In my almost 43 year banking career, I thought I had seen everything. A 21% prime rate. An OPEC-induced oil crisis. A severe agriculture crisis. 911. Desert Storm. The Great Recession. Each of these incidents had the potential to derail both the American economy and society in general, just as our current crisis stemming from the coronavirus and COVID-19 does.
But none of them did, and I’m willing to wager that COVID-19 will not, either. To be sure, we learned lessons during those 43 years, sometimes painfully. But we changed, we adapted, we sought and found an inner strength that carried us through many difficult days…and most importantly, we prevailed. The wisdom that we gained by navigating these crises will be passed along to tomorrow’s leaders, just as Americans my age learned from the experiences of our parents and grandparents who survived World War I, the Great Depression, and World War II.
At Lakeview Bank, the lessons we learned as a startup bank during the Great Recession are on full display. The bedrock of any bank—our capital—has never been higher and is well in excess of levels necessary to be considered “well-capitalized”. We got there by careful and conservative management of our earnings and risk diversification in our loan portfolio. In fact, for the last three years we have been a “5 Star” rated bank by Bauer Financial, the highest rating possible. And the same Board of Directors, management team, and staff that earned that rating will continue to have a steady hand on the wheel as we traverse the uncharted world of COVID-19.
What does this mean for you? First of all, it means that the great team we employ and who consistently deliver outstanding service to our customers are all secure in their jobs. We may be forced to employ emergency staffing plans during the upcoming weeks, but our promise to our team is one of continued employment and uninterrupted paychecks. That means that we will be here to assist you in any way we possibly can. We are here to listen, to counsel, and to provide hope and encouragement to anyone who sees mostly darkness or who might be questioning how they will survive this current crisis. And together…once again…we will prevail.
Stay safe, stay healthy…and let us know how we can be of help to you!
President & CEO