Hartford Business Journal

18 HARTFORDBUSINESS.COM | OCTOBER 4, 2021 Bob Mezzo Vice President, Commercial Banking W hile 2020 was a year not to forget, it was a year for Ion Bank to celebrate. Having incorporated in 1870 as Naugatuck Savings Bank, 2020 marked our 150 th anniversary. We started as a mutual, community bank and remain so to this day. While responsible growth prompted a rebrand to Ion Bank in 2013, the fundamental commitment to our customers, employees and communities remains true to the vision of our original founders. Never was this more evident than during the Paycheck Protection Program ("PPP"). COVID's Economic Impact While March and April are usually met with great anticipation of better weather and summer vacations, the spring of 2020 will forever be remembered by the onset of the COVID-19 pandemic. Wisely, strategically or both, the Small Business Administration ("SBA") tasked the nation's banks to administer $349 billion from the CARES Act. While the SBA permitted banks to begin accepting applications on April 3, 2020, few of the specifics were provided. I vividly remember frantic conference calls with my Ion Bank colleagues during the holiest of weeks of two major American religious traditions. We wondered how in the world we would implement a massive program with excessive demand that was only a few weeks old. Ion was confident in the process to close its first round of PPP loans but faced the challenge of SBA's requirement to approve and close PPP loans within ten days of application. "By 2021, we have all "mastered the art of working remotely. Those early days, however, required a nimbleness and learn-as-you- go approach that challenged the steady, conservative world of banking." New processes and protocols were quickly assigned with one goal in mind: to provide a critical infusion of capital to our fearful and uncertain business and non-profit customers. The first few weeks of the PPP application process had already hardened us to long days and nights, weekdays blurring into weekends. "While unable to commiserate in person, we bonded remotely over shared stories of unstable internet connections, zoom calls and how many "interim final rules" the SBA could issue in one day." During Round 1, Ion Bank closed 1,649 PPP loans totaling approximately $177.5 million. Over 70% of those loans were $50,000 or less, and only 30 were more than $1 million. While early criticism was focused on sizable loans to large companies, Ion Bank consistently met the original intent of the legislation by assisting businesses on the many Main Streets that we serve. Prior to the bill's initial approval, the team at Ion Bank was focusing on existing customers. After passage, it soon became apparent that demand would exceed supply. The urgency and pressure of businesses to obtain PPP funds overwhelmed the larger regional and national banks, allowing community-based banks to showcase their personal touch. More Help on the Way With additional federal stimulus, we delved into PPP Round 2 at the beginning of the new year with 1,273 loans for over $95 million funded. Connected to every business are employees, family members, customers, and other businesses who depend on trusted banking partners during precarious economic times. While financial institutions are often criticized for their automated answering systems, my colleagues and I can share numerous stories of grateful customers who were able to reach our team by cell phone, texts and emails, often during non-traditional hours. Community banks like Ion Bank comprise the majority of U.S. financial institutions. Despite significant market disruption through mergers and consolidation, the PPP process is a shining example of how community banks play a critical role in supporting the American and Connecticut economies. Caring for Our Community Bob Mezzo has been at Ion Bank since 2015, and currently serves as Vice President, commercial banking. He is a licensed attorney previously engaged in private practice before serving three terms as the Mayor of Naugatuck beginning in 2009. Bob is currently a member of Ion's commercial real estate team working closely with new and existing customers. Ion Bank is a leading provider of financial business products and services needed to achieve your financial goals and is committed to building lifetime relationships and providing friendly, personalized service to every customer, every day. Bob can be reached at 203.525.0108 or rmezzo@ionbank.com. SPONSORED CONTENT

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