Bank of Pontiac Branch Hours (Updated 8/11/20)
As we continue to monitor the COVID-19 pandemic, the safety and good health of our employees, customers, and the communities we serve is of utmost importance. Out of an abundance of caution with the increase of COVID-19 cases in our area, all Bank of Pontiac Lobbies will be closed effective August 12, 2020 until further notice.
Lobby access will be available by appointment for new accounts, loan assistance, or any other bank services. Drive-up facilities at all branch locations will remain open and fully functional during normal business hours. We encourage customers to use our full array of Online Banking, Mobile Banking and ATM services along with our Drive-Ups.
If you aren’t already using Online or Mobile Banking, we invite you to consider these services again which will allow you to check account balances, view account history, transfer funds, pay bills, deposit checks, and view electronic statements. We also encourage you to use our night drops for deposits or payments, TeleBank24 for account information, or one of our conveniently-located ATMs.
Thank you for your continued patience and understanding during this time to help keep you and our communities safe!
Check out all of the many ways to bank with Bank of Pontiac.
Bank of Pontiac Lobbies Re-Open (Updated 6/14/20)
Effective Monday, June 15, 2020, all Bank of Pontiac lobbies are re-opening. The following Bank of Pontiac Branches will have Temporary Lobby Hours until further notice: Main Bank, West Bank, Coal City Bank and Bluestem Bank (Fairbury). Please check all Bank of Pontiac Branch Hours here.
For the health and safety of our customers and employees, please follow the guidelines below:
- Practice social distancing as we are also. Six Feet can be maintained by following the floor traffic patterns and other signs throughout our Lobbies.
- Germ Safety Shields are installed. If needed, we may ask you to temporarily remove your mask for identification purposes.
- Hand Sanitizer is available throughout our Lobby for your convenience.
- Appointments are still encouraged when needing to meet with the Trust, New Accounts and Loan Departments.
- Continue to utilize our Drive-Up, ATMs, Online Banking and Mobile Banking App
All Illinois Secretary of State services continue to be suspended at all Bank of Pontiac locations until further notice. Please check with the Illinois Secretary of State’s office for guidance on the extension of expiring stickers and other services.
Please limit your time in our branch to completing your business. We look forward to when we can visit with you longer! Thank you for your trust in Bank of Pontiac and continued patience and understanding during this time to help keep you and our communities safe!
SBA PPP Loan Forgiveness (Updated 6/9/20)
The Bank of Pontiac is very proud to announce that to date we have funded 441 SBA PPP Loans. These loans have helped small businesses in our local communities. We have received numerous questions about the forgiveness portion of this program. We have been reluctant to push out information due to the ever changing rules and guidance but it appears we are getting much closer to a clearly defined forgiveness process and simplified application. The Paycheck Protection Program Flexibility Act (PPPFA) was signed into law on Friday, June 5 by President Trump. This act made several changes to the original PPP rules. The changes are listed below. The SBA, in consultation with the Treasury, announced this morning that they will promptly issue rules and guidance, a modified borrower application form, and a modified loan forgiveness application implementing these legislative amendments to the PPP.
The extended covered period will make it much easier for complete forgiveness of the loan. The timeline for applying for forgiveness is 60 days from the end of your covered period. So we have plenty of time to work through the details of this process. Once we receive the modified application and new rules, we will get that out to each of you. It is our goal to work with each one of you to obtain complete forgiveness of your loan.
Important changes included in PPPFA:
- Extend the covered period for loan forgiveness from eight weeks after the date of loan disbursement to 24 weeks after the date of loan disbursement, providing substantially greater flexibility for borrowers to qualify for loan forgiveness. Borrowers who have already received PPP loans retain the option to use an eight-week covered period.
- Lower the requirements that 75 percent of a borrower’s loan proceeds must be used for payroll costs and that 75 percent of the loan forgiveness amount must have been spent on payroll costs during the 24-week loan forgiveness covered period to 60 percent for each of these requirements. If a borrower uses less than 60 percent of the loan amount for payroll costs during the forgiveness covered period, the borrower will continue to be eligible for partial loan forgiveness, subject to at least 60 percent of the loan forgiveness amount having been used for payroll costs.
- Provide a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees for borrowers that are unable to return to the same level of business activity the business was operating at before February 15, 2020, due to compliance with requirements or guidance issued between March 1, 2020 and December 31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to worker or customer safety requirements related to COVID–19.
- Provide a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees, to provide protections for borrowers that are both unable to rehire individuals who were employees of the borrower on February 15, 2020, and unable to hire similarly qualified employees for unfilled positions by December 31, 2020.
- Increase to five years the maturity of PPP loans that are approved by SBA (based on the date SBA assigns a loan number) on or after June 5, 2020.
- Extend the deferral period for borrower payments of principal, interest, and fees on PPP loans to the date that SBA remits the borrower’s loan forgiveness amount to the lender (or, if the borrower does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period).
