Clearly, there is a great deal of ambiguity in the world right now, and it is reasonable for any of us to wonder “what if…” or “what’s next…” as the situation evolves with COVID-19. We are all adapting as quickly as we can, and I know that some of you are already dealing with health or financial hardship. All of us are affected by what is happening in our communities, and with our friends and family.
The Coronavirus pandemic is extraordinary in every sense. Certainly for its physical and emotional strain on people and communities around the world, and for the immediate and severe economic impact. In just a few short weeks, our healthcare system has become highly stressed, whole industries are seeing significant revenue reductions, and a record 3.3 million Americans filed for unemployment benefits.
The response is equally extraordinary. The Federal Reserve has dropped rates twice to near zero and has committed to injecting trillions of dollars of liquidity into the financial system. Congress has passed a $2.2 trillion stimulus bill, including loan guarantees that could generate as much as $4 trillion lending. As in 2008, the FDIC will have the option to insure all non-interest bearing transaction deposits above the FDIC’s standard insurance limit. Federal, state and local governments are putting measures in place to flatten the curve of infection. Doctors, nurses, and first responders of every type are demonstrating daily why they deserve hero status.
Northwest Bank was founded in 2008, in the middle of the Great Recession. We have been through difficult times before and will persevere through them again. Our founders were business people who thought banks should provide financial solutions that fueled success, not roadblocks that hinder it. From day one, being exceptionally good at problem solving was core to our business and culture. Our leadership and our Board are rich in experience and wisdom, having navigated decades of economic cycles and disruptive events. Today, that history serves us, and you, very well.
At Northwest Bank, we know this:
- Our bank is financially sound and able to weather this event.
- Partnership with our clients has never been more important, and we are here to serve you.
- We are doing everything we can to ensure our team, and yours, is safe.
Northwest Bank is Financially Sound
Let’s be clear. What lies ahead will be challenging and requires our collective, sound judgement.
Northwest Bank is well-capitalized, and has been since inception. We do this with intention to allow us to grow quickly, and respond to economic and market cycles. We do business with customers in industries that we understand deeply, in order to be a strategic partner, and to achieve the best possible outcome. We don’t take risk on things we don’t understand, and you see that in our balance sheet.
- Our capital position is strong with over $99.6 million of shareholders’ equity representing 11.3 percent of total assets. We are 603 basis points (“bps”) above federal regulatory minimums in the most restricted capital levels.
- Our liquidity ratio is strong at nearly 33 percent, meaning that roughly one-third of our assets are cash and readily marketable securities.
Our approach is one reason why Bauer Financial, a well-regarded and independent source for bank ratings has consistently given Northwest Bank a Five-Star rating. We’re proud of that.
We’re Here to Serve You
You depend on us to conduct your business, regardless of the situation. We understand that you may be facing unanticipated challenges, or a change in plans. Having an experienced banker who understands your business, and local decision makers who can act quickly, is important.
All four states we operate in have issued Stay at Home orders and we, like you, have transitioned to working remotely. With that in mind, Northwest Bank remains focused on providing services that address your needs and offer additional security and flexibility.
- Northwest Bank continues to provide credit to help you achieve your goals. Call us to discuss your situation and we can guide you through the options that may be available to you.
- We encourage any client who anticipates financial hardship to reach out sooner than later. We are problem solvers and standby ready to discuss your unique circumstances.
- As a preferred SBA lender, we are a resource for small businesses trying to navigate their options and have authority to defer payments in some situations. We will be ready to navigate our clients through the stimulus programs.
- Most banking business may be conducted through our online banking systems 24 hours a day, 7 days a week.
- For short term cash needs, your Northwest Bank debit card may be used to withdraw cash at any ATM (transaction fees will be reimbursed the same day), and deposits may be made at any deposit taking MoneyPass ATM.
- While the bank is financially sound, we do have clients who have fiduciary responsibility to ensure all reserve funds are FDIC ensured. Northwest Bank offers money market and certificate of deposit products that can provide additional, significant FDIC coverage with the convenience of working with just one bank.
- Unfortunately, in a time of crisis we often see an increase in attempted fraud. To protect you, Northwest Bank offers a variety of ways to monitor and protect your funds, including ACH Positive Pay, Check Positive Pay, and online banking with a secure browser option.
Nothing is more important than the health and safety of our team and yours. Due to the highly contagious nature of this coronavirus, we are closely following the guidance of the Center for Disease Control and the federal and state government.
We are limiting access to our office lobbies, following all protocols for social distancing, sanitizing surfaces, and conducting business as safely as possible.
All of our employees who are able to are working remotely, using specific protocols for secure communication and business transactions. Wherever possible, we are using video conferencing for business meetings both internally and with our customers.
Yes, there is great ambiguity in the world right now, and it is very reasonable to wonder “what if…” or “what’s next…”? The answer, from our perspective, is “we will be here for you.”
We value your business, and your partnership. May you, your team, family and friends stay safe and healthy.
President & Chief Executive Officer