Committed to our Communities

May 1, 2020

Dear Customer,

As you might know, we have been working hard to administer the Small Business Administration Paycheck Protection Program (PPP) loans that enable our business customers to pay their employees during the COVID-19 crisis. BAC Community Bank has amazing people powering through long days and weekends to process a level of applications exponentially higher than our normal loan volume.  We know how important this is to our customers and our community, and we have made it our #1 priority.

Payroll Protection Program (PPP)

• 368 PPP loans for $74 million processed to date.
• All loans are being disbursed within 10 days of receipt of SBA loan approval.
• Loans were processed in the order received as complete documentation from customers was provided.
• Average Loan size was $250K; the low was $2,850 and the high was $2.8 million.
• We helped preserve payroll for countless employees in our communities, and applications are still coming in.

What Our Customers Are Saying
We have received dozens of heartfelt comments from customers.  A “thank you” from a local medical office who learned they had been approved for funding under this lifeline of a program. Appreciation from a small music company who learned there was light at the end of the tunnel that would help keep their dreams alive. Comments made when a catering company was surprised by Bank employees calling to confirm paperwork on Saturday AND Sunday.  Feedback like, "Thank you for being a bright light in the darkness of COVID-19."  Well, that is what community bankers live for!  We saved over 368 dreams in the past few weeks, and we won’t stop now.

More Help for Our Customers
During the month of May, we are removing limits on the number of withdrawals allowed from savings and money market accounts. We are also eliminating the fees that apply when customers make excessive withdrawals.  This temporary change will make it easier to move money between checking and savings accounts.

Gratitude for Essential Workers
We are so grateful for the efforts of "Essential Workers" in our communities, including our very own dedicated employees.  Since this crisis began, we have been serving delicious lunches from local restaurants to our team every Friday.  We feel very strongly about supporting our small business customers, and making sure that our employees know how much their support means to our customers and our community.

Moving Forward
Our communities will continue to be challenged as we navigate this situation.  Even after the critical period of the Coronavirus infection passes, the financial impacts to our communities will linger and financial recovery will take some time.  BAC is financially strong and we will continue to do whatever it takes to help our communities thrive.  Our CEO, Dana Bockstahler, said it best, "Our customers and communities need our support, and we are doing our very best to earn the trust they placed in us."  We will get through this together!

Thank you for your loyalty.  It is a privilege to serve you!