Important Information Concerning the COVID-19 Coronavirus Pandemic

Update as of May 13, 2020

We are proud to annouce that we have helped more than 830 small businesses by providing $242.32 million via the Paycheck Protection ProgramWe know that this may not necessarily make businesses whole, but we hope it helps each one get through this unprecedented time so they can (hopefully) persevere on the backend of this pandemic.  

With that said, we want to remind those of you who did receive a PPP loan of some tips for using your money so you can ultimately get the funds forgiven. In the coming weeks, we will be providing you more details. Click on the below to read the tips.

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Thank you for giving us the opportunity to serve your banking needs, 

Ash Patel signature

 Ash Patel, President and CEO of Commercial Bank of California

 

Update as of April 23, 2020

We hope everyone is staying safe and healthy as we continue to push through the pitfalls of this pandemic. We have been working long hours and weekends to make sure we are doing all that we can to support our local business communities with the financial tools to ease the burden on your business. 

As you may have heard, the first batch of funds allocated to the CARES Act Paycheck Protection Program ran out in the first two weeks of the funding period. We are proud to share that we helped more than 550 small businesses get access to more than $200 million to support maintain their payrolls. We have also invested in streamlining our operations so we can get your Paycheck Protection Program applications processed as quickly as possible. 

Today, Congress and the President approved an additional $320 billion to revive the program during this emergency. This means we are able to re-open our inquiry and application process to help get more businesses the financing they need. We anticipate this second round of funds will also go very quickly.

If you are in need and interested in applying for a Paycheck Protection Program loan, click below to submit an inquiry to our team. 

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Thank you for giving us the opportunity to serve your banking needs, 

Ash Patel signature

 Ash Patel, President and CEO of Commercial Bank of California

 

Update as of April 16, 2020

We wanted to update you on the status of the Paycheck Protection Program. As predicted, it has helped a lot of businesses already. In fact, as of April 15, 2020, the $350 billion allocated for the Paycheck Protection Program has been exhausted and deployed to support businesses throughout the nation. 

As you may have heard, Congress is discussing allocating an additional $250 billion to the program. We are anticipating this will happen in the next few weeks. Once it does, we will re-open our application process on a first come, first served basis.

Until then, thank you for your patience as we continue to try to help as much of our business community as possible.

Stay safe,

Ash Patel signature

 Ash Patel, President & CEO of CBC

 

Update as of April 6, 2020

Dear clients, friends and partners, 

We have received an overwhelming response for applications for the Paycheck Protection Program and are temporarily pausing our application submission process. Our team is working overtime to support each of you and your businesses, and is processing the current applications we have received as quickly as possible. 

We are committed to scaling our operations and reopening our application submission process shortly.  

As always, we are dedicated to supporting the success of our business communities, especially during unprecedented times like these. For additional support and resources, please contact your nearest CBC branch to learn how our financial tools, business banking accounts and unwavering team members can provide you added support.

Thank you for your understanding, and we look forward to serving you soon. Please subscribe to our Paycheck Protection Program newsletter for updates on our process and when we will open up our application program: http://eepurl.com/gYYh5f.

Thank your again for giving us the opportunity to serve you.

Stay safe,

Ash Patel signature

 

Ash Patel, President & CEO of CBC

 

Update as of April 2, 2020

We continue to offer our clients support during the uncertain economic times caused by the COVID-19 pandemic. We are proud to announce today that CBC is offering our clients and partners added support as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was passed on March 27, 2020.  The CARES Act allocated nearly $350 billion to help businesses keep workers employed amid the pandemic and economic downturn. The Paycheck Protection Program provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency.  

We invite our clients to read the details about the Paycheck Protection Program, and submit information to begin the application process for a COVID-19 Business Relief Package. 

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Thank you for giving us the opportunity to serve your banking needs, 

Ash Patel signature

Ash Patel, President and CEO of Commercial Bank of California

 

Update as of March 27, 2020

Ways We've Pivoted to Meet Business Needs During COVID-19 Pandemic

All of us at Commercial Bank of California hope that you, your family and your associates are staying safe and healthy during the coronavirus (COVID-19) pandemic. Our robust capital position and strong liquidity give us the financial strength and flexibility to deal with the COVID-19 pandemic and accommodate the needs of you and your business. 

