An Update from David E. Anderson, President/CEO

June 5, 2020

The roll out of the Paycheck Protection Program (PPP) is mostly completed as some $500 billion in loans have been approved and funded nationwide.  We are proud to have assisted over 1,600 small businesses with $90 million in PPP loans.  We were delighted when word spread of our PPP success which resulted in ABB providing PPP loans to 722 new customers!  Welcome aboard and thank you for trusting Anderson Brothers Bank in this unfamiliar process!

Our focus is now on forgiveness of all $90 million in PPP loans.  We are waiting on final guidance and instruction from the SBA, Treasury and Congress to begin this important process.  We are closely monitoring progress and keeping our people informed.  We will reach out to our borrowers as soon as final guidance is announced and the forgiveness process is ready.

Have a great weekend!
David E. Anderson
President/CEO


May 15, 2020

Stage one of the PPP process, gathering applications and distributing funds to borrowers, is coming to a close.  We’ve processed 1,675 applications for nearly $87 million.  We estimate these funds have protected paychecks for up to 15,000 employees for eight weeks.  In June, stage two begins as  we will receive applications for “loan forgiveness” from our PPP borrowers.   This will relieve these many businesses of a large burden by essentially converting debt incurred to pay employees during the shutdown into grants.  The SBA will soon issue guidance for applying for forgiveness.  As we did with the PPP loan applications, our team will develop a straightforward, comprehensive forgiveness application process for our customers.  This will bring this successful and monumental relief effort to a close.

As we take our first steps in returning to normal, we count our blessings and believe the worst is behind us.  Thanks to our customers and employees for patiently cooperating with the necessary inconveniences in keeping us all safe!

 

Enjoy the beautiful weekend!
David E. Anderson
President/CEO


May 1, 2020

We are happy to report both our Florence branches on Second Loop Road and Cashua Drive will reopen with drive up and curbside service on Monday, May 5.  Both offices have been professionally cleaned and fogged (disinfected) and our folks are eager to return to the “new normal.”

We’re actively planning to reopen all offices in the coming weeks. Prior to reopening, all branches will be professionally cleaned and fogged, and sneeze guards installed for all customer facing personnel. We’re taking every precaution to assure the health and safety of our employees and customers.

To our surprise, the SBA announced late last Friday that the application portal for Paycheck Protection Program (PPP) loans would remain closed until Monday, April 27 at 10:30 AM. Our PPP Team was prepared and eager to work through the weekend. Their disappointment was convincingly disguised as glee.

PPP activity remains brisk this week with 247 new applications submitted to the SBA. As of this writing, we have submitted 1,548 loans for $85 million in PPP loans!

The PPP has provided us with a challenge to excel and serve. We’re grateful and humbled to have played an important role in a program so vital to our customers. Our mission is to create value for our employees, customers and communities. Mission accomplished.....and continued!

 

Thank you,
David E. Anderson
President/CEO


April 24, 2020
The safety of our employees and customers is our chief concern.  Unfortunately, an employee tested positive this week and, as a result, we immediately closed our two Florence branches for professional cleaning and disinfecting.  Those branch employees began 14 days of self-quarantine.  Our Second Loop Road drive thru has since reopened and is staffed by volunteers from other ABB branches.  We hope to reopen Cashua Drive upon receipt of additional employee test results.
 
Today, President Trump signed a bill to provide an additional $310 billion in Paycheck Protection Program (PPP) funds.  Our PPP Team will begin keying in the 200+ applications we've received since Monday as soon as the SBA portal is opened and will work throughout the weekend to assure prompt approval for our customers.
 
Since the PPP launched on April 3, we've processed over 1,300 applications for $80 million in loans and have distributed nearly $70 million to local businesses to meet payroll and overhead.
 
In meeting the demand for PPP loans, ABB crossed a momentous milestone of $1,000,000,000 in total assets!  We're meeting the needs in our markets and we've got the numbers to prove it!
 
These are extraordinary times that challenge our abilities, resolve and patience.  Thanks to my Teammates who have proven their mettle and demonstrated uncommon abilities.  Thanks to our customers for placing your trust in ABB!
 
