Independent Banker - October 2020 - 56

" We understand that we are dealing
with something important ... similar to a
conversation with a doctor or pastor or
priest, in that there is a lot of talking about
something close to heart and mind. "
-Michael Troutman, Virginia Commonwealth Bank
start the conversation via speaker
with bank staff who are cognizant of
privacy concerns. They often invite
customers to continue conversations
over the phone or with a lobby
appointment, says Michael Troutman,
Virginia Commonwealth Bank's
executive vice president and chief
revenue officer. The community bank
also fast-tracked plans to offer online
account opening.
" We understand that we are
dealing with something important.
Financial conversations are similar
to a conversation with a doctor or
pastor or priest, in that there is a lot
of talking about something close to
heart and mind, " Troutman says. " It's
an emotional conversation. "
Easing small business money worries
The Paycheck Protection Program
(PPP) has given community
banks an opportunity to provide
stability, business advice and peace
of mind to thousands of small
business customers.
Some of the small business
customers at Virginia Commonwealth
Bank weren't in business during the
Great Recession or previous financial
downturns, so they didn't know what
to expect. Lenders at the community
bank have used the PPP application
process to have conversations about
56 Q ICBA Independent Banker Q October 2020
risk management strategies and what
their clients' business will look like
going forward in terms of banking
items like liquidity, access to lines of
credit and risk management, but also
their plans for recovery, protecting
their wealth and helping their
employees, Troutman says. " We took
that very important step of having
consultative conversations, " he adds.
" Business owners are just as worried
about their employees as their
business surviving. "
Citizens State Bank helped ease
small business customers through the
PPP process by working with existing
customers to dig deep into their
needs. That included creating outlines
to help track how PPP disbursements
were spent.
" We worked very tightly and
individually with each borrower so
that we could almost guarantee that
when the forgiveness part came, "
Cruciani says, " they'd keep in the
paradigm and stay in the confines
of forgiveness. "
Half of those customers asked
for the bank's insights into their
operations, talking through what it
might look like if revenue drops 20%,
30% or 50%.
" They ask, 'What do I do? What do
the financials look like? What's our
best guess for recovery?' " Cruciani

