In recognition of Community Banking Month in April, Waterford Bank, N.A. and the Independent Community Bankers of America® (ICBA) are honoring the time-tested relationship banking model that defines community banking and reminding consumers that community banks are well positioned to serve their diverse needs during the COVID-19 crisis and beyond.
“As longstanding members of our communities, Waterford Bank, N.A. will continue to stand with our customers, offering assistance and support as we work together to overcome this national health crisis,” said Mike Miller, Chairman and CEO. “I commend fellow community bankers across the country for helping to uplift impacted communities nationwide.”
Waterford’s Impact Against the COVID Crisis
Since March of last year, our bankers stepped up as industry leaders and community members, offering a much-needed lifeline of financial stability in an uncertain climate.
Waterford remains committed to helping neighbors and businesses through times of crisis and calm. We’re proud to partner with local initiatives, like the Labre Program, to feed neighbors in need.
- From the pandemic’s onset, Waterford recognized just how essential Paycheck Protection Program (PPP) funding would be for many local businesses and immediately began strategizing how to best serve everyone in need. Through the combined effort of the Bank’s Ohio and Michigan teams since March 2020, over 1,100 PPP loans have been completed—equating to over $287 million in total loan funding to local businesses in need. As of this writing, PPP 2021 applications are still being accepted by the Small Business Administration.
- While many Americans began to fear the possibility of evictions or missing mortgage payments, Waterford was ready to help. In partnership with the Habitat for Humanity of Oakland County, the Bank donated $10,000 to Habitat and their Mortgage Relief Fund, helping cover mortgage payments and providing affordable housing for low to moderate income families in our communities.
- We also helped supply a number of non-profits with funds to serve our local communities, with initiatives including the donation of 30,000 face masks to healthcare workers, supplying food to children who lost access to meals through their schools as a result of COVID closures, and supporting pop-up shopping opportunities to help bolster sales for local small businesses.
Growing From Challenges
In a year of many uncertainties, what our customers needed most was to feel certain about the team they had behind them. They needed to know we had their businesses in mind and their best interests at heart. And, they needed to understand that whatever uncharted obstacles came their way, we’d be there to help guide them through. By staying focused and keeping connected, Waterford was able to do just that.
Despite the challenges of 2020, Waterford never shuttered its business, growing its number of offices and staff to better serve our customer’s needs.
“It’s during times like this when we see the nation’s community banking star shine the brightest as these local lending heroes shepherd their customers and communities through times of unprecedented challenge,” ICBA President and CEO Rebeca Romero Rainey said. “The stories I am hearing about how community bankers are being caring, creative, persistent, and going above and beyond, are making such a powerful difference in the lives of consumers, small business owners and farmers across this great nation. The spirit of our industry is shining through in incredible ways.”
As we look down the road ahead, we hope to never lose sight of everything these recent challenges have taught us. We found new and innovative ways to come together—even when we had to be apart – and really that commitment to relationships is what makes community banks like Waterford a trusted partner and lifeline no matter the difficulties ahead.
About Waterford Bank, N.A.
From Waterford Bank, N.A.’s inception in 2007 as a Toledo, Ohio based bank, to our position today as an influential financial institution throughout the Midwest, the Bank’s commitment has remained unwavering: to redefine relationship banking for individuals, families, and businesses alike. We operate full-service offices in Lucas and Wood County, Ohio and Oakland County, Michigan, along with loan production offices in Williams and Hancock County, Ohio. Learn more about Waterford Bank, N.A.