On Tuesday morning, The Bank of Marion announced financial relief measures for customers hardest hit by the Coronavirus pandemic and its impact on businesses.
Bank president and CEO, Chris Snodgrass, said, “The Coronavirus pandemic is causing financial hardship for some of our consumer and small business customers. We are committed to do all we can to assist our customers in every way possible during these unsettled times. These are some steps we are taking to provide immediate temporary financial relief for our customers who need it most.”
Among the measures, Snodgrass specified are:
• The bank may grant extensions and defer payments on all loan types on a case-by-case basis.
• The bank has put foreclosures and repossessions on hold until further notice.
• The bank has temporarily paused early withdrawal penalties on Certificates of Deposit.
• Customers may withdraw from their Christmas Club accounts through April 30. At that time, the bank will re-evaluate the situation.
Customers are asked to contact their loan officer or branch manager to request assistance or discuss the best actions to take for their particular circumstances.
They may also call the bank’s main office at 276-783-3116.
“The Bank of Marion is one of the strongest and most well-capitalized community banks in the country, Snodgrass said. “Because of this strong financial position, we are in a position to help our customers with the assistance listed above. As the situation changes and as Congress moves on legislation for the nation’s citizens and businesses, we will re-evaluate and possibly add to these measures.”
He reminded customers that their deposits in The Bank of Marion are secure and insured by the Federal Deposit Insurance Corporation (FDIC.) The standard FDIC deposit insurance amount is $250,000 per depositor.