Like you, we’re monitoring the latest news about the coronavirus and we are doing all we can to make sure our branches are open and to provide for the ongoing health and safety of our employees, customers and the community. And remember, you can bank virtually anywhere, anytime with our mobile app and MyBanker Online. You can download our app from the iTunes or Google Play Store.
May 1, 2020
First Liberty Bank is pleased to announce the reopening of our lobbies in Oklahoma City and Norman on Monday, May 4, 2020.
The health, safety, and wellbeing of our clients, employees, and community is our primary concern. We have implemented safeguarding measures to promote a clean and healthy environment at both branches.
Our staff will be wearing face coverings for the safety of our clients and our staff. If possible, we ask that you do the same and that you follow the social distancing guidelines of the Centers for Disease Control (CDC) by staying at least 6’ feet away from others.
We still encourage you to use our Drive-Thru and Online Banking whenever possible.
Thank you for your trust in First Liberty Bank. We appreciate your understanding and assistance in keeping each other safe and healthy.
April 27th, 2020
The SBA website has now opened the portal for banks to submit applications for Paycheck Protection Program (PPP) loans and we are processing applications for submission. We expect that demand for this program will once again be very high. We’ll work hard to seek SBA approval for applicants who did not receive funding before funds were exhausted last time, as well as new applicants seeking loans. We ask again for your patience and understanding. If you have questions, please call your bank representative or call us at 405.608.4500.
April 24th, 2020
On Thursday, April 23rd, the House of Representatives, passed a $484 billion bill for more financial aid for small- to medium-sized businesses (SMBs). The bill, following in the footsteps of the original CARES Act from March, was given the green light by the Senate Wednesday, April 22nd. The package includes $310 billion more injected into the Paycheck Protection Program (PPP). President Donald Trump is expected to sign the bill today, Friday, April 24th.
As soon as the SBA website begins accepting applications, we will begin the loan submission process. In the meantime, we are continuing to accept applications.
We appreciate your patience and understanding as we work diligently to assist you with processing your PPP loan. If you have questions, please call your bank representative or call us at 405.608.4500.
April 16th, 2020
At approximately 9 AM this morning, the SBA funds set aside for the Paycheck Protection Program (PPP) loans were exhausted. Currently, the SBA is not taking new applications for this loan program.
The United States Congress continues to work to try and replenish these funds, but thus far has not reached an agreement to do so.
In the meantime, First Liberty Bank is continuing to accept applications so that we can be ready to seek SBA approval if and when new funds are added to the program. Please see our COVID19 Business Resources Page to gain more information about the program and for a link to the application.
First Liberty Bank understand that many of our customers have been significantly impacted by Covid-9 and the shutdown of so many businesses. We will do everything in our power to help you through whatever difficulties you are experiencing. Please call your bank representative and let us know how we can help you.
April 9, 2020
CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (CARES RELIEF PROGRAM)
First Liberty Bank is a certified SBA lender and is participating in the Small Business Paycheck Protection Program (PPP). We are happy to serve our community regardless of whether you’re an existing client of our bank. Go to our PPP Resources page if you would like to apply or get more information. Or call us at 405.608.4500 and we would be happy to connect you with a banker who can assist you.
April 2, 2020
To First Liberty Bank Clients
Many of you have heard of the Paycheck Protection Program (PPP) loans under the CARES Act that was signed into law last week. The United States Treasury provided some preliminary information yesterday and we have received updates throughout the day on this program.
First Liberty Bank is an approved SBA lender and we would love to help you with this product if it is something you would like to pursue. Please contact your loan officer or primary bank contact to begin the application process.
AS OF 3 PM CST TODAY, THE SBA ITSELF HAS NOT COME OUT WITH ITS FINAL GUIDANCE ON THIS PROGRAM SO THE INFORMATION HEREIN COULD POSSIBLY CHANGE.
BASED ON THE LACK OF GUIDANCE, WE ARE ANTICIPATING THAT WE WILL NOT BE ABLE TO INPUT LOANS TO THE SBA UNTIL EARLY NEXT WEEK. SEVERAL LARGE BANKS INCLUDING BANK OF OKLAHOMA AND CITIBANK HAVE PUBLICALLY STATED THAT IT IS NOT REASONABLE TO EXPECT BANKS TO SUBMIT APPLICATIONS ON FRIDAY WHEN FINAL GUIDANCE HAS YET BEEN PROVIDED.
HERE IS THE LATEST TO THE BEST OF OUR KNOWLEDGE.
WHO IS ELIGIBLE
Small businesses with 500 or fewer employees—including nonprofits, veteran’s organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries and can apply as well. If your business has over 500 employees, your loan officer will determine through the SBA if you are eligible to apply. In order to qualify, your business must have been active on February 15, 2020.
