InTouch with Southern Kentucky June 2020 | Page 22

Noftsger saying that several customers
a day would request access to
their bank-housed items.
It also includes several services
that simply could not be conducted
remotely. The application of Paycheck
Protection Program (PPP)
loans, for example.
Guidance for those loans, issued
through the CARES Act, has
changed throughout the process,
with many changes happening in
the hours before people were allowed
to apply for the loans.
Despite that, Chaney said the
application process went “pretty
smoothly, all things considered.”
Bloomer pointed out that his
employees had to work hard at
understanding all of the changes
in those precious few hours before
loan applications went live.
Chaney said that the program
did have changes throughout
the process, but noted that it
was a large program, rolled out
nationwide in a matter of days, and
as such United Cumberland’s staff
were able to process a large number
of applications quickly.
Plus, as employees were informed
of PPP changes, United Cumberland
was able to pass on those changes
to customers as quickly as possible
through email and Facebook.
“We wanted to keep the public
informed as well as we could,” she
said.
Noftsger said bank employees
were available to help in-person
with other loan applications and
new account openings.
United Cumberland, too, which, as
Chaney pointed out, implemented
a couple of policies of their own
to help out customers who might
see financial problems during the
pandemic.
In March, United Cumberland’s
President and CEO Jim Johnson
announced that customers making
monthly mortgage payments directly
to the bank on their primary
residence would be able to request
payment deferrals for up to three
months.
Also, business customers are able
to request up to six months of interest-only
payments on any monthly
payment commercial loan.
Those programs began April 1,
and run through June 30, at which
time the programs will be re-evaluated.
As far as other services, Forcht
also implemented a curb-side service
for opening accounts, where
bank employees would drive up to
wherever the customer happened
to be, home or work, and could
bring the paperwork directly to
them. Those employees would wear
gloves and masks when doing “curbside
service.”
All three said that certain services
have been very popular recently.
Refinancing, for example, is in very
high demand since interest rates are
so low.
Noftsger pointed out that their
bank hasn’t seen the usual spring
uptick in people buying property.
When kids get out of school and the
weather turns nice, that’s when new
home sales start up. Not this year,
however.
On the flip side, Noftsger said he
hasn’t seen a lot of foreclosures.
He put that down to the number of
government plans that have been
enacted to help those in financial dire
straights, such as the aforementioned
PPP loans, the Federal Government’s
economic stimulus checks, extra
money paid out through unemployment
and so forth.
Noftsger said he felt some of the
stimulus benefits were very needed
for individuals and have helped the
economy.
“Certain aspects have been less
beneficial,” he said, but didn’t elaborate
on which was which.
Both he and Bloomer said their
banks were getting ready to reopen
their lobbies, with Bloomer saying,
“We’re very anxious to getting back to
normal operation.”
Bloomer said he was thankful
that the pandemic shutdown didn’t
happen earlier in the year, when
Citizens National held its 100th
anniversary celebration.
22 • In Touch with Southern Kentucky June 2020