Bank News Archives - Page 6 of 7 - SouthStar Bank, S.S.B.

by SouthStar BankJune 10, 2020

Congratulations Trip Ray! New Chief Risk Officer

Congratulations to Trip Ray on his promotion to Chief Risk Officer! Since joining the SouthStar Bank team in 2016, Trip has transformed the Past Due Reporting, Watch List, Problem Asset Reports, Loan Review Program, and developed a Stress Testing Plan. He is also responsible for all of the Bank’s loan reporting, including bank goals and risk reports. Trip is excited to step into his new role, and to navigate the unprecedented situations with COVID-19 – helping SouthStar Bank come out of the pandemic stronger than before. As Chief Risk Officer, Trip will expand his responsibility to all areas of risk for SouthStar Bank and will serve as the chair of the bank’s Enterprise Risk Management Committee. In his free time, Trip enjoys going on walks with his wife and dogs, playing golf, and spending time outdoors. Two of his best vacations were bonefishing in the Bahamas and Lake Tahoe. One of Trip’s biggest personal accomplishments is marrying his wife.

Bank News, Important Notice, SBA

by SouthStar BankApril 3, 2020

PPP Round 1: Loans for COVID-19 Payroll Assistance

What is the Paycheck Protection Program (PPP)? NOTICES: The deadline to apply for the Paycheck Protection Program (PPP) Round 1 was August 8, 2020. Click here for more information on PPP Round 2, available through March 31, 2021. The Paycheck Protection Program (PPP) authorizes up to $349 billion in forgivable loans to small businesses who maintain payroll during the COVID-19 crisis. Funds may be used for employee payroll (including paid sick or medical leave), employee salaries, mortgage interest payments, rent and utilities. Provides small businesses the opportunity to maintain workforce by providing funds for payroll, mortgage interest, rent and utilities Interest rate is a flat 1.0% for a max 2-year term. However, full amount may be forgiven (see PPP Loan forgiveness below) PPP loans are SBA loans, serviced through your local SBA lender – it is recommended to reach out to your primary bank or local lender first Only one PPP loan can be taken out per business (not per individual) Personal guarantees are not required What does this mean for my business? Businesses may qualify for forgivable loans in order to retain employees. The SBA can provide up to $10 million OR 2.5 times the average monthly salary over the 1-year period before the loan – whichever is less Each employee salary may not exceed $100k These loans may be used for payroll costs (including benefits), interest on mortgage obligations (incurred before Feb. 15, 2020), rent (under lease agreements in force before Feb. 15, 2020) and utilities (for which service began before Feb. 15, 2020) The first 6 months payment will be deferred, however, the loan will accrue interest Who Qualifies for a PPP Loan? All businesses which either: Have 500 or fewer employees Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries. Meet applicable NAICS Code-based size standard or other applicable SBA 7(a) loan size standard, both alone or together with its affiliates Eligible businesses include nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors. In addition, businesses should show documentation of: Operation as of February 15, 2020 with paid employees or independent contractors Necessity of loan to support ongoing operations Funds will be used for payroll, mortgage obligations, rent or utilities How Long will PPP Funding Take? PPP applications will be accepted through your local lender and funding typically takes 2 days from receipt of completed application. Timeline is subject to change based on current volume. How do I apply for a PPP Loan? PPP applications will be accepted through your local lender beginning April 3, 2020. The SBA is continuing to provide guidance to the banks. At this time, we recommend gathering the following: Completed Paycheck Protection Program Application (SBA Form 2483) 2019 IRS Quarterly 940, 941, or 944 payroll tax reports Payroll reports for a twelve-month period (ending on your most recent payroll date), which will show the following information: Gross wages for each employee, including officer(s) if paid […]

