News Blog

April 6, 2020 – You’ve likely heard of multiple small business tools available through the Small Business Administration (SBA), the most popular being the Paycheck Protection Program under the CARE Act. Congress approved $349 billion to help small businesses retain workforce through this difficult time. Qualified small businesses can apply for a forgivable loan up to 2.5 times monthly payroll.

We have been receiving applications all weekend. As of 6:30 Sunday morning, we’re happy to have gained access to the SBA site where we are now transmitting applications. We will work around the clock accepting and transmitting these applications for our small business customers. If you are a small business and have not considered applying, we encourage you to do so soon. The application and more information can be found here. For questions, please contact a business bankers.

April 2, 2020 – Decorah and Cresco Bank and Trust are committed to helping small businesses navigate the SBA disaster loans being made available in response to the COVID-19 crisis. Part of the new CARES stimulus package, the Paycheck Protection Program, is a federal loan program aimed at helping small businesses who have been severely impacted by the Coronavirus to maintain their workforce. To apply, submit your information on the Payment Protection Program application link below.

In addition to the Paycheck Protection Program loan, the U.S. Small Business Administration is also offering an Economic Injury Disaster Loan to small business owners. You can apply for this low-interest, federal disaster loan directly through the Small Business Administration. We are currently waiting on final guidance from the SBA on the full details of the Paycheck Protection Program. Below, we have listed the resources included in each of the programs as we know them right now.

Payment Protection Program Application

SBA Loan Program (PPP) Borrower Form

Loan Program Options:

Business loan options

hands holding heartMarch 31, 2020 – For many years, Decorah and Cresco Bank and Trust has helped our customers and our communities through both good and challenging times. Today is no different, and we stand ready to help you and your small business or nonprofit. The CARES Act is the new federal relief package that was recently signed into law. Part of this act is the Paycheck Protection Program, a federal loan program aimed at helping small businesses impacted by COVID-19. Providing $350 billion in new lending capacity, this program accounts for a majority of the small business assistance. Decorah and Cresco Bank will be providing these loans as soon as the U.S. Small Business Administration (SBA) releases details and guidance on this program. To better understand the requirements for eligibility, go to the U.S. Chamber of Commerce’s Small Business Guide and Checklist.

 

 

hands holding heartMarch 19, 2020 – Decorah and Cresco Bank will be sending out an email today explaining the variety of banking options that are currently available to customers and current information about our response to COVID-19. If you do not receive it, please read the message below:

We hope you and your loved ones are doing well during this unique time in history we are living in. We know this is a time of unrest and uncertainty, and we want banking to be low on your list of concerns.

During this time, we have a variety of banking options that you can use:

If you would like to meet with a Banker in-person, please call 563-382-9661 (Decorah) or 563-547-2244 (Cresco).

If you do need to venture out, please use our ATMs or drive-thrus. As a precautionary measure, access to our lobbies are by appointment only. Click here for direct lines to our various locations.

In this time of uncertainty, please be on the lookout for COVID-19 related scams. Visit the Federal Trade Commission website for more information.

We all have a role to play in staying healthy and curbing the spread to allow our health care system to function at its best. If at all possible, stay home and wash your hands often.

Look to our social media and website with current information about our response to the COVID-19 and ways in which we can assist you. Click here to read our newest details. Click here to view a video message from bank president & CEO Ben Grimstad.

We are dedicated to assisting you and the services you expect during these turbulent times. Should you have a question, please contact us.

We are all in this together. Thank you for banking with Decorah and Cresco Bank & Trust.

 

Smart devices in handsMarch 19, 2020 – We know this is a time of uncertainty and unrest, and we want banking to be low on your current list of concerns. We want to make sure you have all the tools you need to keep banking as you normally would. We have a wide variety of digital services available to you 24/7, so please take advantage of these, and rest assured we have support staff standing by to assist you.

