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INSIGHTSMessage From the President:When asked to identify the one ingredient that makes Itasca Bank & Trust Co. special, I do not hesitate to answer “relationships.” And it has never been more apparent than over the past year and a half as we’ve all navigated through the coronavirus pandemic.
We strongly believe that community banks are the heart of the American banking system. Community banks fill a void often left by larger banks, especially when it comes to small businesses. Even though community banks only represent 17% of the U.S. Banking system, they are responsible for around 53% of small business loans. Lending to small businesses calls for relationship skills. As a community bank, our lenders take the time to build relationships with their business clients and understand their needs.
That commitment was put to the test during the pandemic. We are extremely proud of our participation in the Paycheck Protection Program (PPP) loans. We became an economic first responder making almost 900 loans to eligible businesses in the community for a total of over $135 million dollars. Round One loans are all forgiven and forgiveness for Round Two is underway. We were able to help all the eligible businesses that applied at a time they needed help the most. To say that our clients are pleased with Itasca Bank & Trust Co. is an understatement. You can read some of their comments in this edition sharing how Itasca Bank & Trust Co. has helped them navigate through the pandemic.
We would be remiss if we didn’t recognize some of our top referral sources. Inside this edition, you will read how they were also on the front lines making sure their clients were able to work with a lender they could trust.
It’s been quite an unusual time; however, the good news is that our economy definitely continues to improve and most of our customers are having a strong year. Our deposits are up substantially because of increased savings by both consumers and businesses; government stimulus monies; and conservative business practices.
Itasca Bank & Trust Co. remains an independent community bank committed to supporting the local community. We are seeing sales of community banks to larger banks, out of state banks and credit unions and numerous branch closings in the area. Rest assured, Itasca Bank & Trust Co. promises to never lose sight of the all-important “relationship” and personalized service you expect. We appreciate your business and are interested if you have any concerns or suggestions. Together we’ll shape the future.
James R. MenschingPresident
In this issue ofINSIGHTSyou’ll find:President’s letter ............... 1
Positive Pay .......................... 1
Common Element Repair Loans ....................... 2
Round Two of PPP Loans ............................ 2
Comments from Our Clients.......................... 3
Congratulations to Natalie Wojtowicz ........... 3
Teamwork ............................ 4
Visit us online atitascabank.com
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Fall 2021
Positive PayPositive Pay is a fraud-prevention tool that automatically helps detect fraud. Did you know that check fraud is still the most common type of all bank fraud? Advanced technology makes it easier for criminals to replicate checks and make fraudulent transactions. Fortunately, Itasca Bank & Trust Co. can help your business be proactive and stop fraud in its tracks.
For more information, contact Carol DiFiglio, Vice President, Operations at 630-773-0350 or [email protected].
COMMON ELEMENT REPAIR LOANS Itasca Bank & Trust Co. is one of the leading Chicago-area community banks who can meet the unique lending requirements of community associations. Whether a homeowners association needs a new roof, siding or any other common element repair, Itasca Bank & Trust Co. can help! We are committed to providing funds via a common element repair loan for any project that can be structured to meet an association’s cash flow. We can be especially helpful to smaller associations who are self-managed and have questions about how to navigate the process.
We work with many Homeowner Associations across the greater Chicagoland area providing quality service, flexible credit options and competitive pricing.
FOR ADDITIONAL INFORMATION, CALL: MARK STELTERVP & Commercial Loan Officer & Director of Community Association Lending
Itasca Bank & Trust Co.308 West Irving Park RoadItasca, Illinois 60143
Phone 630-773-0350 Ext 220/ Cell [email protected] # 934563
ROUND TWO OF PPP LOANSIn late December, 2020, a new coronavirus relief bill was signed into law that, among many things, allocated an additional $284 billion in PPP loans specifically for small businesses. The goal of the second round of loans was to get aid to businesses who were passed up in the first go-around, and to continue helping small businesses who needed a second round of assistance.
Itasca Bank & Trust Co. was privileged to help almost 140 qualified businesses obtain a loan during the second round of the PPP. Our loan department pivoted quickly to implement an automated portal for applicants to enroll and easily upload documents, which enabled us to handle the volume of loan requests in an expeditious manner.
A number of those businesses would not have survived if they hadn’t been able to apply for the loan. Many had been turned away by larger banks and felt grateful to be referred to Itasca Bank & Trust Co. Our referral sources played a huge role in referring businesses and we appreciate the confidence they have in the Bank. Some of our top referral sources were: John Sotos of John G. Sotos & Associates; Paul Jones from Jones, Savarese, Harrington & Company, LLC; John Frank from Third Road Management, LLC and Jeffery Pruyn of Anthes, Pruyn & Associates, Ltd.
Jeffery Pruyn, President of Anthes, Pruyn & Associates, Ltd., a certified public accounting firm in Itasca, was happy to refer quite a few clients who were turned away by larger banks. He said, “I had a wonderful experience with Itasca Bank & Trust during the PPP loan process. Your staff was professional and very helpful, beginning with the application process all the way through loan forgiveness.”