If anyone has any additional questions, please contact Mark Donovan, Senior Vice President & Chief Lending Officer at Bank of Pontiac (NMLS# 770747): firstname.lastname@example.org
Illinois Secretary of State Services Suspended at all Bank of Pontiac Locations (Updated 6/1/20)
All Illinois Secretary of State services continue to be suspended at all Bank of Pontiac locations until further notice. Please check with the Illinois Secretary of State's Office for guidance on the extension of expiring stickers and services.
Bank of Pontiac Funds 229 Loans Totaling Nearly $30 Million (Updated 4/25/20)
On March 30, 2020, the Federal Government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This $2 trillion relief package covered a number of areas including the Small Business Administration (SBA) Paycheck Protection Program (PPP) to assist small businesses with keeping their workforce employed during the COVID-19 pandemic and pay other expenses occurred during this difficult time.
Bank of Pontiac processed and funded 229 loans totaling nearly $30 million. This money went to many small businesses in our local communities throughout Livingston and Grundy Counties. We applaud our entire Loan Department for working tirelessly to make this happen for our customers, non-customers and economy. We are eager to assist more small businesses once additional funds become available.
Once the program reopens, a minimum of $30 billion will be set aside for community banks with less than $10 billion in assets. The loan could be used for payroll and benefits, interest payments on mortgages, rent payments, health insurance and utility payments. The SBA is going to resume taking PPP applications on Monday, April 27 at 9:30 a.m. If you are interested in applying, please email Mark Donovan, Senior Vice President & Chief Lending Officer at Bank of Pontiac (NMLS# 770747): email@example.com
If you’re a small business owner, please know that Bank of Pontiac is here to support you throughout the loan process and we are proud to be your local community bank!
Banking with Bank of Pontiac during COVID-19 (Updated 4/24/20)
Thank you to all of our customers for being patient and accommodating during the pandemic and finding the new norm to banking. We continue to be focused on the well being and safety of our customers, employees and local communities we serve. While our lobbies remain closed, our Drive-Ups still remain open during our business hours. We encourage you to use our convenient services such as Online Banking, Mobile Banking, TeleBank24, e-statements and many more! Check out all of the many ways to bank with Bank of Pontiac.
Banking Economic Impact Payments (Updated 4/16/20)
The Economic Impact Payments started this week. Many people saw their direct deposits come in yesterday while many more will be coming throughout this month. Bank of Pontiac Online Banking customers can set up an account balance alert through their Online Banking to be notified of when that deposit is made. The IRS launched a website that allows Americans to track the status of their payment. Check your payment status here
. Economic Impact Payment FAQs can be found here
Bank of Pontiac Temporary Fee Relief (Updated 4/13/20)
As the coronavirus (COVID-19) pandemic continues to disrupt our lives, we understand the financial hardship it is causing our customers. We are all in this together. Since 1947, Bank of Pontiac has been providing financial assistance to individuals in our local communities. We believe in serving our communities and reinvesting in them especially during unforeseen financial hardships. As always, we are committed to assisting you with your financial needs.
Bank of Pontiac is Offering Temporary Fee Relief
Due to the potential financial hardship caused by COVID-19, effective Monday April 13, 2020 the following Bank of Pontiac fees will be waived through June 30, 2020.
Minimum balance requirements to avoid the imposition of fees will be waived on the following account types:
- Everyday Checking, Small Business Checking, Interest Checking, Money Market, Investment Money Market, and Savings Accounts
Monthly maintenance fees, which is part of the overall service charge, will be waived on the following account types:
- Business Checking, Interest Checking for Business Accounts, and Corporate Interest Checking Accounts
Other fees waived will include:
- Daily overdraft fees after 5 days, Check Copy fees, Telephone Transfer fees, Small Business Checking Account excess check item fees, Overdraft Protection Transfer fees, Money Order fees, and Cashier’s Check fees. We will also work with you regarding early CD withdrawal penalties should you have a need to access those funds.
Other fee waivers may be considered upon request for qualifying customers impacted by the COVID-19 pandemic such as late charges on loan payments. Please contact your local branch to discuss details or call us Toll FREE at 855-844-6151.
Bank of Pontiac is here to support you. We sincerely hope that you are in good health and continue to follow the recommended practices put in place to help reduce the spread of this virus.
We are proud to be your local community bank!
IRA Updates - SECURE Act & CARES Act (Updated 4/2/20)
Due to the recently passed legislation of the SECURE Act 2019 and the CARES Act, Bank of Pontiac wants to ensure that you are aware of how these changes may impact you and your IRA. We encourage you to speak to your tax adviser regarding the details of these changes and how they may pertain to you. Please read the following info: SECURE Act 2019, CARES Act Overview, and CARES Act FAQs. Please contact us at 815-844-6155 if you have account specific questions.
SMALL BUSINESS LOANS (Updated 3/30/20)
Late last week, the Federal Government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This $2 trillion relief package covered a number of areas, with $350 billion specifically set aside to help businesses like yours.
The United States Small Business Administration (SBA) has not yet published guidance or established the process for businesses to apply for loans or relief. While we are waiting for specific guidance from the SBA, we want to make sure you have the information we know at this time so you can begin your path forward. Please keep in mind that these are general guidelines and subject to final rule-making and eligibility requirements from the SBA.