Bank News, Commercial, Important Notice, SBA

by SouthStar BankMarch 30, 2020

SBA Relief Loans: EIDL and PPP

Economic Injury Disaster Loans (EIDLs) The Small Business Administration (SBA) has implemented relief loans for businesses affected by the COVID-19 situation. Loans include Economic Injury Disaster Loans (EIDLs) to provide access to working capital, and SBA 7(a) Relief Paycheck Protection Program (PPP) to retain workforce through debt forgiveness for payroll and other eligible expenses during a defined covered period. A Preferred SBA Lender, SouthStar Bank is here to help and discuss available options for your business. NOTICES: The deadline to apply for the Paycheck Protection Program (PPP) was August 8, 2020. Learn more about PPP loans. Through Economic Injury Disaster Loans (EIDL), the SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the Coronavirus disaster not occurred. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. EIDL Qualification Businesses who may qualify include: Small businesses and private, non-profit organizations within designated disaster areas of a state or territory Businesses suffering substantial economic injury as a result of COVID-19 EIDL Application To apply for an EIDL, visit disasterloan.sba.gov/ela. Required documentation includes: Completed SBA loan application (SBA Form 5) Tax Information Authorization (IRS Form 4506T) for the applicant, principals and affiliates Complete copies of the most recent Federal Income Tax Return Schedule of Liabilities (SBA Form 2202) Personal Financial Statement (SBA Form 413) Other Information that may also be requested: Complete copy, including all schedules, of the most recent Federal income tax return for principals, general partners or managing member, and affiliates (see filing requirements for more information) If the most recent Federal income tax return has not been filed, a year-end profit-and-loss statement and balance sheet for that tax year A current year-to-date profit-and-loss statement Additional Filing Requirements (SBA Form 1368) providing monthly sales figures Learn more about Economic Injury Disaster Loans. SBA 7(a) Relief Paycheck Protection Program (PPP) The CARES ACT authorizes up to $349 billion in forgivable loans to small businesses who maintain payroll during the COVID-19 crisis. Paycheck Protection Program (PPP) loans may be used for employee payroll, salaries, mortgage interest payments, rent and utilities. Loans will be eligible for forgiveness if workforce and pay levels are maintained. PPP Qualification Businesses who may qualify include: Businesses in need of funds to maintain workforce Businesses utilizing funds for payroll, mortgage obligations, rent or utilities All businesses with 500 of fewer employees. Businesses in certain industries may qualify with more than 500 employees if they meet applicable SBA employee-based size standards for those industries. PPP Application PPP applications will be accepted through your local lender beginning April 3, 2020. The SBA is continuing to provide guidance to the banks. At this time, we recommend gathering the following: Completed Paycheck Protection Program Application (SBA Form 2483) 2019 IRS Quarterly 940, 941, or 944 payroll tax reports Payroll reports for a twelve-month period (ending on your most recent payroll date), which will show the […]

Bank News, Important Notice, Press Release

by SouthStar BankMarch 27, 2020

Loan Modification Options

Personalized assistance to aid customers affected by COVID-19 As a community financial services provider, SouthStar Bank strives to function as an integral part of the communities around us – including in trying times like these. With the financial unknowns of the coronavirus, we want our borrowers to know that SouthStar Bank is committed to helping qualified customers weather the challenges ahead. If you are suffering financial hardship caused by COVID-19, please contact your local SouthStar Bank Branch or Loan Officer to discuss loan modification options. Unprecedented times call for unique solutions and we are ready to help. Initiatives are in place to assist the people and communities we serve withstand the extraordinary pressures triggered by COVID-19 and be better positioned to recover from its effects. SBA Disaster Loans In addition, the Small Business Administration (SBA) has implemented relief loans for businesses affected by the COVID-19 situation. Loans include Economic Injury Disaster Loans (EIDLs) to provide access to working capital, and SBA Paycheck Protection Loans (PPP) to retain workforce through debt forgiveness for payroll during a defined covered period. Please refer to SBA.gov for the latest information. The SouthStar Bank SBA Team is here to help and discuss available options for your business. Contact us at sba@southstarbank.com. As always, our mission is to provide friendly, flexible, common-sense financial solutions – Texas Style!

Bank News, Important Notice, SBA

by SouthStar BankMarch 20, 2020

EIDL: Texas Disaster Loans for COVID-19 Assistance

The Small Business Administration (SBA) is providing Economic Injury Disaster Loans (EIDL) to businesses affected by Coronavirus (COVID-19). While Texas has been added to the current declared disaster areas , this is no longer required for eligibility. Businesses in all 50 states may begin the application now. What are Economic Injury Disaster Loans (EIDLs)? Loans available through the SBA to businesses suffering substantial economic injury Substantial economic injury is defined by a business’s inability to meet obligations and pay the regular operating expenses required. Provide necessary working capital to help small businesses stay afloat during disasters causing temporary loss of revenue The interest rates will not exceed 3.75% percent per year. Long-term payments are available (not to exceed 30 years). Repayment terms are determined by the borrower’s ability to repay the loan. The interest rate is 3.75% for small businesses and 2.75% for non-profits Businesses with credit available elsewhere are not eligible What does this mean for my business? The SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the Coronavirus disaster not occurred Loan amount is based on actual economic injury and your business’s financial needs, regardless of whether the business suffered any property damage. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact Who Qualifies for an EIDL Loan? Small businesses and private, non-profit organizations within designated disaster areas of a state or territory – due to the current COVID-19 crisis, all 50 states are eligible Businesses suffering substantial economic injury as a result of Coronavirus Businesses who are unable to otherwise secure credit How Long will EIDL Funding Take? Typically, up to 4 weeks, through the three steps below. Apply Online Loan Processing Information is verified and credit checked Forecasts are completed to determine the loan amount An SBA case manager will contact you to make a recommendation and discuss next steps Decisions typically take 4 weeks Loan Closes and Funds Sign and submit loan documents Initial disbursement of $25k within 5 days An SBA Case Manager is assigned to assist you moving forward How do I apply for an EIDL Loan? Apply online: https://www.sba.gov/funding-programs/disaster-assistance You may also contact the SBA disaster customer service center: 1.800.659.2955 disastercustomerservice@sba.gov TTY: 1.800.877.8339 In addition to the loan application, you will need to complete IRS Form 4506-Ts for: Owner Each principal that owns 20% or more Each general partner or managing member Each owner who owns more than 50% of an affiliate business At least two years complete business tax returns with all schedules Personal Financial Statement for each applicant Schedule of Liabilities for all fixed debts Optional: Items above plus 2 years complete financial statements P&L, Balance Sheet, Cash Flow Monthly revenue records for at least two years What other loan options are available? SBA 7(a) Paycheck Protection Program (PPP) loans are also available. Click here to learn more about the difference between EIDL and PPP. Borrowers may apply […]

