July 3, 2020
We feel it is important to outline the actions we have taken in response to the COVID-19 pandemic to service customers, local small businesses and the community.
COVID-19 Pandemic Response Summary
In March 2020, we began implementing our pandemic response plan, which is designed specifically to maintain business continuity in scenarios such as COVID-19 coronavirus. Staff began working on rotating teams to ensure business operations continuity.
Paycheck Protection Program Loans
- All branches and offices have remained operational throughout the pandemic
- We have had no outbreaks of the virus at any of our offices
- We continue to process and close mortgage and loan applications without delays or interruption
- Our Call Center hold times have been negligible and our staff is available to assist callers
- We have worked with residential and business loan customers in need of assistance
- We waived Insufficient Funds fees and Uncollected Funds fees for all customers through June 30
We are proud to say, to date, we have processed and submitted 100% of all qualified Paycheck Protection Program loan applications received from local small businesses and our business customers. Our lending staff worked hard to help small business customers apply and receive much-needed funds to keep their staff on payroll and to remain operational. Over the more than 200 loans closed to date, the average PPP loan funded was $82,000 and the smallest loan funded was $900. We estimate over 2,300 jobs were supported through our PPP lending program, primarily in Union and Middlesex Counties, NJ.
As a community bank, we are focused on the quality of life within the local cities and towns we serve in Union and Middlesex Counties. Food pantries and hospitals around the country have experienced a significant increase in demand due to COVID-19, stretching the organizations’ budgets and emergency funds very thin.
In early May, RSI Bank responded by donating $10,000 to Rahway Food For Friends, a non-profit organization that operates a food pantry and soup kitchen in Rahway, NJ, and $10,000 to We Feed Woodbridge, an initiative supporting a network of food pantries throughout the Township of Woodbridge.
When we asked how RSI Bank could support RWJ University Hospital – Rahway and its staff during the pandemic, we learned a contribution to the hospital’s emergency fund would be greatly appreciated. We were pleased to donate $10,000 to support the emergency fund, which is used to purchase emergency care supplies and personal protective equipment for the staff.
This year has been a difficult one in numerous respects. Many people believe the death of George Floyd represents a turning point for our country. Individuals and organizations are joining in important conversations about how to move forward.
Treating people fairly, with consideration and respect, is a long held, fundamental credo of RSI Bank that guides our company’s mission as a community bank. RSI Bank unequivocally prioritizes fairness and justice and is anti-racism. This shared belief drives our leadership, core business model, community partnerships and charitable donations, as well as our normal course of doing business. If you have any questions or concerns about our policies, practices, or programs, we encourage you to speak with us. We’re listening.
While we continue to operate with temporary business hours, our branch lobbies are currently open. Please check the News section on our website regularly for updates to branch and lobby hours. Customers entering the premises are required to wear a face covering to protect our employees and other customers who may be in the office.
We also want to remind customers that deposit products (checking, savings, money market, asset management, CDs, IRAs) are FDIC insured. You can also feel secure knowing that RSI Bank has been in business since 1851 and has endured through some of our nation’s toughest times. We’re here to help you.
Thank you for your business. Stay safe and well.