties lessen, they will continue to be a valued partner for their business clients.
“We must continue to be a resource for our clients in many other ways,” says Matt Fink, senior vice president, business banker. “Banking is about relationships, and our ability to understand client challenges and needs puts us in a position to deliver the right financial products, insights, and advice.”
