SCRANTON, Pa., April 21, 2020 /PRNewswire/ -- Peoples
Security Bank & Trust Company ("PSBT") has taken proactive
measures to approve customer applications for the Paycheck
Protection Program ("PPP"), a program enacted by the Federal
Government in response to the economic crisis triggered by
COVID-19. To date, Peoples Security Bank has processed more than
$175 million to over 800 small
business entities within our local communities. These loans will
help to retain thousands of jobs for hard working individuals and
to help support their families during this difficult time
period.
Since the program was launched on April
3rd, PSBT's commercial lending division has fielded
thousands of calls from small business customers who have requested
PPP loans to support and sustain their business operations. Led by
Senior Executive Vice President / Chief Operating Officer
Thomas P. Tulaney, an initial group
of 45 employees were assigned to specific roles in the creation of
a specialized team to handle the challenges associated with the
rollout of the PPP loan program. Our team addressed customer
questions and concerns regarding rules, regulation, and eligibility
requirements; navigating the SBA portal and online system; and
developing a streamlined process to manage the heavy influx of
incoming applications for immediate processing. The Bank designed a
solutions-oriented approach to barriers that overwhelmed both large
banking institutions and community banks since the SBA and U.S.
Treasury Department established the financial relief program. This
process coupled with an unwavering commitment from its entire
Commercial Lending and Credit Administration Teams allowed the Bank
to start closing loans and disbursing proceeds to these small
business customers in a timely and efficient manner.
"Small Businesses are the backbone of our economy and account
for approximately 50% of all private sector jobs. More importantly,
small businesses provide character to our communities and
strengthen partnerships between residents, community leaders and
other public and private sector organizations. As a 115-year-old
community bank, our immediate focus has been to provide high
quality service and innovative products to our small business
partners. Peoples Security Bank is proud to support our local small
business customers with the CARES Act PPP Loan Program during this
very difficult time period," stated Mr. Tulaney.
The Paycheck Protection Program is a $349
billion program considered a forgivable loan intended to pay
for eight weeks of a business's payroll costs, thereby allowing
companies to keep workers on staff or hire back those who have been
laid off in recent weeks. According to the U.S. Department of the
Treasury, businesses and nonprofit organizations with fewer than
500 workers are eligible for aid, including sole proprietorships
and independent contractors. PSBT customers based in Pennsylvania and New
York who are interested in learning more information about
this loan program should contact any of our branch offices or
commercial loan officers. To learn more visit us at psbt.com.
About Peoples:
Peoples Financial Services
Corp. (NASDAQ: PFIS) is the parent company of Peoples
Security Bank and Trust Company, a community bank serving
Bucks, Lackawanna, Lebanon, Lehigh, Luzerne, Monroe, Montgomery, Northampton, Schuylkill, Susquehanna, Wayne and Wyoming Counties in Pennsylvania and Broome County in New York through 29 offices. Each office,
interdependent with the community, offers a comprehensive array of
financial products and services to individuals, businesses,
not-for-profit organizations and government entities. Peoples'
business philosophy includes offering direct access to senior
management and other officers and providing friendly, informed and
courteous service, local and timely decision making, flexible and
reasonable operating procedures and consistently applied credit
policies.
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SOURCE Peoples Financial Services Corp.