Citizens Bank Approves $93.2 Million in PPP Loans for over 680 Local Businesses

CORVALLIS, Ore – Citizens Bank, a community bank headquartered in Corvallis, approved more than $93.2 million in Small Business Administration (SBA) Paycheck Protection Program (PPP) loans. These loans
provided over 680 small businesses affected by the coronavirus (COVID-19) with critical financial resources to retain or restore jobs for nearly 10,000 people in our communities.

Under the program’s guidelines, banks have 10 days to close and fund a loan once it is approved by the SBA, but according to Gordon Zimmerman, President and CEO, Citizens Bank’s dedicated staff was able to complete
the process for many customers in just a few short days.
“Our staff has worked around the clock to go above and beyond for our customers and communities,” said Zimmerman. “We have closed months of normal loan volume in just days.”

While the PPP is a government-sponsored program, funding these loans is the responsibility of Citizens Bank.

Local deposits from the bank’s customers are providing critical support to our friends and neighbors throughout our communities during this Pandemic. This is true community banking at its best.

“Our communities deserve our best and I assure you Citizens Bank and its employees will continue this meaningful work until program funds are exhausted,” stated Zimmerman. “We remain committed to disbursing
these funds within the guidelines of the program – fairly, equitably and timely. We will continue these efforts until ever single loan is funded and the program is complete.”

Citizens Bank, the operating subsidiary of Citizens Bancorp, proudly provides comprehensive banking services throughout the Willamette Valley in Oregon. Since its inception in 1957, the Bank has become one of the
area’s premier community banks. Its employees provide personalized banking services to businesses and individuals at each of its 15 branch offices (located in Albany, Corvallis, Dallas, Harrisburg, Junction City,
Lebanon, McMinnville, Oregon City, Philomath, Salem, Silverton, Springfield, and Tualatin). Member FDIC.

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