Madison, WI, April 08, 2020 (GLOBE NEWSWIRE) --
Wisconsin Bank & Trust Delivers Lifeline to
Thousands of Small Businesses through CARES Act
“Wisconsin Bank & Trust and its sister banks are currently processing approximately $1.5B in Paycheck Protection Program loans” said Curtis Chrystal, President and CEO of Wisconsin Bank & Trust. After they received over 7,000 requests for loans under the CARES Act Paycheck Protection Program in 72 hours, Wisconsin Bank & Trust stopped accepting new requests for the program on Monday afternoon. Chrystal stated, “Our customers and wide-spread local communities are depending on us now more than ever, and our teams across the company have stepped up and worked countless hours to provide a lifeline to our customers as they navigate the provisions of the CARES Act.”
Unlike many banks across the country, Wisconsin Bank & Trust and other Heartland Financial USA, Inc. community banks began accepting applications for the Paycheck Protection Program early on Friday morning just hours after the SBA published interim rules for participation. “We have been closely monitoring developments and preparing to be agile to accommodate the many changes introduced by the SBA, so that we were able to support our customers and local communities during this time of need,” added Chrystal. “Our small business customers across the Wisconsin footprint have struggled to navigate the complexity and changing requirements of the of the Paycheck Protection Program and we have hosted an educational webinar, built resource centers on our bank website and individually consulted with customers to provide support and assist them in calculating payroll costs and completing applications correctly.” he said.
On Monday, April 6, the Federal Reserve released a statement committing the central bank to providing financing to lenders processing the $350B Paycheck Protection Program. Additionally, early on Tuesday morning, April 7, U.S. Treasury Security Steven Mnuchin, told Fox Business Network, that over 3,000 lenders were participating in the $349 billion small business loan program and the Federal Reserve and Treasury were working to set up facilities to support main street and municipal borrowers. Mnuchin said, “If you can’t get the loan today or tomorrow, don’t worry there will be money. If we run out of money, we’ll go back for more. There is extraordinary demand.”
Chrystal commented, “It’s encouraging to see our government agencies rapidly responding to the demand for the program and recognizing that banks, even those like Heartland that have strong liquidity and are well capitalized, do not have unlimited resources to meet the needs of customers during this crisis alone.”
Wisconsin Bank & Trust is not only relying on the government and the CARES Act to support customers and employees as they battle the current COVID-19 pandemic. They have delivered relief programs for consumers and business customers that include, waiving account maintenance and ATM fees, deferral on loan payments and waiving penalties on early redemption of CDs. And in addition to moving most employees to work from home arrangements, the company’s liberal pandemic time off program provides 100% compensation through May 31, for employees who are unable to work due to illness, school and daycare closures or other reasons caused by the pandemic. Wisconsin Bank & Trust is paying front line workers in their branches and call centers a premium and has offered 100% coverage for health care expenses related to COVID-19. Chrystal shared, “Our employees take care of our customers every day and are the reason for our success, and during these unprecedented times, our number one priority is the health and safety of the Wisconsin Bank & Trust family. We want our employees to take care of themselves, their families and each other and not worry about a paycheck. Our employees have peace of mind knowing – We’ve got them covered.”
About
About Wisconsin Bank & Trust Wisconsin Bank & Trust (WBT), a subsidiary of Heartland Financial USA, Inc., (NASDAQ: HTLF), is a business-focused community bank with assets of more than $1 billion. With fifteen banking centers, Wisconsin Bank & Trust serves customers in the Madison, Milwaukee, Green Bay, Sheboygan, Monroe and southwest areas of Wisconsin. WBT offers a wide range of personal and business banking, private client and mortgage lending services. For more information, visit www.wisconsinbankandtrust.com or call 608.203.1214. Wisconsin Bank & Trust is a member of the FDIC and an Equal Housing Lender. About Heartland Financial USA, Inc. Heartland Financial USA, Inc. is a diversified financial services company with assets of $13.2 billion. The company provides banking, mortgage, private client, investment and insurance services to individuals and businesses. Heartland currently has 114 banking locations serving 83 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado, Minnesota, Kansas, Missouri, Texas and California. Additional information about Heartland Financial USA, Inc. is available at www.htlf.com.