CHICKASAW COMMUNITY BANK DEFERS PRINCIPAL AND INTEREST PAYMENTS

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CHICKASAW COMMUNITY BANK DEFERS PRINCIPAL AND INTEREST PAYMENTS

Fri, 03/20/2020 - 12:01
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CHICKASAW COMMUNITY BANK DEFERS PRINCIPAL AND INTEREST PAYMENTS
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 In a move to support Oklahomans through the COVID-19 pandemic, Chickasaw Community Bank makes a special offer to their business customers. Effective March 18, 2020, Chickasaw Community Bank will assist their business customers by deferring principal payments for (6) months, and in severe cases, defer principal and interest payments for up to (3) months as shared in the letter the bank sent to its customers today. 

When asked why Chickasaw Community Bank has made this bold decision, their C.E.O., T.W. Shannon, respond- ed with “At Chickasaw Community Bank, Building Better lives for everyone is not just a slogan, it is our mission. Every business customer I’ve spoken with has one financial concern right now, keeping the doors open and taking care of their employees. We are just doing our part.” 

The letter continues to detail the following about the offer: 

“The full repayment of the principal balance will still be expected to be repaid once normalcy returns to business operations. 

These modifications to the original agreement would need to be approved on an individual basis and we would encourage each impacted client to reach out to their loan officer to start the process. 

If the impacts from the event exceed three months, the program could be reevaluated and extended on a case by case scenario. Our focus, dedication, and support are unwavering as we navigate these unique times.” 

During a time of uncertainty for many business owners across the world, this is welcome news to Oklahoma entrepreneurs and a reminder of the necessity of support in local communities. 

“If there is a silver lining to this pandemic, we are reminded of what community really means, and how much our families and neighbors mean to us. We know our customers, and we know every Oklahoma Business is going to be affected by this pandemic either directly or indirectly. We know this move will provide flexibility to our customers to meet payroll and other expenses incurred as a result of this crisis.” - T.W. Shannon, Chickasaw Community Bank C.E.O..