Did you know over 1.5 million people fall victim to cybercrime each day? Unfortunately hackers are always working on new ways to steal your
personal information, but be assured Greater State Bank works diligently to ensure your information remains protected. To help keep your
information safe, here are a few tips you can follow:
Don’t ever give out your user name and password via email.
Be vigilant when clicking online links. Most of those links are fraudulent and could result in malicious software or computer viruses.
Keep your computers and mobile devices up to date. Having the latest security software, web browser, and operating system are the best
defenses against viruses, malware, and other online threats. Turn on automatic updates so you receive the newest fixes as they become
Set strong passwords. A strong password is at least eight characters in length and includes a mix of upper and lowercase letters, numbers,
and special characters.
Watch out for phishing scams. Phishing scams use fraudulent emails and websites to trick users into disclosing private account or login
information. Do not click on links or open any attachments or pop-up screens from sources you are not familiar with.
Forward phishing emails to the Federal Trade Commission (FTC) at firstname.lastname@example.org – and to the company, bank, or organization
impersonated in the email.
Keep personal information personal. Hackers can use social media profiles to figure out your passwords and answer those security
questions in the password reset tools. Lock down your privacy settings and avoid posting things like birthdays, addresses, mother’s
maiden name, etc. . When posting pictures make sure none of your personal information is anywhere in the background, such as your
checkbook or mail containing personal information. Be wary of requests to connect from people you do not know.
Secure your internet connection. Always protect your home wireless network with a password. When connecting to public Wi-Fi networks,
be cautious about what information you are sending over it.
Shop safely. Before shopping online, make sure the website uses secure technology. When you are at the checkout screen, verify that the web
address begins with https.
Read the site’s privacy policies. Though long and complex, privacy policies tell you how the site protects the personal information it collects.
And lastly, Greater State Bank will never call, mail or email asking for any piece of private information.
By following these tips you can reduce your chances of becoming one of the millions of victims who fall prey to hackers each year.
Thank you for choosing Greater State Bank, where you can experience the Genuine Hometown Banking you deserve.
Questions? Please contact us at (800) 217-8928 or email@example.com for more information.
On Tuesday night, January 19, 2021, the SBA released the long-awaited Simplified Forgiveness Application (Form 3805S). This is the application we have mentioned and have hoped would be released. We encourage all PPP loans under $150,000 to submit your forgiveness applications at this time, if all requirements for forgiveness have been met.
This was done in part of the new COVID-19 relief package that was signed into law allocating an additional $285 billion to fund more PPP loans and provide simplified forgiveness for existing PPP loans less than $150,000. As a reminder, we are currently accepting current round of PPP “First Draw” and “Second Draw” applications.
Please find the following links to assist you in your forgiveness application process.
Thank you for allowing us to be a part of your Paycheck Protection Program (PPP) loan. As you may already be aware, a new COVID-19 relief package has been signed into law allocating an additional $285 billion to fund more PPP loans and provide simplified forgiveness for existing PPP loans less than $150,000.
The program will consist of two types of PPP loans, first for applicants who have not previously received PPP funds (First Draw) and others who have previously or may currently have an existing PPP loan in place (Second Draw). The program re-opened on Monday, January 11, 2021 for “First Draw” applicants and today, Wednesday, January 13, 2021 for “Second Draw” applicants. We look forward to assisting you on any additional financial needs you may have. We have submitted multiple applications and have already begun receiving approvals.
Paycheck Protection Program as Amended by Economic Aid Act
Company must have been in operation on or before February 15, 2020
Payroll based formula to calculate maximum loan amount may be based on 2019 or 2020 expenses
Max loan amount based on average monthly payroll times 2.5 (wages in excess of $100,000 are ineligible)
Proceeds may be used towards payroll, benefits, mortgage interest, rent or utility expenses to qualify for forgiveness. At least 60% must be spent on payroll to qualify for full forgiveness.
Borrowers may choose a covered period between 8 and 24 weeks.
Only existing or previous PPP loan borrowers are eligible
Must have or will use the full amount of previous PPP loan proceeds (previous forgiveness is not required).
Must have experienced at least a 25% decrease in revenues through 2020 vs. 2019-year end numbers. Or any 2020 quarter vs. 2019 quarter, must match (i.e., 2nd quarter 2020 vs. 2nd quarter 2019).
Must be able to demonstrate that company experienced the 25% decrease in revenue.
Payroll based formula to calculate maximum loan amount may be based on 2019 or 2020 expenses
On behalf of everyone at Greater State Bank, I want to start off by saying “Thank you” for allowing us to be a part of your financial solution during this very trying time. I want to take a minute to notify and update you on your Paycheck Protection Program (PPP) loan and the process for applying for forgiveness of those loans which I know is of utmost importance for everyone.
