How we’re taking action

Just like you, I wake up every day hoping that I’m going to turn on the news and this dreaded virus will have vanished. People will once again be able to talk to each other without standing six feet apart. I won’t have to wear a mask and gloves to buy groceries. And, most importantly, all the restaurants and stores that me and my family love will be open for business.

Unfortunately, that’s not our reality right now.

Instead, I wake up and immediately turn my focus on the health and well-being of our associates and customers, and ensuring we continue to meet the needs of our customers during this challenging time.

Over the last few weeks, I’ve realized that if there was ever a time for Valley to demonstrate our connectedness to our communities; the integral role we play in the economic viability of our communities; and our worth as an institution to our fellow Americans—this is it. This is a time for leadership and action. People are suffering—physically, emotionally, and financially. I know we’ll get through this and I’m optimistic that our economy and society will recover. But, right now, our job is to ensure we put the needs of our people and customers above all else.  

Taking care of our people

Without a doubt, my number one responsibility is the health and safety of the people who are keeping Valley running day in and day out. From everyone who has made the adjustment to working from home to those on the front lines still serving our customers at our branches, I can’t express just how much I value everyone who works at Valley.

We’ve committed to paying 100% of all copays related to the testing and treatment of COVID-19 for all our associates and their family members who are enrolled in one of our healthcare programs. This includes care received at a provider’s office, urgent care center, emergency room, hospital, or via virtual care.

We’ve also given out bonuses to all our hourly associates who are working to serve the needs of our customers at the branches during these difficult times. I can’t thank everyone enough for their dedication to our organization and the customers we serve.

Strengthening our communities

Did the number 6.6 million surprise you too? That’s how many people filed for unemployment last week, which was double the previous record set the week before. Our communities are being hit hard. And we need to be there for them.

We’ve recently committed to donating $200,000 to local food banks across our footprint, which help provide 2 million meals to people and families. We’ve also earmarked another $1.2 million to support organizations and programs that align with our Corporate Social Responsibility pillars. And we’re going to do more.

In fact, we just launched a Community Recovery CD, which not only provides people the security of a savings product with an interest rate that exceeds the industry average but, more importantly, will help us donate an additional .50% to people, families and communities most impacted by the coronavirus. Our goal with the Community Recovery CD is to raise additional $2.5 million to support local needs.

Helping local businesses rebound

The CARES Act is without a doubt the fiscal stimulus package needed right now. It provides an appropriate balance of direct relief to the American citizen as well as the businesses that our country will need when it’s time to lead us out of this recession.

The stimulus plan established over $376 billion for small business support. We’re working around the clock accepting and reviewing applications for the Paycheck Protection Program. Our relationship managers are reaching out to our customers daily to see what they might need, offering guidance about relief programs, and more. We’re listening. We’re adapting. And we’re taking action.

Getting through the next few weeks of this unprecedented crisis is going to be difficult. We’ll certainly be feeling its effects for months to come. But we will prevail. We will get through this. Then we will rebuild our economy together. Because if there is one thing I believe in, it’s in the hard work and determination of the American citizen. We may get knocked down from time to time. But we always get up stronger and better than ever before.