Rest assured that we remain open, are operating and ready to help during this unprecedented period. It is business as usual at CBC. Our team members are available in by phone, email and in person, if need be, to respond quickly to your needs. 

Though each branch is open, effective Monday, March 30 our banking hours will shift to 10:00 a.m. to 3:00 p.m., Monday through Friday. We made this change to help slow the spread of the COVID-19 coronavirus. We will return to our standard office hours once pandemic conditions permit restoration.

While you are always welcome at all CBC offices, please consider utilizing our virtual banking services we outlined in our first update below. 

Also in our earlier update, we mentioned that during the pandemic period, we will reimburse clients for ATM fees incurred when using your CBC Visa Debit Card to withdraw cash from ATMs. If this applies to you and you’d like to seek a reimbursement, simply provide your CBC account officer with a copy (in person, by fax or by email) of your account statement showing the fees you incurred, and we will promptly credit you for this amount.

Please do not hesitate to contact your CBC account officer or regional office for additional information on any needs, questions or services.

Regardless of how you choose to access us, you can rely on us to be here for you.  

Thank you for giving us the opportunity to serve your banking needs, 

Ash Patel signature

Ash Patel, President and CEO of Commercial Bank of California

 

March 17, 2020 

All of us at Commercial Bank of California consider the health and safety of our clients and team members to be our highest priority.  We have taken action to help fight the spread of the coronavirus (COVID-19) pandemic:

  • We are closely monitoring information provided by the Centers for Disease Control and Prevention (CDC), banking regulators, and federal, state, and local agencies to keep ourselves informed of important developments and ensure that our actions are consistent with the latest CDC guidance.
  • Our team members and janitorial crews are performing extra cleaning and sanitizing of public and private areas in all of our regional offices and other facilities.
  • Hand sanitizer is available throughout the Bank for use by clients and team members.
  • We are limiting internal and external business travel, and are encouraging team members to work remotely whenever possible.

Beyond that, it is business as usual at Commercial Bank of California.  As an Essential Business, CBC remains open and operating during the “Stay At Home” period. “Our solutions, your success” is more than a slogan; we are here to serve you, to provide the financial resources and banking services you need to get through the current challenges and thrive when the crisis has passed.  Our offices are open and staffed, and our bankers are available in person, by phone, and by email to respond quickly to your needs.  At the same time, we invite you to consider our virtual banking services to help fight the spread of the coronavirus:

  • Our business and personal online banking offer full access to your CBC accounts from the convenience of your home or office.  Access your accounts wherever an internet connection is available.
  • CBC’s Mobile Banking (available for iOS and Android devices) puts the power of CBC’s online banking in the palm of your hand, and lets you deposit checks using your smartphone’s camera.
  • A CBC Visa Debit Card is not only a convenient method of payment wherever Visa cards are accepted, but allows you to access cash at thousands of ATMs here in California and around the world. For the convenience of our clients during the pandemic situation, CBC will reimburse clients for ATM fees incurred when using our CBC Visa Debit Card.
  • Our Remote Deposit Capture service lets your business quickly and easily deposit checks using a small scanner installed in your office.  No need to travel to the Bank to make your check deposits.

Please contact your CBC account officer or regional office for additional information on these and other services.

For our Payments Solutions clients, rest assured that our teams are available by phone and email as usual, and we remain committed to providing the best possible service and support to our partners and clients during this situation.  As we continually monitor and assess conditions, we will provide further information on our business continuity as appropriate. 

Regardless of how you choose to access us, you can rely on Commercial Bank of California to be here for you.  We have the financial strength and flexibility to deal with the COVID-19 pandemic and accommodate the needs of our clients.  Watch for updated information as it becomes available through email messages like this one, and on our website at www.cbcal.com.

In closing, please join us in being a good citizen by caring for your neighbors and community. This may be the “new normal” for a while, but together we will get through this challenging time.

Thank you for giving us the opportunity to serve your banking needs,

Ash Patel signature

Ash Patel, President and CEO of Commercial Bank of California