Open Letter to the Community,
As COVID-19 continues to impact the economic health of our region, all of us have had to reprioritize. Pacific Valley Bank is working tirelessly in order to meet the needs of the business community in Monterey County and our hearts go out to everyone impacted by this crisis.
The team at Pacific Valley Bank is also sensitive to your work disruptions and therefore we are doing everything we possibly can to support the businesses in these uncertain times. We are pleased to report to you that our board of directors, management and the entire professional banking staff made a quick decision early on to not only help our existing bank customers, but to make our expertise, resources and lending team available to non-customers, when most institutions would not help. As a community bank with deep roots in Monterey County, we willingly stepped in when others could not. After all, that is what a community bank should do and so we did.
We are proud to report that we processed over 465 Payroll Protection Plan (PPP) loans and disbursed approximately $82 million to businesses throughout Monterey County. Something we are particularly honored about is the fact that 63% of those we helped were non-bank clients, a remarkable achievement and one that has likely saved over 3,000 local jobs.
We were there for our community and will continue to be there long after this crisis is over. We have received many notes, cards, and calls of gratitude for stepping up when others could not. One of the business owners we helped said; “Pacific Valley Bank took me in when my big bank would not help.”
Our lending team finds great comfort in knowing they have helped keep people (some neighbors) employed and helped hundreds of local businesses adapt to this new normal.
Much is unknown about what we as a community, state and nation can expect as we navigate these choppy waters. One thing is for certain, our commitment to you during these uncertain times is to maintain a sense of stability, anchored in our 15 years of service to the professionals in the industries we serve.
We want you to all emerge from this with a stronger sense of community and the role a community bank, like Pacific Valley Bank, plays in the economic vitality of a region.
Please know that we are here when you need us. Thank you for being a part of our community.