April 1, 2020
An UPDATED message from Dean Bank President & CEO Kevin R. Goffe
Amid ongoing concerns about the Coronavirus (COVID-19), we want to assure you that Dean Bank is closely monitoring the latest from the Center for Disease Control (CDC) as well as other state and federal agencies. We are taking all necessary measures for the health and safety of our customers, colleagues and the communities we serve. Below is an updated summary of steps taken to ensure customer and employee safety while the bank is open for business.
- NEW: As of March 31st the SBA sent out new guidelines for faster assistance to small businesses. They stated that EIDL applicants that already submitted in the previous system received an email instructing those that wish to request a FORGIVABLE advance of up to $10K to submit a new application on the new portal. If you are submitting a new application, please follow the new streamlined steps in the portal (https://covid19relief.sba.gov/#/) as the questions are mostly the same from all the required documents in the previous version of the portal. All small businesses and nonprofits are encouraged to apply for EIDL and request an Economic Injury Disaster Loan advance of up to $10,000. The loan advance will not have to be repaid. If you already submitted an application and want to check on status, please call customer service at 1-800-659-2955 or e-mail disastercustomerservice at sba dot gov
- As of March 30, 2020 The SBA's Paycheck Protection Program requires the SBA to write the rules that approved lenders will need to implement in order to initiate the application process. This rule-writing process could take 2 to 3 weeks – and may be available in mid-April. Applications may not be finalized until the rules are written and complete. Due to the urgency for getting this program operational, much misinformation is floating around . These are"best estimates” of the program's implementation, as prepared by the U.S. Senate Committee on Small Business & Entrepreneurship. We greatly appreciate your patience as this program is implemented. There may be times when we are not able to respond in our normal time frame. We are all experiencing increased stress, and it is critical for you to understand that Dean Bank – as always – will provide our customers with the highest level of service possible. For a complete list of resources and information, visit the SBA's page: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources#section-header-0.
- As of March 17, 2020, Dean Bank branches will remain open for business; however, service will occur via the drive up lanes, night deposit and ATM’s only in our Franklin, Bellingham and Blackstone locations. We hope customers will understand that this is a temporary situation and we apologize in advance if service time is longer than normal. Customers who require in-person service for services such as access to their safe deposit boxes should call their local branch (branch telephone numbers can be found here) and a member of our customer service staff will make an appointment for your transaction to be completed. Coin counting is temporarily suspended in all branches. Our Mendon Branch will restrict service to via the night drop & ATM only. More information will be communicated should conditions warrant it.
- Business customers may call ahead for coin orders and the bank will make every effort to fill that order for you as quickly as possible. A member of our branch staff will contact you with pick up details.
- We have created a special e-mailbox, outreach at deanbank dot com, for customers who may be struggling financially as a direct result of the virus to share their specific concerns related to business or personal accounts with the bank. Please do NOT share specific account number or balance information via email but do include the best method for us to contact you (phone or email).
- If you are concerned with going out in public, you can conduct most transactions via Online Account Opening, Telephone Banking, Online Banking or Mobile Banking (including Mobile Check Deposit). If you do not already have our app you can download it via the App or Google Play Store. Our staff is prepared to answer questions about these services (in person or by telephone or email) and in many cases provide instruction to you, should you have a question about how to use our e-Services. Additionally, our website (www.deanbank.com) provides a host of valuable resources such as ATM locations and Branch Hours.
- Business customers that may be experiencing temporary cash flow issues may contact the SBA. To explore options including loan payment deferments of up to 6 months visit www.sba.gov to begin the process or speak with a member of our Commercial Lending staff.
- Finally, if you would like to speak with a member of our staff please call us at 508.528.0088 during regular business hours.
We will continue to closely monitor the situation and communicate any additional measures necessary to support you and the communities we serve as needs arise.
Kevin R. Goffe
President & CEO
Dean Bank obtains 95% of its funding locally and reinvests that money in local housing, businesses and through other consumer financing needs. Despite our small size in the financial services marketplace, Dean Bank has provided over $1 billion in residential housing finance over the past 15 years. Thank you for ranking us the #1 Community Bank in each of the markets we serve by voters in the CNC Reader's Choice for 12 years in a row!