For anyone needing to open new accounts, please take advantage of our digital account opening tool. Click here to open an account online. If you have digital banking, you can find this same feature once logged in under the “transactions” menu. Accessing digital account opening from your online or mobile banking will take you through an expedited process to open any new deposit account. We also offer online loan applications, so be assured we can continue to meet any new financial need. Our bankers will still be available by appointment, so please don’t hesitate to call if needed.

Please download our mobile app, found on Google Play or the Apple App store to quickly check balances, transfer funds, pay bills, and take advantage of mobile check deposit. Checks submitted before 5:00 PM using Mobile Deposit will count as a deposit for that business day. Checks submitted after 5:00 PM will count towards the next business day.

Finally, please don’t hesitate to contact us using secure messaging found inside digital banking, or utilize our new chat functionality, found on our website. Our chatbot, Cora, can answer many of your questions, and will transfer you to an available representative during business hours when further assistance is needed. Of course, you can always call us as well, but know there are many options available to you.

We are dedicated to assisting you and providing the service you have come to expect during these turbulent times. Please contact us with questions on any of our digital services.

 

Beginning Wednesday, March 18th, Decorah and Cresco Bank lobbies will be closed until further notice. Banking services will be provided in the following ways:

If you would like to meet with a banker in-person, please call 563-382-9661 (Decorah) or 563-547-2244 (Cresco) to set up an appointment.

We fully expect to keep banking services available to our customers for the duration of the COVID-19 situation. This is in the best interest of our staff, customers, and community.

Your patience during this unprecedented time is greatly appreciated. We will resume normal lobby hours as soon as is practical.

Despite these reduced options, be assured that help from a friendly and familiar banker is only a phone call away – we are here for you!

Be well,

Ben Grimstad, CEO and Joe Grimstad, Vice Chairman

bunny and eggMarch 16, 2020 – Decorah & Cresco – Decorah and Cresco Bank’s Easter Coloring Fun is now underway. Parents, click on one of the pdf links below to download and print a coloring form or stop by either of our locations and pick up a coloring registration for your kids. Return by 4:00pm on Monday, April 6th. Winners will be drawn and given a stuffed bunny, but no group photo of winners will be taken.

 

Happy Coloring!

Decorah Bank Coloring Form [pdf | 1 MB]

Cresco Bank Coloring Form [pdf | 1 MB]

 

 

March 13, 2020 – Decorah & Cresco – Through these times of uncertainty, we want you to know that the health and safety of our staff, customers and community are our highest priorities. In view of this, we are taking precautionary measures in response to COVID-19 (coronavirus). Our plan follows guidance from both the Centers for Disease Control and Prevention (CDC) and local and state health leaders throughout the areas we serve. These steps ensure that we have the correct resources and risk management for your health and safety during this time of economic and public health stress.

We want to make sure that you have access to all of the banking services we regularly offer regardless of how COVID-19 spreads.  We currently are not anticipating any branch closures, but do have options if you would prefer to access your banking through other means. You can access your accounts and services by using our online banking or mobile app, or by calling us. If you have not already set up your digital banking account, now is a wonderful time to do so to have 24/7 access to your accounts for check deposit, transfers, bill pay, and more. Enroll in digital banking here.

While not a full list, our current plan includes the following steps:

  1. Keeping our products and services fully available to you
  2. Supporting our employees and customers that are at-risk or needing additional aid
  3. Monitoring the financial markets and discussing options for customers to meet their changing financial needs
  4. Increasing our staff and customer education and communication
  5. Enhanced risk monitoring and management

The banking industry is strong and customer deposits will continue to be insured by the FDIC.

This is an uncertain time where people are rightly concerned about everything from their own health and safety and that of loved ones to the economy and basic needs.  We must work together as a community to slow or mitigate this virus and help each other out by offering support to those in need.  Decorah and Cresco Bank & Trust are committed to providing support to our community as needs arise.

Ben Grimstad
CEO

 

 

Bakery workers Taking care of businessMarch 13, 2020 – Decorah and Cresco Bank is excited to now offer business debit cards! We have been and will continue to reach out to businesses that have our current debit card with information on how to switch over to this new card. Please contact us if you have any questions.