WHAT OUR CLIENTS ARE SAYING
Heartland Buildout Specialists, Inc., Bensenville, IL
Chris Biggens, Project Manager
(L-R) Chris Biggens and his partner Mustafa “Muzzy” Hakyemez.
When asked how the PPP loan helped his residential and commercial interior finishes contracting business, Chris Biggens replied, “The PPP loan really helped us smooth out our payroll during the shutdown when many payments were delayed. We were also able to hire more labor at a critical time. Throughout the entire process, it was apparent that we really mattered to Itasca Bank & Trust Co.”
Biggens offered some advice for other small businesses, “Every successful startup needs good financing and a loan officer they can count on. Itasca Bank & Trust Co. and John Mueller were outstanding to work with. Even though we are a very small company, we were never treated like a number.”
St. Nicholas Episcopal Church, Elk Grove Village, IL
Father Manuel “Manny” Borg, Vicar
Father Manny is the vicar (pastor) of St. Nicholas and describes his church community as a Goldie Locks Church: not too big, not too small, but just right. “We have room to grow and are immensely welcoming and engaging.”
He said, “Most people may not know that we are quite diverse in our appeal. We have members who are Roman Catholic, Lutheran and Methodist but identify more closely and intimately with our “form” of worship and faith, which is all inclusive. We are blessed with Jewish and Muslim members, too. All are welcome…period.”
When asked how he heard about the Bank and how the PPP loan helped the church, he explained that a member of their church community referred St. Nicholas to Itasca Bank & Trust Co. The bank they had been doing business with was “uncooperative, unresponsive and less than friendly with us.” Obtaining the PPP funds helped the church stay afloat and keep things moving forward. “Itasca Bank has been nothing but a blessing and joy with which to work and associate.”
CONGRATULATIONS NATALIE WOJTOWICZNatalie was recently named an Influential Woman in Business sponsored by the Daily Herald Business Ledger.
The Business Ledger’s Influential Women in Business Awards are given to suburban business women who share a commitment to professional excellence and their communities in the suburban circulation area of the Daily Herald Business Ledger.
Natalie Wojtowicz Operations Officer/Roselle
Branch Manager
For information on how Itasca Bank & Trust Co. can help your business, contact one of the following commercial bankers:
John J. Hunt Senior Vice President, Chief Loan Officer 630-773-0350 ext. 223 [email protected]
John Binneboese Senior Vice President, Community Development 630-773-0350 ext. 613 [email protected]
Cathy Brewer Vice President, Commercial Real Estate 630-773-0350 ext. 238 [email protected]
Valerie DalPino Vice President, Consumer Loan Officer 630-773-0350 ext. 241 [email protected]
Carol DiFiglio Vice President, Operations 630-773-0350, ext. 420 [email protected]
Scott LaMorte Vice President, Business Development 630-773-0350 ext. 622 [email protected]
George Kearns Vice President, Commercial Loan Officer 630-773-0350 ext. 244 [email protected]
Nicole Marshall Vice President, Commercial Loan Officer 630-773-0350 ext. 624 [email protected]
John Mueller Vice President, Commercial Loan Officer 630-773-0350 ext. 246 [email protected]
Mark Stelter Vice President, Commercial Loan Officer & Director of Community Association Lending 630-773-0350 ext. 220 [email protected]
Elvira Zamudio Vice President, Commercial Loan Officer 630-773-0350 ext. 623 [email protected]
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An Interview with Elvira Zamudio, VP, Commercial LendingWhat do you enjoy most about your career and how long have you been with the Bank? I’ve been with the Bank for 12 years and I enjoy learning about our customers’ businesses and helping them achieve their goals. Who has had the most influence on your life, why & how? My family. I am a first generation Mexican-American and lucky to come from a hard-working family that taught me the value of hard work and dedication.What did you want to be when you were young? A tennis player although I was never really good. I loved watching tennis games on TV. What keeps you busy in your free time? I don’t have free time, I have two little ones that keep me very busy. When I do have time, I try to catch up on Netflix shows.Who’s your favorite sports team? Cubs
An Interview with Scott LaMorte, VP, Business DevelopmentWhat do you enjoy most about your career at Itasca Bank & Trust Co. and how long have you been with the Bank? I joined the Bank three years ago and I truly enjoy being able to help people.Who has had the most influence on your life, why & how? My parents and grandparents gave me the morals, values and work ethic that I carry with me every day. My wife and children give me the inspiration I need to be the best version of myself possible. What did you want to be when you were young? Starting shortstop for the White Sox, until my lack of the necessary skills caught up to me. Then, I always thought I would be an insurance agent.Who’s your favorite sports team? I’m a proud lifelong Sox fan.What’s the one thing in your office or on your desk that often catches people’s attention?I have a plush doll of Larry Roesch, the late founder of Roesch Auto Group, which is now run by Larry’s children. It reminds me of the importance of family, and it is relevant to our bank when you stop and think of how many family businesses we support.
