Kentucky Bank Announces Initiatives to Assist Customers and Communities Impacted by COVID-19
PARIS, KY – 03/23/2020
Kentucky Bank has implemented a number of proactive measures intended to mitigate the impact of the COVID-19 virus outbreak on its customers, communities, and employees. These steps will be revisited as circumstances unfold and change daily.
“During these uncharted times, our bank believes our primary focus should be helping to protect our customers, our employees, and our communities. We have begun adjusting branch operations to help protect the health and safety of our customers and employees, while still offering banking services. We have also made substantial contributions to God’s Pantry and the Blue Grass Community Foundation’s response fund,” said CEO Louis Prichard.
Commercial Customer Assistance
We will be working with borrowers, on a case by case basis, to potentially defer loan payments, especially for those business borrowers that we can identify as the most seriously affected. Current business borrowers who feel the need, are encouraged to call their loan officers. Our goal in dealing with the financial needs of our borrowers is to ensure we are working with them in making good, sound decisions that will allow them to get through these unusual times.
Help for Residential Mortgage and Consumer Customers
Existing residential mortgage and consumer loan customers of Kentucky Bank may also be eligible for relief. We will look at these on a case by case basis, knowing that certain people are going to be impacted more than others. Assistance may come in the form of deferment of interest, or interest and principal payments. Customers who wish to request relief may call to speak with a company representative.
Kentucky Bank will suspend initiating any new foreclosure actions relating to residential properties. The postponement of these steps will be reevaluated in 30 days.
We have announced measures to help reduce the impact of COVID-19 on our employees’ lives. We have initiated aggressive bank–wide cleaning efforts. We are also asking all in-house meetings to be conducted via conference call. We have provided resources to enable as many as possible to work from home or to work in less confined work areas. Additionally, we are being flexible with paid time-off policies. Kentucky Bank will comply with all aspects of the Families First Coronavirus Response Act.
Branch Services Effective March 18, 2020
As of March 18th, we began temporarily limiting retail branch locations to drive-up and ATM services. We will continue to assist customers through Kentucky Bank’s online and mobile banking services, as well as our call center. Customers who require access to safe deposit boxes and other needs within a branch, may make appointments to visit a branch location by calling 800-467-1939. If a customer is not currently using online or mobile banking, please feel free to call 800-467-1939 for assistance.
Louis Prichard added, “We will continue to focus on the best ways to protect the health and safety of our employees, customers, and communities, while making every effort to assist our customers in making sound financial decisions in these unprecedented times.”
Kentucky Bank is a leading community bank with 18 branches in Kentucky. The bank is honored to have earned BAUER FINANCIAL Inc.’s highest 5-Star Superior rating. A 5-Star rating indicates that a bank is one of the strongest banks in the nation. Kentucky Bank has also been recognized as one of “The Best Places to Work in Kentucky” for the past eight years. Kentucky Bank’s stock symbol is KTYB.
Please let us know if you have any financial concerns we can help with by calling 800-467-1939.