When BAC Community Bank first formed in Brentwood as a single-office bank in 1965, its goal was to meet the financial needs of local small businesses and families. As the bank has grown over the years, this focus has not changed. And when the COVID-19 pandemic hit, the bank was able to live up to its aspiration: “to strengthen the financial health of our communities by connecting people to extraordinary financial services.”
Faced with unique financial challenges, many felt a sense of relief when the Paycheck Protection Program (PPP) was announced by the federal government. However, whether a small business was successful in getting a PPP loan often came down to which bank they chose for assistance. BAC Community Bank stepped into the void left by many big banks and helped numerous businesses obtain a PPP loan. BAC’s local ties and willingness to lend to smaller businesses made them the perfect financial services partner for this moment in time.
Small businesses shared experiences similar to Connie Rominger, RN, CCM, of Choices Case Management, Inc., in Brentwood who thanked BAC for “being a bright light in the darkness of COVID-19.” Rominger explained that she knew of other business owners working with larger banks who experienced “no communication, no one to talk to.” This lack of guidance and communication compounded the stress of business owners worried about being able to provide employees with money to feed their families. She continued, “I can’t imagine carrying a heavier stress load at this time.”
BAC Community Bank’s commitment to the local community was paramount to meeting the needs of Connie Rominger and countless others. Working long nights and weekends with “all hands on deck” during the first few months of the PPP program, allowed the bank to manage a 600% increase in loan processing.
“Our communities will continue to be challenged as economic impacts linger, and financial recovery occurs over time,” said the bank’s Chief Executive Officer, Dana Bockstahler, “BAC Community Bank is financially strong and we will continue to do whatever it takes to help local businesses and families thrive.”
– BAC Community Bank