1. Bankers Say Institutions Are Committed to Helping Communities Through the Crisis

    Bankers Say Institutions Are Committed to Helping Communities Through the Crisis

    Steve Lowell called it a “fireside chat.” That’s how he chose to describe his efforts to reach out to customers during this time of crisis and communicate a number of key points. “With my wife holding my phone in front of me and me speaking onto the camera … we put it on our YouTube channel and sent out an e-mail blast with a link to it for our customers to get an update,” said Lowell, president and CEO of Monson Savings Bank, adding that, like the creator of the original fireside chat, Franklin Roosevelt, he used his to talk ...

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  2. Quotes

    1. With my wife holding my phone in front of me and me speaking onto the camera … we put it on our YouTube channel and sent out an e-mail blast with a link to it for our customers to get an update.
    2. In many ways, it's analogous to what some of the manufacturers are doing now: a company that was making clothing for a baseball team a few months ago is now making masks and gowns.
    3. For some who didn't bank digitally, they're beginning to be forced to use it, and at our institution, for the most part, we're getting extremely positive feedback on this.
    4. We have people in some critical positions who are in the National Guard.
    5. We've been doing a ton of customer outreach, particularly in the hospitality area, and there is a large concentration of those types of businesses in Berkshire County.
    6. We've been trying to be creative as to how we get the word out.
    7. It's a vital piece for all of us bankers to understand.
    8. SBA lending has always been pretty paper-intensive and tedious, and you have to make the T's are crossed and the I's are dotted.
    9. Margins were shrinking before this.
    10. Most of us, if not all of us, are sitting on a good amount of liquidity, so we're in a position to take these steps, suffer through a few months of losses, and still fund things that need to be funded.
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