APPLYING FOR A PPP LOAN WITH FIRST LIBERTY BANK
The SBA has provided an application form which is pretty simple to complete. In addition to this information, you will need to provide information on your payroll costs. In general, you will need to provide information about the salaries, wages, commissions, tips, paid time off, health and retirement benefits, and any local or state taxes. For companies that were in business on January 1, 2019, the information will be for the payroll cost items for the period from 1/1/2019 – 12/31/2019. If your business started after that date, you would provide information for January and February of 2020. Depending on your business entity type, certain corporate documents may be required as well. The SBA has not yet made it clear exactly what documentation can be used to verify the payroll figures.
These loans are unsecured and require no personal guarantees, so detailed financial information on the borrower and company owners will not be required.
The SBA reportedly will begin accepting applications for small businesses and sole proprietors on Friday, April 3 and general contractors and self-employed persons on Friday, April 10, 2020. The program is scheduled to end on June 30, 2020, but might be extended. Please contact your loan officer or primary bank contact to begin the application process.
MAXIMUM LOAN AMOUNT
Loan amounts are determined by calculating the average monthly payroll costs and multiplying that figure by 2.5. Thus, if your business had average monthly payroll costs of $50,000, your maximum loan amount would be $50,000 X 2.5 = $125,000. Payroll costs can include salaries, wages, commissions, and tips, paid time off, health and retirement benefits, and any local or state taxes. Please note, payroll costs are capped at $100,000 on an annualized basis for each employee.
For sole proprietors, self-employed persons, and independent contractors, payroll costs can include wages, commissions, or net income from self-employment, capped at $100,000 per employee.
USE OF FUNDS
Funds can be used for payroll costs, mortgage interest, rent, and utilities over the 8-week period following loan closing. Mortgage interest must be for loans that were obtained prior to 2-15-2020.
The PPP loans will be forgiven if you use the money for the purposes described above in the 8 weeks following loan closing. At least 75% of the funds must have been used towards payroll for the forgiveness to occur. It is our understanding at this time that the forgiveness will not be taxable. The loans will be for 2 years if not forgiven and will have an interest rate of ½ of 1%.
As we previously mentioned, there is another loan program with the SBA called the Economic Injury Disaster Loan (EIDL). This is a direct loan with the SBA without bank involvement. We were told today by a reputable source that you cannot have both an EIDL and PPP loan at the same time. This is contrary to what we have previously heard and we are awaiting final SBA guidance to clarify this issue.
We know these are very trying times and all of us are significantly impacted by the Coronavirus. Hopefully, this program will help our small businesses weather this storm and maintain their staffs until things normalize. Small businesses are the lifeblood of the United States Economy and we want to do everything possible to support them. If we can help you with the SBA PPP program, or with any other need, please give us a call.
Joey P. Root
President and CEO
March 30, 2020
To the Clients of First Liberty Bank:
As many of you are likely aware, three newly drafted bills designed to protect and stimulate the economy during the Coronavirus outbreak have recently been signed into law. Included in the last two laws are loan programs that are provided through the Small Business Administration (SBA). The two programs are as follows:
• Economic Injury Disaster Loans (EIDL)
This program provides low interest rate loans for working capital for businesses suffering economic injury from Covid-19. The program will loan up to $2 Million for up to 30 years based on the borrower’s ability to repay. The rates are 3.75% for for-profit businesses and 2.75% for non-profit businesses.
This program is for loans made directly by the SBA to the borrower, so banks will not be involved in this process. That being said, please know that we will be happy to assist you in any way we can in completing these applications.
The website for this program is disasterloan.sba.gov.
• Paycheck Protection Program (PPP)
PLEASE NOTE – THE SBA HAS NOT FINALIZED THE RULES AND REGULATIONS FOR THIS PROGRAM. AS SUCH, IT IS NOT POSSIBLE TO MAKE AN APPLICATION AT THIS TIME. THE FOLLOWING INFORMATION IS BASED ON OUR CURRENT UNDERSTANDING OF THE PROGRAM. HOWEVER, CHANGES MAY OCCUR DURING THE WRITING OF THE SBA RULES AND REGULATIONS. WE WILL PROVIDE YOU WITH THE FINAL RULES ONCE THEY HAVE BEEN PROVIDED BY THE SBA. (By law, the rules must be provided within 2 weeks, but will likely become available sooner.)
The PPP program will provide loans from a bank or credit union that will be 100% guaranteed by the SBA. The loans will not require personal guarantees, will be unsecured, and the SBA will be waiving its typical guarantee and other fees associated with their lending program. The loans are available to all employers of a certain size (typically 500 employees or less though there are some variables that may allow larger companies into the program), including sole proprietors, independent contractors, and self-employed persons.