WHAT WE KNOW NOW
- Bank of Pontiac is an approved lender.
- To qualify, companies and nonprofits must have fewer than 500 total employees, including all affiliates, subsidiaries and companies under common ownership. Certain exceptions apply for small businesses in the food service sector, franchises and SBIC-financed businesses.
- You can apply for both an Economic Injury Disaster Loan (through the SBA) and a Payroll Protection Program Loan, but there may be no duplication in the use of funds.
- The maximum loan amount is 2.5 times your monthly payroll, up to $10 million, with a maximum interest rate of 4%.
- A portion of the loan can be forgiven. Subject to certain restrictions, the portion of the loan eligible for forgiveness can include payments made during an eight-week period following your loan funding (the eight weeks cannot go beyond June 30, 2020) for the following: payroll and benefits, interest payments on mortgages, rent payments, health insurance, and utility payments.
- These will be unsecured loans that do not require personal guarantees.
- You may be able to defer payments up to 12 months.
WHAT YOU CAN DO NOW
- DO NOT FILL OUT ANY FORMS YET. THE SBA HAS NOT YET PROVIDED THE APPLICATION PROCESS.
- Identify and compile records for those expenses that can be covered by the program.
- If you’ve already had to reduce your workforce due to COVID-19, determine if you would like to rehire them. They will be covered.
- Collect the documentation you typically need for a loan application:
- Financial statements – Interim 2020 income statement and balance sheet and full year 2019 income statement and balance sheet
- Tax Returns – last three (3) years of federal returns for business
- 2019 payroll information
- 2020 YTD payroll information
- Current organizational documents – Bylaws, articles and operating agreements
- General liability insurance information
- Current building lease & any amendments
Watch for updates. The SBA will provide processes and forms as this week progresses.
BANK OF PONTIAC BRANCH HOURS (Updated 3/17/20)
As we continue to monitor the COVID-19 outbreak, the safety and good health of our employees, customers, and the communities we serve is of utmost importance. Bank management is following the direction provided by the Centers for Disease Control, the World Health Organization, and state and local agencies as new information is released.
In order to provide a healthy banking experience for our employees, customers, and communities, we will close our lobbies to the general public beginning on Wednesday, March 18 until further notice. Lobby access will be available by appointment for new accounts, loan assistance, or any other bank services. Drive-up facilities at all branch locations will remain open and fully functional during normal business hours.
If you aren’t already using Online or Mobile Banking, we invite you to consider these services which will allow you to check account balances, view account history, transfer funds, pay bills, deposit checks, and view electronic statements. We also encourage you to use our night drops for deposits or payments, TeleBank24 for account information, or one of our conveniently-located ATMs.
Thank you for your patience and understanding.
At Bank of Pontiac, we believe that “Together We’re Better”.
BANK OF PONTIAC COVID-19 PREPARATION (Updated 3/16/20)
At Bank of Pontiac, our employees, customers and community welfare are important to us. As the coronavirus (COVID-19) continues to disrupt life in parts of the United States, we feel it is critical to let you know about the proactive steps Bank of Pontiac is taking to keep our employees/customers safe and share information with you to help protect yourself.
- All public spaces within Bank of Pontiac’s facilities are being cleaned regularly.
- Employees have been provided with information on how to stay healthy and how to avoid illness through proper hygiene practices. Employees are instructed to stay home when they are not feeling well.
- We have assembled a cross-functional team to meet frequently to review, monitor and adjust operations as the situation changes to ensure continuation of critical business functions.
For customers, we recommend the following:
- We encourage you to use Bank of Pontiac’s Online and Mobile Banking services for your everyday banking needs. You can check account balances, view account history, transfer funds, pay bills, deposit checks and locate our ATMs.
- If you are not feeling well, we encourage you to avoid unnecessary trips to the bank. If you need assistance with a banking issue, please call us Toll Free at 855-844-6151
- As you conduct transactions at ATMs, at payment terminals (using your payment cards) or when using cash, it is recommended that you should avoid touching your face (eyes/nose/mouth) after completing a transaction and wash your hands or use hand sanitizer as you would after being in any public space. Sanitize your payment cards and mobile phone regularly.
- Beware of scams and criminals using fear/intimidation, trickery, urgency or disinformation related to the coronavirus (COVID-19) to attempt to steal your sensitive, personal or account information. Watch out for strange calls, emails, texts or websites that look like they are coming from legitimate businesses or government agencies asking for information like SSN, usernames/passwords (login info), account numbers, credit or debit card numbers, PINs, etc. Bank of Pontiac will never request such information through email/text/outbound calls. Always check your account statements for official websites and customer service numbers and call those numbers directly rather than giving out information over the phone/email/text.
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Bank of Pontiac continues to monitor the situation using information from trusted sources including the Center for Disease Control (CDC), the World Health Organizations (WHO), banking agencies/regulators and state/local health agencies.
Please call Bank of Pontiac Toll Free at 855-844-6151 with any banking questions or if you need assistance with specific banking activities.
As always, thank you for your trust in Bank of Pontiac!