People presenting awards
As a truly authentic community bank, we invest 88% more than the industry average, demonstrating our ongoing commitment to our community financing initiatives and neighborhood improvements. Through the pandemic of 2020 and 2021, we collaborated with local leaders, businesses and families to implement strategies to strengthen the growth of the communities we serve.
Through small and mid-sized business loans, we are able to help companies start up, expand and provide new job opportunities. In addition, through the oversight of Paycheck Protection Program (PPP) loans during the pandemic, we assisted over 1,300 small and mid-sized businesses and nonprofit organizations keep over 15,000 jobs on payroll.
Our lending to local small businesses exceeds the industry average by 322%.
Additionally, we administered over $171 million in Paycheck Protection Program (PPP) loans between 2020 and 2021.
Providing Faith-Focused/Nonprofit lending which means greater and new opportunities for community engagement and beneficial programs for all ages.
Over $105 million in lending to grant-making, civic, family & social services organizations, religious organizations and schools & education service organizations.
Through home lending we see many first-time buyers and buyers in neighborhoods that are seeing new growth. In addition, families are taking advantage of the equity in their homes to better their lives.
We originated over $78 million in mortgages and home equity loans/Lines of Credit in 2021.
To support underserved small business owners and nonprofit organizations in low to moderate income communities, we actively engage in lending and economic development opportunities that deliver needed capital, inspire continued success and ultimately helps our neighborhoods thrive.
Over $75 million in Community Development lending to low and moderate income communities at year ending 2021 – up 30% from 2020.
Our cooperative arrangements in the public works arena allow our communities to operate more effectively and focus on things such as safety, beautification, business retention, economic growth, improved infrastructure and capital improvements.
Our public works financing exceeds the industry average by 140%.
In addition to investing deposits in our neighborhoods, our #stewardstrong initiatives include The Providence Bank & Trust Stewardship Program. Through it 10% of the Bank’s profits are donated annually to support the important work of local civic, nonprofit and Christian organizations.
Over $9.3 million has been donated in the past 17 years through our Stewardship Program.
Stewardship is so much more than financial giving. It’s about investing our heart, time and resources into our local businesses and families so they can take advantage of opportunities and realize their potential.
As active stewards, we’re thankful for the opportunity to
volunteer and partner with many great organizations
through the year to support the important work they do
and impact they have in the communities we serve.
To review how some of these statistics are reported by Mighty Deposit, click here.
To review our full impact for 2020, click here.
STATE OF ILLINOIS COMMUNITY REINVESTMENT NOTICE
The Department of Financial and Professional Regulation (Department) evaluates our performance in meeting the financial services needs of this community, including the needs of low-income to moderate-income households. The Department takes this evaluation into account when deciding on certain applications submitted by us for approval by the Department. Your involvement is encouraged. You may obtain a copy of our evaluation. You may also submit signed, written comments about our performance in meeting community financial services needs to the Department.