Current information seems to indicate that the loan amounts will be based on 2 ½ X the average monthly payroll of a company, including vacation and other types of paid time off, health care benefits, and retirement benefits. The loan amount is reduced by any amount over $100,000 paid to any employee.
The funds can be used for payroll, healthcare costs, mortgage interest, and interest on debt that was in place prior to February 15, 2020.
All or a portion of these loans can be forgiven to the extent the funds were used for payroll (and certain other) costs incurred during the 8-week period after the loan was made. The amount forgiven can be reduced if the number of full-time equivalent employees is reduced after the loan is granted.
First Liberty Bank is an approved SBA lender and will be able to help you with requests made under the program.
As noted above, the SBA has not finalized the rules and regulations for the PPP program. Legally, they must provide these rules within 2 weeks of enactment of the law. Given the current circumstances, it is anticipated that the rules will be provided more quickly than that. Until these rules are finalized, it is not possible to make application under this program.
We will update the information as soon as the laws are finalized or as any pertinent information becomes available.
As always, please call me if I can provide assistance in any way.
Joey P. Root
President and CEO
March 23, 2020
For the safety and health of our clients and employees, our lobbies are temporarily closed. Our drive-through window will remain open during regular business hours.
Oklahoma City - 7:30 am to 6:00 pm
Norman - 7:30 am to 5:30 pm
If you have any questions or concerns please call us at 405-608-4500.
We apologize for any inconvenience.
March 18, 2020
The rapidly changing circumstances related to COVID-19 (Coronavirus) has had an impact on all of us. As I write this letter, Mayor Holt is on the air announcing the closing of all exercise facilities, dine-in restaurants, and movie theaters in Oklahoma City. Similar steps are taking place nationwide.
At First Liberty Bank, we are sensitive to the many concerns that have come about as a result of this outbreak. To that end, please note the following:
At this time, our lobbies remain open. Our staff is taking extra precautions as recommended by the Centers for Disease Control (CDC). This includes extra care with personal hygiene, disinfecting work stations, and regular disinfection of common areas, restrooms, and door handles.
Since we are all being encouraged to limit interaction with others, when possible, please take advantage of our drive-thru facilities, night drops, or mobile/internet banking options.
Your depository accounts are fully insured by the FDIC up to $250,000 per account owner and account type. There are a number of ways to structure accounts so that deposits in excess of that amount are fully insured. In addition, the bank has the ability to insure multi-million-dollar deposits through programs such as Insured Cash Sweeps (ICS) and CDARS.
If you or your business has been impacted by COVID-19, First Liberty Bank is here to help. When possible, we are prepared to provide interest only periods, payment deferrals, and new working capital loans. We have implemented expedited approval processes so that we can help you as quickly as possible. Please call your loan officer and let us know how we can assist you in this uncertain time.
The Federal Reserve has taken decisive steps to assist businesses through rate reductions and by providing liquidity to the financial markets. In addition, the Presidential Administration and Congress are working together to provide a stimulus package to assist businesses and individuals affected by the measures taken to curb the outbreak. This will serve to stabilize markets, though volatility will likely continue in the short term.
Just over a year after First Liberty Bank opened its doors, the Great Recession started in the United States. We experienced another economic downturn in 2014. We managed our way effectively through those downturns, and we will manage our way through this one. We do not abandon our clients when they need us most. We stand with you and we will work through this together and come out of it stronger than ever before.
Please do not hesitate to contact me or any of our team members if we can be of service to you.
President and CEO
March 13, 2020
To All Customers of First Liberty Bank
COVID-19 (coronavirus) is receiving global attention and significant steps are being taken throughout the country to contain it. Numerous events with large crowds have been cancelled or rescheduled, flights from several countries have been halted, and the President has declared a National Emergency in response to the outbreak.
First Liberty Bank has detailed plans in place for things that could impact the continuity of our business, including a policy specifically designed to deal with a Pandemic, as COVID-19 has been declared. This plan is designed to provide for the ongoing health and safety of our employees, customers and the community while ensuring seamless service operations for our customers throughout this outbreak. We have measures in place that allow key employees to work remotely and have enhanced our cleaning and disinfecting procedures as recommended by entities such as the Centers for Disease Control (CDC).
We will do everything in our power to ensure that all products, services and locations will continue to operate in the manner to which you have grown accustomed. We have engaged our vendors and partners to ensure that they have been likewise reviewing the situation and have implemented safeguards to ensure there is no gap to our customer’s services.
We will remain vigilant and are continuously monitoring the situation for any updates. We will implement new procedures as appropriate and will keep you informed through email and updates on our website.
President and CEO