Bank News, Important Notice, Press Release

by SouthStar BankMarch 16, 2020

SouthStar Bank COVID-19 Update

LIMITED LOBBY ACCESS: Drive Thru and Online Banking Recommended We greatly appreciate the trust and confidence you have placed in SouthStar Bank. As we continue to monitor, plan and implement our strategy to address COVID-19, we want to assure you that the safety and well-being of our customers and employees are our top priorities. With these intentions, we have decided to take precautionary action and limit non-essential traffic within all SouthStar Bank branch lobbies. The Bank remains open to serve and help our customers through this crisis. Limiting access to our lobby and public areas will serve to protect employees and customers as we increase sanitation and implement social distancing as suggested by the CDC. Our drive thru will remain open. In addition, some branches may be operating with reduced hours. Currently, branches with reduced drive thru hours include: SouthStar Bank Harker Heights: Drive Thru Open Monday-Friday, 8am – 5pm If you wish to meet with a banker or conduct in-person transactions, please call the branch for an appointment. REMOTE BANKING SERVICES We are committed to providing uninterrupted, exceptional services while balancing the interests of our clients, our employees and others we serve. For your convenience, we provide a variety of options to help manage your accounts and maintain productivity. Allpoint ATM Network: world-wide, surcharge free ATMs CardValet®: Manage and monitor debit card activity Direct Deposit: Deposit paychecks automatically into your account Mobile App: Deposit checks with a picture and transfer funds Online Banking: Review transactions, transfer funds, pay bills and open accounts Zelle: Person-to-person money transfer Telebanking: 24/7 account access (866.333.9064) If you haven’t already: Download the SouthStar Bank Mobile App > Enroll in SouthStar Bank Online Banking > FRAUD PREVENTION The Federal Trade Commission has warned about scammers who are taking advantage of fears surrounding the Coronavirus. We ask communities to be vigilant against this type of fraud. Remember, if we reach out to you, we won’t ask for confidential information such as your name, password, personal identification number (PIN) or other account information. CONTINUED MONITORING & UPDATES SouthStar Bank has faced many challenges throughout its 100-year history. We are in this together and have every confidence that we will meet this new challenge and once again demonstrate our commitment to the communities we serve. We plan to regularly review, expand, and evolve these and other preventative measures as we learn more from the World Health Organization, Centers for Disease Control, and other health experts about how to combat the spread of this virus. In the meantime, please know we are committed to doing all that we can to keep our communities safe. We will continue to provide updates to you through our website, over social media channels and by email. We appreciate your feedback. For comments or questions please reach out to your branch representative or email contact.us@southstarbank.com.

