Illawarra businesses, those recently unemployed and the wider community have been thrown a financial lifeline by IMB Bank as it rolls out a comprehensive hardship support package on its 140th birthday.
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The home grown bank did have many activities planned in April to celebrate the latest milestone as one of Illawarra's two oldest businesses but put many of them on hold when the coronavirus crisis hit.
Instead it has been busy implementing a variety of steps to help customers, businesses and communities affected by the COVID-19 pandemic:
That has included restructuring of loans or suspension of payments, waiving of fees and charges and tailoring one-on-one solutions for business customers.
It is not since the Great Depression in the 1930s that such steps have been required for so many in the Illawarra region suddenly facing financial hardship.
For many businesses and families it is one of the most challenging times in living memory,
IMB Bank chief executive Robert Ryan said the financial institution has a long history of helping the Illawarra community through difficult times.
He said while it was not the environment IMB had hoped to mark its 140th anniversary it hopes there is plenty of reason to celebrate later.
"Right now we're trying to play our part in keeping our members safe while still meeting their banking needs," Mr Ryan said.
"As one of Australia's longest standing financial institutions, we've been here before and we know what to do to help our customers and the community pull through."
Mr Ryan said IMB Bank's response to Covid-19 includes strict social distancing controls across its 48-strong branch network.
It has introduced a comprehensive hardship support package for customers.
Increased resources to manage the higher levels of digital and phone inquiries.
And is investing in improved anti-fraud systems.
"Coupled with our investments in digital technology such as opening an account via IMB's website, we're keeping our branches open with strict social distancing and we've reshaped our home lending processes to take loan applications over the phone"
Mr Ryan said the bank was doing everything it can to continue to meet its customers' needs and reduce the risk of COVID-19 infection for staff and customers.
"We are also planning a number of initiatives as a 'thankyou' to our customers and communities for their support throughout the year," he said.
"The current environment however, means they're on hold right now and we will announce them as soon as it's safe to do so."
From 1880 to 2020 the IMB Bank has also been an active supporter of the community.
An example of that is the IMB Bank Community Foundation which will celebrate 21 years when COVID-19 restrictions end.
Since it was established 1999, the Foundation has donated over $10 million to more than 700 community groups, not-for-profits, and charities throughout its branch network across NSW and the ACT.
Mr Ryan said the foundation was formed to help build strong, resilient, and forward-focused communities.
He said in 2020 that support is more important than ever and will continue for at least another 21 years.
"We're aiming to support organisations and projects that have the potential to improve lives for generations to come," he said.
In the Illawarra the IMB Communication Foundation has injected early $5million into local charities.
Projects have ranged from the establishment of recycling programs and Men's Sheds through to youth driver training, equipment for volunteer rescue services, and increased security for victims of domestic violence.
Mr Ryan said you don't get to be a 140-year-old institution without doing the right thing by customers and the community.
In 2020 that includes improving and innovating to meet changing expectations.
He said many investments have been made in digital technology to do convenient things for customers such as enable them to apply for a personal loan, open a bank account and manage their finances from their mobile device or in the comfort and safety of their own homes
He said Such investment also provided IMB Bank with a more national reach.
Later in 2020 IMB Bank will introduce a digital mortgage application that will significantly reduce time, effort and stress for existing and new customers.
Mr Ryan said growing the organisation had been a key factor in its longevity by providing surety to its members and the ability to help them through the tough times.
"We've worked hard to bring our products and services to new geographic markets, not only because growth enables us to improve our proposition, but we believe our focus on customers is as important today as it was in 1880," he said.
IMB Bank's first Sydney branch was opened in Wynyard in 1989. 31 years later it has 15 branches as well as mobile lenders and business bankers in Sydney, the Hunter Valley and Newcastle.
The expansion continues in 2020 with the recent announcement of a merger with Hunter United in the Newcastle-Hunter Region.
"Times are difficult right now, but we remain committed to supporting our customers and communities as we have done for 140 years and together, we'll pull through," Mr Ryan said.
Construction crews working of the new IMB Bank headquarters have needed to adapt to the new social distancing restrictions on worksites but the building is still on track to be completed by the end of 2020.
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