Itasca Bank & Trust Co. Supports Chicago Area
Homeowner Association Needs Despite the last eight months of uncertainty in dealing with all the changes brought about by COVID-19, Itasca Bank & Trust Co.’s “community first” philosophy has been a bright spot for many small businesses; particularly for the smaller Chicago-area community associations (6-20 units in size). The crisis has magnified the fact that community banks truly are there for the communities they serve.
Mark Stelter, Commercial Lender at Itasca Bank & Trust Co. said, “I am proud to work for a bank that recognizes the needs of the smaller community associations and values their business. Almost every other lender to HOAs has walked away from this group of homeowners. We get calls on a regular basis from board members and managers stating they were referred to us by one of our competitors because the other bank wouldn’t lend to a smaller association.”
In April, the Paycheck Protection Program (PPP) put a spotlight on how Itasca Bank & Trust Co. truly showed up for their existing customers and other small businesses that were unable to obtain the loan from their bank. As a small business itself, Itasca Bank understands the needs of the small business owners that came to them for help and, in reality, became economic first responders.
Every business that contacted Itasca Bank needed help understanding the process and the quickly changing rules. “We had people in a panic wondering if they were going to lose the business they worked so hard to build.” said John Hunt, Senior Vice President and Chief Loan Officer. “Our loan officers had to become payroll experts overnight.” The entire loan department worked around the clock to get approval for over $86 million in PPP loans providing a lifeline to over 580 customers in record time.
“We recognized how important the PPP loans were to businesses and we did everything in our power to get them approved,” said James R. Mensching, President. He continued, “The PPP loan kept thousands of employees working who may not have been able to do so if we weren’t able to help them. For many of the companies, the PPP loan made the difference between survival and closing their doors. That success truly illustrates the value of a community bank.”
In addition to making sure our customers and employees were taken care of during the pandemic, the Bank recently completed a 12-month remodeling project to our main location in Itasca, which was started in August, 2019. The building was built in 1968 and last remodeled in the early 80’s, so a facelift was definitely needed. Lobby traffic has declined significantly due to technological advances and the nature of customer visits has changed. Consequently, the remodeling included reducing the size of the lobby and teller line while adding increased space for departments that are growing like Loans, Trust Services, and Investments. The end result is a beautiful, modern building reconfigured to accommodate the needs of our customers for the next twenty years. Our only disappointment is not being able to show it off with a big celebration. We recently had a ribbon cutting and we are producing a video tour to share with everyone.
Itasca Bank & Trust Co. appreciates our Community Association clients and we invite you to stop by any time to check out our newly remodeled building.
Itasca Bank & Trust Co. held a ribbon cutting ceremony on October 27, to celebrate the completion of the remodeling. It was not the celebration we originally thought would happen when we first started this project over a year ago, but it was exciting to celebrate briefly! Thank you to Mayor Jeff Pruyn and Carie Anne Ergo from the Village of Itasca for joining us and thank you to the Greater O’Hare Association for creating the event! Pictured Left to Right: John Hunt (IBT), John Paul Sweeney (IBT), Carie Anne Ergo, Mayor Jeff Pruyn, Jack Mensching (IBT), Jim Mensching (IBT), Shirlanne Lemm (GOA), Dave Garber (The Redmond Company).
Mark Stelter – VP & Commercial Loan Officer Itasca Bank & Trust Co.
308 West Irving Park Road | Itasca, Illinois 60143 Phone 630-773-0350 Ext 220 | Cell 630-650-0350
MarkStelter@itascabank.com NMLS # 934563
12 | COMMON INTEREST® • Winter 2020 • A Publication of CAI-Illinois Chapter
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