Riverview Financial Corporation, owners of Riverview Bank and its operating divisions, CBT Bank and Citizens Neighborhood Bank, has released a list of new or modified services, loans, and other programs dedicated to helping Pennsylvanians recover financially during the COVID-19 crisis.
“In community banking, local people and local businesses are why we are in business ourselves. Our employees, our customers, and the communities we serve are the reasons for our very being. In this time of uncertainty, with the COVID-19 pandemic, we want you to know that your safety and well-being are paramount in every decision we make. Our team is working diligently to provide the products and services necessary to create peace of mind for all we serve, while adjusting our operating environment to take necessary precautions, keeping our customers and employees as safe as possible”, said Brett D. Fulk, President & CEO. Fulk continued “Our plan, and number one priority, is to be here for you throughout this current crisis and beyond.”
Financial hardship relief efforts
Riverview is offering a COVID-19 Relief Loan. These loans are 0% APR, require no payments for the first six months, no additional fees. This loan is unsecured. Borrowers may request up to $5,000 for this loan.
Additional rules for this loan:
- Borrower must be unemployed due to the COVID-19 pandemic
- The borrower must provide a most recent pay stub or other proof of income
- Loans are subject to credit approval
- Credit score is based on the lowest score of applicants
- Standard underwriting criteria apply
- Automatic payment deduction from a Riverview Bank, CBT, or Citizens Neighborhood Bank checking or saving account is required
- 2.99% APR after the initial 6 months (begins in the seventh month), for 18 months of the term
- This is a 24-month term loan
Other terms and conditions may apply. If the maximum loan amount of $5,000 is borrowed and repaid making only required loan payments, the monthly payment will be 18 equal payments of $294.40. Contact the bank for additional details.
No fees for ATM services
All customers of Riverview Bank and its operating divisions will be able to access any non-Riverview Bank ATM anywhere, with no fees from Riverview Bank. Likewise, no fees will be charged for non-Riverview Bank customers accessing money from a Riverview Bank ATM.
This rule change will last only through June 30, 2020.
Customers may still incur fees from a foreign ATM's Financial Institution or their own bank when using different ATMs.
Penalty-free access to long-term CD savings up to $5,000
Customers of Riverview Bank and its operating divisions with funds invested in a Certificate of Deposit (CD) can access portions of their funds at no cost and with no penalty, up to $5,000.
If a client requires more than $5,000 from a CD, they may access up to an additional 20% of the remaining CD balance in excess of the initial $5,000 penalty-free as well.
Early withdrawals in excess of the initial $5,000 + 20% will be subject to penalty fees. IRA CD early withdrawal may also incur an IRS penalty; see your bank's IRA agreement for details, and contact your tax advisor or bank for more details.
Fee waivers/fee reversals for account holders impacted by COVID-19
Customers may be granted fee waivers for general account fees, such as overdraft fees or late loan charges. Call your local Community Office to request support if you have been negatively impacted by COVID-19 and would like to request a waiver or more information.
Business customer remote deposit capture fee waivers
Waivers for remote deposits of monthly rental fees, per-item fees, etc. will be granted through June 30 to business account owners to support no-contact banking.
Riverview Bank business borrowers experiencing financial hardships due to COVID-19 may be able to access loans. Business customers are encouraged to request relief loans by contacting their dedicated Relationship Manager, local Community Office, or Riverview Customer Service (888) 765-7551.
Relief options include temporary deferral of business loan payments, payment modifications to interest-only payments, and temporary business loan fee waivers.
CARES Act relief programs
Riverview has deployed a dedicated CARES Act relief team, consisting of their most experienced SBA lenders. This group is working with each customer to identify individualized solutions. The team is available to provide their knowledge about resources offered by government agencies through the SBA, CARES Act relief programs, and other government programs such as SBA Paycheck Protection Program, an SBA-backed loan offered through Riverview Bank which helps provide funding for businesses to retain employees on their payroll.
Additional programs include:
- SBA Economic Injury Disaster Loan Program: low-interest federal disaster loans for small businesses
- Pennsylvania Industrial Development Authority's Small Business First Fund
- The COVID-19 Working Capital Access Program
- Low-interest loans offered by the Pennsylvania Industrial Development Authority
Full details about each of these programs, as well as instructions for applying, are available here.
To contact Riverview's CARES Act team, email or call them at email@example.com or (855) 455-9027.
Residential mortgage and consumer loan relief
Residential mortgage and consumer loan customers of Riverview may be eligible for relief support. To make a request, call the local Community Office or Riverview Customer Service at (888) 765-7551.
Temporary consumer loan fee waivers are available, as are deferrals of loan payments on mortgage and consumer loans and late charge waivers.
Riverview Bank has made a $15,000 contribution to the Central Pennsylvania Food Bank's Fresh Express program, which delivers food to pantries throughout 27 counties.
Riverview Bank is limiting customer contact in banking transactions, allowing employees to work from home when possible, and has suspended non-essential business travel and in-person meetings. The bank is recognized as an essential business in Pennsylvania and will remain open as long as they are legally permitted to do so. Locations and hours of operation may be adjusted in affected areas.
Most locations are now limited to drive-up and ATM services, with lobby access available only by appointment. Drive-up hours may change depending on traffic. To see all location and time changes, visit Riverview's COVID-19 update page here.
If your banking office is being consolidated to another neighbor office for banking services throughout this time and you would like to access a safe-deposit box in the temporarily closed location, please call Riverview's Customer Service Department at (888)765-7551 to set up an appointment.
Online banking will, as always, remain available through Riverview's website and mobile banking app. For assistance enrolling in Online24 Internet Banking, call your Community Office or Customer Service Department.
“We remain strong and well capitalized. Despite these unprecedented and uncertain times, our management team and board of directors continue to be dedicated to our customers, communities, employees and our company’s well-being. Our focus is to sustain a strong, adaptable business model that provides the resources needed to ensure we can effectively respond to the relief needs of our customers and employees with confidence, while continuing to remain a safe and sound company,” concludes Mr. Fulk