UPDATE FROM OUR CEO RELATED TO COVID-19
May 7, 2020
As we move into the most recent phase of this “season of change” with this continuing “Covid Climate”, I wanted to be sure and openly thank the Idaho First Bank team for their commitment to our customers (new and previous). This team has worked (literally) 24/7 to process applications, answer questions, gather documentation and fund loans, not only through the first round of PPP lending, but then turned around a few days later and started again at 100% commitment for round 2. This has been accomplished while SBA and the Treasury have rolled out new information and clarity on a daily basis throughout the process.
Through it all…their continued goal has been to serve and support the backbone of this country’s economy: Small businesses.
This is one of the many things that makes Community Banking so very different from a big bank. Often you hear “it’s the people who make the difference”, but in our industry…it’s more than a cliché…it’s a calling.
And I couldn’t more humbled and proud to serve alongside them during these challenging and often stressful times.
With that said, we recognize that people have a number of questions regarding their loans or forgiveness or SBA guidelines. Information continues to be updated by the SBA and Treasury by the day. Because of this, we have set up a number of tools to provide you with answers and support to help guide you through next steps as best we can:
- We have set up a dedicated email address and phone line for all questions regarding the PPP loan: email@example.com or 208.630.2066. We are getting back to all questions as soon as we can.
- We have added a number of FAQ’s to our website that can be found at www.idahofirstbank.com. These are being updated often and we will also be adding the FAQ’s from the Treasury each week as they are updated.
- We have brought on additional staff to help us with the additional processing and paperwork needed during this time.
- We have developed a forgiveness calculator in hopes of providing you with a generalized guidance tool to help you estimate your loan. Please remember that you need to retain records for all costs associated with this loan and seek advice from your CPA for additional details.
As you can imagine, because we have stepped up in such a manner to help so many businesses across the country, we have been overwhelmed with calls and communications, so we appreciate your patience as we respond to everyone as quickly as we can.
Thank you again for your continued banking relationship. We look forward to serving you for a very long time.
CEO-Idaho First Bank
Update from the President- Thursday, April 6, 2020
First and foremost, I hope that you and your loved ones are safe and healthy.
The COVID-19 pandemic has impacted our daily lives in ways which would have been unimaginable for most of us only a short while ago. You are probably overwhelmed with emails and other communications but I did want to update you on the following:
- On Friday 3/27/20, the Coronavirus Aid, Relief, and Economic Stimulus Act (“CARES Act”) was signed into law. A key component of the CARES Act is the $349 billion Paycheck Protection Program which will be administered by the Small Business Administration (“SBA”). Under the PPP, small businesses (up to 500 employees) are entitled to apply through a bank for loans which may be forgiven in part or in full, depending on certain factors. Every small business should be evaluating this program to determine whether it works for them. Please contact your Relationship Manager for more details.
- Cyber criminals are on the rise during these times of inconsistency and uncertainty. Their goal is to gain access to your money and personal information. Though we provide a considerable amount of safety for your money within the bank, I’m encouraging you to all be hyper-vigilant within your businesses and your homes during these times. Some things to remember:
- Double check your payroll and payables
- Set up internal security checks with key answers to questions only you would know
- Do not give information over the phone to unknown sources
- Perform a daily review of your banking transactions
I want to let you know that our team at Idaho First Bank is here to serve and support you during these times and we are profoundly thankful for your continued banking partnership.
Don’t hesitate to contact us if we can serve you during this challenging time.
CEO - Idaho First Bank
Update from the President- Thursday, March 26, 2020
As you may have seen yesterday, Idaho Governor Brad Little, has issued a statewide stay-at-home order
following confirmed community-spread of the novel coronavirus. This order mandates all Idahoans to
self-isolate for 21 days ending April 16, 2020.
However, this does not include those businesses that are considered “Essential”. Idaho First Bank is
considered an ‘essential financial service’, so we want to assure all everyone that while we are taking all the
necessary safety and hygiene measures for day to day business, we are staying open to serve our
communities financial needs.
With that said, effective March 26, 2020, you may find that some of our lobbies have a locked door when
trying to enter. This is to provide an additional measure of safety for community members and staff by
minimizing face to face interaction, however, we are still here to fully serve your needs.
In McCall, Eagle and Boise …use our convenient DRIVE-THRU teller window. You can also CALL THE
BRANCH and the team there will gladly make an advance appointment to meet with you in person.
In Ketchum and New Meadows, CALL THE BRANCH and they will make an appointment with you for all
your banking needs. Or, you can walk up to the lobby and knock on the door. They are allowing 1 customer
in at a time on an as needed basis.
We will continue to monitor the situation daily and adapt as needed. The well-being of our customers and
team members always remains our highest priority.
We apologize in advance for any inconvenience during this unique time in our country. We join you in
hoping there is a swift resolution so we can open our lobbies again soon
CEO - Idaho First Bank
Update from the President- Thursday, March 17, 2020
I wanted to write you a personal note related to Idaho First Bank’s response and plan for the unprecedented COVID-19 Coronavirus concerns and the recent market changes. Above all else, know that we are taking every step available to ensure that this circumstance has minimal to no impact on our day to day business…or to yours. I also wanted to address all of you as family as that’s how we view our team, our community, and all of our customers.
Regarding safety protocols:
It’s been noted by health organizations that contributing to social distancing helps minimize the overall community spread and more importantly, will help offset the potential overload on healthcare systems that need to have necessary bandwidth for those in need. With that in mind, we will be minimizing company travel and meetings until such time that we’re confident that we’re not asking anyone to potentially compromise their own health concerns. This is only a temporary decision, but one I feel is best for the moment.
Additionally, we have also put into place protocols and standards for hygiene and health within branches to ensure that business will continue to run smoothly and safely for everyone.
Lastly, we want to encourage everyone to utilize our online and alternative services, which can be accessed 24 hours a day, 7 days a week. This includes: night depositories, ATM’s, the MoneyPass Network, Remote Deposit services, Mobile Banking services and our easy-to-use Online Banking. All of this can be accessed effortlessly by downloading our convenient IFB App from the App Store. Additionally, Text Concierge Services are available by texting us at 208.634.1000. Your questions and requests will be responded to between 8am and 5pm, Monday thru Friday. If you are unfamiliar with these services, please call us as we are happy to provide guidance for getting set up quickly.
Regarding potential market changes:
The Fed’s interest rate impacts everything from loans to CDs to savings accounts. Though we can’t fully speculate how this will affect accounts, we do want to let you know that it could mean you may see rates on your deposit accounts decrease during the next few weeks. We will keep customers apprised as information is provided to us, but please know you can call your local branch with all questions.
We take your choice to partner with Idaho First Bank seriously, and are honored that you’ve chosen us. Even though much is still to be uncovered as to the severity that this virus represents, and the timeline to resolution is uncertain, know that all of our resources are marshalled solely to support you, your business, and all who depend on it.
Should you have any questions, please don’t hesitate to call us at 208-634-1000 or toll free at 866-634-2760 or visit our website at www.idahofirstbank.com.
Finally, our thoughts and prayers are with all who are confronting this virus head on, whether as a patient, a healthcare worker, a government body or a country. We hope, along with all of you, that the resolution for all of this is swift.
Greg Lovell CEO—Idaho First Bank