LAKE AREA BANK
LAKE AREA BANK HAS BEEN TAKING CARE OF THE NORTHEAST METRO ’ S BUSINESS AND PERSONAL BANKING NEEDS FOR MORE THAN 100 YEARS
( White Bear Lake )
Since its humble beginnings in 1915 , Lake Area Bank has been supporting the Northeast Metro ’ s personal and business banking needs with personalized customer service . This fact has been especially appreciated by its customers , particularly throughout the pandemic .
Ed Jambor - Lake Area Bank ’ s Vice President and Business Banking Manager
“ We have received a number of compliments from our customers about how we are reaching out and helping them through the pandemic , listening to them , and being their trusted financial advisor ,” said Ed Jambor , Lake Area Bank ’ s Vice President and Business Banking Manager .
Since the start of the pandemic , Lake Area Bank has handled Paycheck Protection Program ( PPP ) loans for close to 200 customers , the majority of them in the Northeast Metro , helping them stay afloat during tough times . The Paycheck Protection Program is a $ 953 billion business loan program established by the 2020 U . S . Federal
Government Coronavirus Aid Relief , and Economic Security Act ( CARES Act ) to help certain businesses , self-employed workers , sole proprietors , nonprofits and tribal businesses continue paying their workers .
PPP loans are forgivable , as long as they are used for payroll , rent or utility bills . The bank managed millions of dollars in PPP loans the first round and is actively accepting applications during this second round of PPP loans .
Helping local businesses with PPP loans is just one of many ways Lake Area Bank has supported the community during the pandemic . It has also launched a number of initiatives aimed specifically at helping individuals .
“ As a community bank , we are very committed to supporting our communities . We provide numerous financial sponsorships each year as well as host several bank events raising funds and collecting muchneeded items directly helping our local communities ,” said Shelley Ross , Lake
Area Bank ’ s Assistant Vice President and Marketing Director .
When the pandemic first started and there was the shutdown , in May and June of 2020 , Lake Area Bank supported local restaurants by purchasing gift cards in large quantities , then took those gift cards and gave them to businesses that had taken a PPP loan out . In June and July , to help the broader community , the bank held a virtual food drive collecting monetary donations for five food shelves serving their communities . Each of the bank ’ s branches raised close to $ 1,000 for their local food shelf . Lake Area Bank matched funds for a total donation amount of $ 8,057 .
Other ways Lake Area Bank has supported the community over the past year include hosting collection drives of paper products for local shelters , raising funds to support Cystic Fibrosis research , and holding shredding events for community members to shred their personal documents on site .
44 Northeast Metro Business