An area bank has announced a program in response to the COVID-19 situation.
First Community Bank announced today the “Community Comes First Program.”
Amid the developments related to the coronavirus (COVID-19), First Community has developed a two-pronged program.
Its “90-Day Loan Deferral Program” is for customers who have been directly impacted financially by the virus. These customers are eligible for payment deferrals up to 90 days.
During this 90-day period, interest will accrue, but customers will not be charged late fees. First Community Bank customers can contact their First Community Bank lender to start the process.
The second part of the program is “Assistance Lines of Credit.” The bank said First Community customers who are experiencing an interruption of income due to the COVID-19 virus are eligible to apply for a line of credit to meet cash flow needs. Again, the bank recommends contacting their First Community Bank lender to start this process. This program is subject to credit approval.
According to First Community’s advance preparations, lobbies will remain open in a community until a confirmed virus case is announced by the Centers for Disease Control. President and Chief Operating Officer Boris Dover said when a positive case is identified, the First Community Bank in that community will immediately close its lobby in the best interest and concern for the safety of customers and team members. Dover said drive-thru services will be maintained and encourages customers to utilize the bank’s electronic banking products and ATMs.
First Community Bank Chief Executive Officer Dale Cole says the bank’s goal is to stand with customers and communities to help them get back on their feet.
“We will be there for our communities in the days, weeks, and months to come as our neighborhoods and communities pull together, recover, and rise above these adversities,” Cole said.
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