CEO Letter from Prairie State Bank & Trust
A heartfelt “Thank You” to our valued customers:
Prairie State Bank and Trust’s roots extend back 53 years to 1968, when our bank group was founded. During that period, the Vietnam War was fought and ended (1955-1975), 1,043 institutions failed during the Savings and Loan Crisis (1986-1995), the Great Recession descended upon us (2007-2009), and COVID-19 has now reared its ugly head - crushing the world economy and changing the way we go about our daily lives. Through all of this, our bank has remained incredibly strong, significantly growing our local community deposit base and remaining vigilant in our unwavering quest to provide you with the best products and services available. We can attribute our long term and continuing success to the loyalty and dedication of both our valued customers and our fantastic team members at PSB&T.
I am extremely proud of how our team rose to the occasion, meeting the following needs of our customers during this pandemic:
- PSB&T has provided more than 750 Paycheck Protection Program (PPP) loans for over $35 million—protecting more than 5000 paychecks.
- PSB&T has originated over 1300 FNMA secondary market mortgage loans for over $223 million, helping our customers save thousands and thousands of dollars in home mortgage interest.
- The PSB&T Customer Service Center has handled close to 100,000 calls, a 40% increase in call volume.
- Usage of our PSB&T mobile and online banking applications has grown significantly, with 40% more of you using these convenient services.
On top of all of this, due to your confidence in us, our customer deposit base has grown by over 15% during the past year!
The “bottom line” is that our business and our success are dependent upon you, our customer. During these stressful and often uncertain times we have worked together with you, day in and day out, to assure your financial needs have been met. We remain steadfast in our commitment to serve you at the highest possible level as the pandemic recedes and life returns to “normal.”
Again, thank you for your dedication and support through one of the most unique periods in modern history. Rest assured that Prairie State Bank & Trust will be here for you no matter what the future may bring.
John Vaughn, CEO