Bank News, Important Notice, Press Release

by SouthStar BankMarch 12, 2020

Health & Safety Amid COVID-19

The health and well-being of SouthStar Bank employees, community, and customers are our primary concern. While there is currently no foreseen impact to the Bank’s operation of services, we continue to closely monitor and evaluate developments of COVID-19 (also known as Coronavirus) and follow guidance from the Centers for Disease Control (CDC) and local health and government authorities. There are several precautionary measures we are taking to ensure we safely manage through this situation while continuing to serve our community and customers effectively. Proactive steps include deployment of additional hand sanitizers and enhanced cleaning of common areas and high-touch surfaces throughout the day. Thank you for your partnership and assistance as SouthStar Bank works to confront these important issues. Members of our community can maximize the effectiveness of these efforts by adhering to preventive hygiene guidance as published by the CDC, including: Cover your cough or sneeze with a tissue, then throw the tissue in the trash and wash your hands. Avoid touching your eyes, nose and mouth. Clean and disinfect frequently touched objects and surfaces. Wash your hands frequently with warm water and soap for 20 seconds. Use hand sanitizer with at least 60% alcohol when soap and water are not readily available. Avoid close contact with people who are sick. In addition, it is recommended to: Stay informed: CDC information: https://www.cdc.gov/coronavirus/2019-ncov/index.html All members of the community are encouraged to visit the site regularly for FAQs, including the best ways to protect your personal health, and updates as new information becomes available. Stay home if you are sick: If you feel ill or experience flu-like symptoms (elevated temperature, fever, cough, shortness of breath), you are advised to stay home and seek medical care. For your convenience, we offer remote banking capabilities at no additional charge. 24-Hour Telebanking (866.333.9064) Allpoint ATM Network CardValet® Online Banking (southstarbank.com/online-banking-login/) Mobile App with Deposit Capture We understand that there is a great amount of concern, uncertainty and anxiety throughout the community. The safety and wellbeing of our employees and customers are our highest priorities and we appreciate your partnership and assistance as SouthStar Bank works to confront these important issues. We appreciate your feedback. For comments or questions please reach out to your branch representative or email contact.us@southstarbank.com.

Bank News, Employee News

by SouthStar BankFebruary 25, 2020

Congratulations Trey Bertelson! New Vice President and Retail Banking Operations Officer!

Congratulations to Trey Bertelson on his promotion to Vice President and Retail Banking Operations Officer! Trey Bertelson was promoted to Vice President and Retail Banking Operations Officer. Trey has been a part of the SouthStar Bank team for the last two years. Prior to joining SouthStar Bank, he spent 10 years working in financial services. During this time, Trey established his commitment to personalized service and a team-first mentality. Trey is excited to take on this new position at SouthStar Bank. He is most looking forward to “building on the team-first principles cultivated during his time at the Leander Branch.” As Retail Operations Officer, Trey will oversee bank-wide operations and growth initiatives, execute efficient workflow, and support the Chief Operations Officer. Outside of work, Trey maintains an active role in the community. Currently he serves as the Treasurer for the Cedar Park Public Library Foundation. Trey also enjoys hiking and watching sports.

Bank News, Employee News

by SouthStar BankFebruary 5, 2020

Congratulations Deanna Whitson! 2019 Salado Citizen of the Year!

Congratulations to Deanna Whitson, recognized as the 2019 Salado Citizen of the Year! Deanna served as the Chair for the Salado Christmas Stroll Parade and under her guidance had the largest Christmas Stroll to date. The parade had over 60 entries and overcame literal construction obstacles. Whitson also played a significant leadership role in the Salado Rotary Club’s Second Annual ‘Que on Main fundraiser which brought hundreds of visitors to Salado on Memorial Day Weekend. When describing Deanna, Awards Chairman Claire Hartman said, “This person doesn’t have to be in charge, but will be if called upon. Her desire to give and help is genuine and authentic.” Hartman also went on to say “Deanna has been in our community helping, with a big H! From Chamber event to community events.” Deanna was taken by surprise when she received the award. “I absolutely love our community, everyone in it, and our Chamber team,” Whitson said. Deanna is involved in the Salado Chamber of Commerce and Rotary Club. She is a proud Aggie wife and mom and loves to attend the Aggie Football games. In her free time, Deanna likes to craft, read, and make her own jewelry. She looks forward too many more adventures with the Salado Chamber and community. Read more about the Salado Chamber of Commerce Awards Banquet from the Salado Village Voice. NMLS # 1103882

Bank News, Employee News

by SouthStar BankJanuary 27, 2020

Congratulations Amanda Aaron! New Branch Executive

Congratulations to Amanda Aaron on her promotion to Branch Executive! Amanda Aaron was promoted to Branch Executive at our Leander Branch. She joined SouthStar Bank last year after spending over 15 years working in commercial lending. Amanda specializes in small business lending and commercial real estate lending but has worked in a variety of other bank services. She has experience in loan production, financing owner-occupied and investment real estate, servicing and underwriting commercial credits. Amanda prides herself on helping her clients throughout the lending process. “The ability to make a customer feel comfortable about what’s to come is invaluable,” she says. She provides that comfort with her expertise and personable skills which allows her to guide her customers through every step of the loan process. While Amanda will be taking on a new role, she plans to remain active in her community. Currently, Amanda holds leadership roles with CREW Austin and her local Little League. In her free time, Amanda and her family enjoy camping, hiking, and taking on any type of outdoor adventure. NMLS # 1819235