Independent Banker - October 2020

Table of Contents for the Digital Edition of Independent Banker - October 2020

Table of Contents
Independent Banker - October 2020 - Cover1
Independent Banker - October 2020 - Cover2
Independent Banker - October 2020 - Table of Contents
Independent Banker - October 2020 - 2
Independent Banker - October 2020 - 3
Independent Banker - October 2020 - 4
Independent Banker - October 2020 - 5
Independent Banker - October 2020 - 6
Independent Banker - October 2020 - 7
Independent Banker - October 2020 - 8
Independent Banker - October 2020 - 9
Independent Banker - October 2020 - 10
Independent Banker - October 2020 - 11
Independent Banker - October 2020 - 12
Independent Banker - October 2020 - 13
Independent Banker - October 2020 - 14
Independent Banker - October 2020 - 15
Independent Banker - October 2020 - 16
Independent Banker - October 2020 - 17
Independent Banker - October 2020 - 18
Independent Banker - October 2020 - 19
Independent Banker - October 2020 - 20
Independent Banker - October 2020 - 21
Independent Banker - October 2020 - 22
Independent Banker - October 2020 - 23
Independent Banker - October 2020 - 24
Independent Banker - October 2020 - 25
Independent Banker - October 2020 - 26
Independent Banker - October 2020 - 27
Independent Banker - October 2020 - 28
Independent Banker - October 2020 - 29
Independent Banker - October 2020 - 30
Independent Banker - October 2020 - 31
Independent Banker - October 2020 - 32
Independent Banker - October 2020 - 33
Independent Banker - October 2020 - 34
Independent Banker - October 2020 - 35
Independent Banker - October 2020 - 36
Independent Banker - October 2020 - 37
Independent Banker - October 2020 - 38
Independent Banker - October 2020 - 39
Independent Banker - October 2020 - 40
Independent Banker - October 2020 - 41
Independent Banker - October 2020 - 42
Independent Banker - October 2020 - 43
Independent Banker - October 2020 - 44
Independent Banker - October 2020 - 45
Independent Banker - October 2020 - 46
Independent Banker - October 2020 - 47
Independent Banker - October 2020 - 48
Independent Banker - October 2020 - 49
Independent Banker - October 2020 - 50
Independent Banker - October 2020 - 51
Independent Banker - October 2020 - 52
Independent Banker - October 2020 - 53
Independent Banker - October 2020 - 54
Independent Banker - October 2020 - 55
Independent Banker - October 2020 - 56
Independent Banker - October 2020 - 57
Independent Banker - October 2020 - 58
Independent Banker - October 2020 - 59
Independent Banker - October 2020 - 60
Independent Banker - October 2020 - 61
Independent Banker - October 2020 - 62
Independent Banker - October 2020 - 63
Independent Banker - October 2020 - 64
Independent Banker - October 2020 - 65
Independent Banker - October 2020 - 66
Independent Banker - October 2020 - 67
Independent Banker - October 2020 - 68
Independent Banker - October 2020 - 69
Independent Banker - October 2020 - 70
Independent Banker - October 2020 - 71
Independent Banker - October 2020 - 72
Independent Banker - October 2020 - Cover3
Independent Banker - October 2020 - Cover4
https://www.nxtbook.com/mspc/independentbanker/january2025
https://www.nxtbook.com/mspc/independentbanker/december2024
https://www.nxtbook.com/mspc/independentbanker/november2024
https://www.nxtbook.com/mspc/independentbanker/october2024
https://www.nxtbook.com/mspc/independentbanker/september2024
https://www.nxtbook.com/mspc/independentbanker/august2024
https://www.nxtbook.com/mspc/independentbanker/july2024
https://www.nxtbook.com/mspc/independentbanker/june2024
https://www.nxtbook.com/mspc/independentbanker/may2024
https://www.nxtbook.com/mspc/independentbanker/april2024
https://www.nxtbook.com/mspc/independentbanker/march2024
https://www.nxtbook.com/mspc/independentbanker/february2024
https://www.nxtbook.com/mspc/independentbanker/january2024
https://www.nxtbook.com/mspc/independentbanker/december2023
https://www.nxtbook.com/mspc/independentbanker/november2023
https://www.nxtbook.com/mspc/independentbanker/october2023
https://www.nxtbook.com/mspc/independentbanker/september2023
https://www.nxtbook.com/mspc/independentbanker/august2023
https://www.nxtbook.com/mspc/independentbanker/july2023
https://www.nxtbook.com/mspc/independentbanker/june2023
https://www.nxtbook.com/mspc/independentbanker/may2023
https://www.nxtbook.com/mspc/independentbanker/april2023
https://www.nxtbook.com/mspc/independentbanker/march2023
https://www.nxtbook.com/mspc/independentbanker/february2023
https://www.nxtbook.com/mspc/independentbanker/january2023
https://www.nxtbook.com/mspc/independentbanker/december2022
https://www.nxtbook.com/mspc/independentbanker/november2022
https://www.nxtbook.com/mspc/independentbanker/october2022
https://www.nxtbook.com/mspc/independentbanker/september2022
https://www.nxtbook.com/mspc/independentbanker/august2022
https://www.nxtbook.com/mspc/independentbanker/july2022
https://www.nxtbook.com/mspc/independentbanker/june2022
https://www.nxtbook.com/mspc/independentbanker/may2022
https://www.nxtbook.com/mspc/independentbanker/april2022
https://www.nxtbook.com/mspc/independentbanker/march2022
https://www.nxtbook.com/mspc/independentbanker/february2022
https://www.nxtbook.com/mspc/independentbanker/january2022
https://www.nxtbook.com/mspc/independentbanker/december2021
https://www.nxtbook.com/mspc/independentbanker/november2021
https://www.nxtbook.com/mspc/independentbanker/october2021
https://www.nxtbook.com/mspc/independentbanker/september2021
https://www.nxtbook.com/mspc/independentbanker/august2021
https://www.nxtbook.com/mspc/independentbanker/july2021
https://www.nxtbook.com/mspc/independentbanker/june2021
https://www.nxtbook.com/mspc/independentbanker/may2021
https://www.nxtbook.com/mspc/independentbanker/april2021
https://www.nxtbook.com/mspc/independentbanker/march2021
https://www.nxtbook.com/mspc/independentbanker/february2021
https://www.nxtbook.com/mspc/independentbanker/january2021
https://www.nxtbook.com/mspc/independentbanker/december2020
https://www.nxtbook.com/mspc/independentbanker/november2020
https://www.nxtbook.com/mspc/independentbanker/october2020
https://www.nxtbook.com/mspc/independentbanker/september2020
https://www.nxtbook.com/mspc/independentbanker/august2020
https://www.nxtbook.com/mspc/independentbanker/july2020
https://www.nxtbook.com/mspc/independentbanker/june2020
https://www.nxtbook.com/mspc/independentbanker/may2020
https://www.nxtbook.com/mspc/independentbanker/april2020
https://www.nxtbook.com/mspc/independentbanker/march2020
https://www.nxtbook.com/mspc/independentbanker/february2020
https://www.nxtbook.com/mspc/independentbanker/january2020
https://www.nxtbook.com/mspc/independentbanker/december2019
https://www.nxtbook.com/mspc/independentbanker/november2019
https://www.nxtbook.com/mspc/independentbanker/october2019
https://www.nxtbook.com/mspc/independentbanker/september2019
https://www.nxtbook.com/mspc/independentbanker/august2019
https://www.nxtbook.com/mspc/independentbanker/july2019
https://www.nxtbook.com/mspc/independentbanker/june2019
https://www.nxtbook.com/mspc/independentbanker/may2019
https://www.nxtbook.com/mspc/independentbanker/april2019
https://www.nxtbook.com/mspc/independentbanker/march2019
https://www.nxtbook.com/mspc/independentbanker/february2019
https://www.nxtbook.com/mspc/independentbanker/january2019
https://www.nxtbook.com/mspc/independentbanker/december2018
https://www.nxtbook.com/mspc/independentbanker/november2018
https://www.nxtbook.com/mspc/independentbanker/october2018
https://www.nxtbook.com/mspc/independentbanker/september2018
https://www.nxtbook.com/mspc/independentbanker/august2018
https://www.nxtbook.com/mspc/independentbanker/july2018
https://www.nxtbook.com/mspc/independentbanker/june2018
https://www.nxtbook.com/mspc/independentbanker/may2018
https://www.nxtbook.com/mspc/independentbanker/april2018
https://www.nxtbook.com/mspc/independentbanker/march2018
https://www.nxtbook.com/mspc/independentbanker/february2018
https://www.nxtbook.com/mspc/independentbanker/january2018
https://www.nxtbook.com/mspc/independentbanker/december2017
https://www.nxtbook.com/mspc/independentbanker/november2017
https://www.nxtbook.com/mspc/independentbanker/october2017
https://www.nxtbook.com/mspc/independentbanker/september2017
https://www.nxtbook.com/mspc/independentbanker/august2017
https://www.nxtbook.com/mspc/independentbanker/july2017
https://www.nxtbook.com/mspc/independentbanker/june2017
https://www.nxtbook.com/mspc/independentbanker/may2017
https://www.nxtbook.com/mspc/independentbanker/april2017
https://www.nxtbookmedia.com