Last year certainly brought us all challenges. However, as a leading financial institution, built on a strong foundation, BankFive was able to meet the needs of customers during an unprecedented crisis. We succeeded in meeting the demands of the growing mortgage market, closing over $800MM in 2020. Our top three mortgage producers closed a combined total of over $324MM in mortgages. We continue to meet the challenges of our current “red hot” purchase market by providing conventional and flexible portfolio lending. We always promote a “can do” culture.
Many of our customers have adopted new technologies at record speeds and to provide best-in-class service, we rolled out Video Banking which allows us to assist a customer with a loan applications as well as closing loans virtually. This allows us to be both convenient but still secure.
The pandemic didn’t slow down our growth. In 2020, we also launched BankFive’s Business Banking team comprised of Small Business Specialists and Business Development Officers. These experts are dedicated to business with $5 million in annual sales and loans up to $750,000. Along with our Commercial Team, the Business Banking group assisted 600 business customers with $60 million in PPP loans.
There have been many changes but the one thing that remains the same is our ongoing commitment to our employees’ and customers.
We’re more than just a financial institution. As part of the community fabric in the SouthCoast and Rhode Island, we are dedicated to helping our customers reach their financial, bettering the lives of our neighbors and supporting our employees. For more information visit bankfive.com or stop by our Bristol Branch, or Cranston Lending Office.
Senior Vice President, Director of Residential & Consumer Lending