American Bank’s management team continues to monitor the COVID-19 situation as it evolves, and our top priority is the safety and health of our employees and clients. In addition, the bank is concerned about financial burdens that clients may be encountering and has identified a number of initiatives designed to help provide some relief.
“We know that many of our clients are going through situations they have never faced before,” stated American Bank’s Chief Executive Officer and President, Stephen C. Raffaele. “Our team members are committed to helping them navigate the realities and uncertainties of today and are prepared to help, whether they need adjustments to the banking services they currently have or new services to meet unexpected challenges,” he added. “Throughout the 50 years American Bank has been in existence, we have always been there for our clients – in good times and bad – and today is no different,” Raffaele continued.
Client Assistance Initiatives
A group of client assistance initiatives including fee waivers and payment deferrals are being implemented to assist clients during this time. They include the following, as of March 31, 2020. Development of additional initiatives are underway and will be announced as they become available.
- Clients may request to have their monthly payment temporarily reduced to cover only the interest due on Ready Cash personal lines of credit, and to have their payment date changed or deferred for up to 90 days on personal loans.
- Late or missed payments will not be reported to the credit reporting agencies for the next 120 days.
- Implementation fees for certain digital business banking services are being waived, deposit limits for some electronic personal and business banking services such as mobile deposit and Zelle® are being increased, and personal external transfer limits are being increased. The fee for business or personal overnight bill payments will be refunded as well.
- The following fees have been temporarily waived or discontinued: replacement debit cards, balance inquiries and telephone funds transfers through Client Services, and early withdrawal of CDs.
- A 90-day deferral of both principal and interest may be arranged for commercial loan clients by talking with their Relationship Manager.
American Bank is an SBA Preferred Lender and has a full suite of SBA loan programs available to clients, including programs specifically designed in response to the COVID-19 crisis such as the Economic Impact Disaster Loan (EIDL) which is now available directly from the SBA at www.sba.gov/disaster. It provides low interest loans to pay certain types of debt and payments and features a fixed rate with repayment options up to a maximum of 30 years. There is no cost to apply, and applications may be submitted online or by mail.
Other SBA and governmental loan and assistance programs, including the CARES Act and Paycheck Protection Program (PPP), are currently in development. American Bank will be a participant in these programs, which are still evolving.
About American Bank
American Bank was founded in Corpus Christi, Texas in 1970. It is an independent financial institution with assets totaling nearly $1.6 billion as of December 31, 2019 and 14 locations in the Texas communities of Austin, San Antonio, Houston, Corpus Christi, Port Aransas, Rockport, Goliad and Victoria. It also operates a network of 19 ATMs. The bank’s strategic plan includes growth in the size and scope of the bank’s operations and geographic footprint; an enhanced, exceptional banking experience for clients; and a position as a leading regional Texas bank by 2022. Services include commercial banking, with Centers of Excellence specializing in commercial real estate, medical, energy, SBA and technology lending; a full range of business and personal deposit accounts and loans; Private Banking and Wealth Management for executives and professionals; Treasury Management services; home-related loans; and a full range of electronic banking services. In addition, the bank’s subsidiaries and other partners offer trust and asset management, insurance, and non-bank investment services. Those partners include American Bank Trust and Asset Management, the American Financial Insurance Services affiliate Borden Insurance, and American Investment Services, a division of Herndon Plant Oakley Ltd., member FINRA/SIPC. Member FDIC. Equal Housing Lender.