Have a nice weekend!
David E. Anderson
President/CEO

April 16, 2020
Since Saturday, April 4 until today April 16, Anderson Brothers Bank has received and processed 1,083 applications for over $75 million in Paycheck Protection Program loans!  We've funded over $55 million and hope to have the remaining balance funded next week.
 
The Paycheck Protection Program was designed to fund the paychecks of small businesses for 8 weeks as we battle COVID-19.  Anderson Brothers Bank is proud of our part in this worthy program and are grateful for the 1,083 customers and non-customers who put their confidence in us to fulfill their banking needs in this difficult time.
 
Our ABB family has "gone the extra mile" for our customers and communities.  We've pulled together, worked nights and weekends to meet this challenge.  We've demonstrated our capacity and strength, served our friends and customers and made new ones in the process.  Thanks to all of ABB for a heroic effort.
 
 
Thank you,
David E. Anderson
President/CEO

April 10, 2020
In my last update, I itemized a number of accommodations to protect our employees while continuing to serve our customers. We continue those practices and have added a few more as we navigate through this crisis.

Understandably, we’ve had inquiries regarding the safety of deposits and the soundness of the bank. The FDIC guarantees your deposits up to $250,000 and I assure you the bank is strong. To demonstrate,  ABB has become a leader in helping keep our local businesses and their employees afloat. The Small Business Administration Paycheck Protection Plan was rolled out just last Friday, April 3.  As of today, one week later, we have submitted over 700 loan applications for Paycheck Protection loans to the SBA for their approval. We have closed and funded over $25,000,000 to local businesses.  The program is designed for businesses to use 75% of these funds to continue to pay their  employees over the next 8 weeks. We are proud to play an important role in millions of dollars in paychecks continuing while businesses remain shuttered.  And we’re not done yet, new application come in hourly!

I congratulate our ABB Team whose efforts have been heroic and whose mission has been to help as many as we can, as fast as we can.  Mission accomplished and continuing!  We’re in this together and together we will prevail!

 

Enjoy the weekend and have a wonderful Easter.

David E. Anderson
President / CEO

 


March 20, 2020
This message is written to keep you, our customers and communities, up-to-date with current information regarding our efforts in dealing with the Coronavirus (COVID-19) pandemic.
           

Each morning key bank leaders meet to monitor the crisis and discuss actions that will ensure you continue to experience the reliable ABB services you’ve come to expect. Our priorities are the health of our employees, customers and communities as well as maintaining critical areas of service such as ACH and wire processing, teller services,call center, etc. We have taken a number of steps in achieving those priorities, including: 

  • All branches have limited lobby activity while maintaining drive thru service.
  • We have implemented “curbside service” at many branches as needed to facilitate transactions needing signatures such as loan closings. Meanwhile, we are ramping up our use of online loan applications and loan closings by email. 
  • We have exponentially increased our ability to work remotely enabling critical departments necessary to maintain banking services the ability to avoid any department wide impact of COVID-19.
  • We are a leading auto lender in South Carolina and a leading consumer lender in our communities. To assist our customers through this crisis, we are prepared to make all reasonable loan accommodations to assist our customers.
  • Our employees will see no loss of sick days or pay due to COVID-19 including absences due to school closings or caring for family members who may become infected.   
  • We have launched a Text Alert system for all 300 plus employees to provide 24/7 communication capabilities.             

    

It is important to know this is a potential health crisis and not a banking crisis.  Market gyrations make big headlines but have had very little impact on  the financial health of the bank.  We remain as safe and sound as before the Coronavirus; nonetheless, we are taking prudent steps necessary to minimize any financial impact on the bank.

In addition, you need to remain vigilant for scams related to Coronavirus.  Cyber actors may send emails with malicious attachments or links to fraudulent websites to trick victims into revealing sensitive information or donating to fraudulent charities or causes.  Exercise caution in handling any email with a COVID-19-related subject line, attachment, or hyperlink, and be wary of social media pleas, texts, or calls related to COVID-19.  For additional information, please visit the Cybersecurity and Infrastructure Security Agency (CISA) website.

Our website and Facebook are current with up-to-date information and you are encouraged to follow both closely.   We are working hard to minimize any customer inconvenience and we thank you for your understanding and patience.  

 

Thank you,
David E. Anderson
President / CEO

 
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