MODIFICATION OF TERMS
As you may already be aware, recently the Small Business Administration (SBA) issued updated guidance pertaining to the Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act) which specifically addressed the deferral period for payments of principal, interest, and fees on PPP loans.
As of October 7, 2020, clarification has been provided by the SBA which states that the Flexibility Act provides an extension of the deferral period from 6 months to 16 months on all active PPP loans. It further provides that when an application for forgiveness is submitted, it will be deferred until the SBA remits the borrower’s loan forgiveness amount to the Bank.
The Flexibility Act provides that lenders are required to give immediate effect to the statutory extension and should notify borrowers of the change to the deferral period. We will not require a formal modification to the Promissory Noteyou entered into, however, we will document that the Bank provided this notice to you.
Although at this point there is no clear and precise guidance for a simplified format for the application for forgiveness, the SBA has made attempts to simplify the process. At this point, the SBA has released 3 different application options and we are knowledgeable on all of them.
The Bank continues to monitor and encourage the SBA to issue an even more simplified, single page, forgiveness application for all loans under $150,000. Since there has yet to be a simplified application released, we are hesitant to push our borrowers with loans under $150,000 to submit forgiveness applications at this time. First and foremost, this hesitancy is out of concern for our borrowers as a result of a lack of information from the SBA on denied forgiveness applications and any other issues that may arise at this early stage of the process. We are working hard to provide you the information you need to ensure that you have all of the information needed to meet the criteria for PPP loan forgiveness.
Greater State Bank is accepting forgiveness applications and will not prevent anyone from submitting an application for forgiveness once it has met all of the necessary qualifications. Our lenders are well versed in the current applications and requirements to submit an application for forgiveness. I know this is a lot of information combined with a somewhat evolving process, so please do not hesitate to contact your lender if you have any questions at all about this process and your PPP loan.
Again, on behalf of all of us at Greater State Bank, I thank you for trusting us with your banking business and for allowing us the privilege of providing financial solutions to you and your business during this most unique time. We will continue to track the changes to this ever-changing program with the goal of providing you the information that is most advantageous to you and your business and remain available to answer any questions you may have moving forward.
On behalf of the Board of Directors of Greater State Bank and Robert Lozano, Chairman of the Board, we are pleased to announce the appointment of Allen Shields , the newest member of our Board.
Allen brings over 40 years of experience in community banking beginning in 1974 a the First National Bank of Harlingen. In 1986, he moved over to Alamo Bank, joining the Board in 1987 and becoming the President and CEO in 1988 where he served in this capacity until the Bank sold to Frost Bank in 2006. His most recent role was Regional President of Frost until his retirement in May of 2017.
Allen continues to be active in our community currently sitting on the local and State board of CCA. Previously serving on the boards of RGV Boy Scouts of America, Museum of South Texas History, RGV Multibank, Rotary Club, Valley Partnership, South Texas Symphony, and Independent Bankers Association of Texas.
We look forward to his wealth of experience providing us guidance as we continue our role in the growth of South Texas. Allen’s experience and commitment to his community make him a key member of the Greater State Bank Board, a valuable resource to our employees and an asset to the customers we serve.
Please join us in welcoming Allen Shields to the Greater State Bank family!
At Greater State Bank, the health and well-being of our customers, friends, employees and our families is our top priority. We continue to monitor the ever-changing situation surrounding COVID-19. We want to assure you that we have an emergency preparedness plan that will enable us to meet your financial needs without interruption. In this effort we have implemented the following steps:
Effective March 23, 2020, the bank will close it’s lobbies until further notice for the McAllen, Weslaco and Hebbronville Branches. Falfurrias will remain open from 9 a.m. to 1 p.m. This has been done to provide a safe working environment and limit the exposure to our customers and employees. Drive thru lanes will remain open regular hours and all business can be conducted seamlessly through our drive thru lanes.
All of our offices will be fully operational and will be continuing to provide all financial service you have come to expect from us.
We encourage you to use Greater State Bank’s digital tools for self-service banking and 24/7 account access. You can view transactions, check balances, pay bills, deposit checks and make payments through Online Banking or by using the Greater State Bank Mobile Banking application. If you have not enrolled for online access, the enrollment process will only take a few minutes. Please click here to Enroll. If you need any help enrolling please contact us at (800) 217-8928.
If for any reason you are unable to reach us at a branch you can call our Telephone Banking number at (800) 422-7118 to check balances and review transactions.
If you need to report fraud or report your debit card lost or stolen please call our automated servicing number at (800) 383-8000.
We understand that there may be instances where customers will find themselves in financial difficulties. Greater State Bank is here to help and ask customers to contact us for assistance.
From everyone at Greater State Bank, we hope you and your family are safe and spared from any impact of COVID-19. For more information on steps you can take to protect yourself and your family, please visit the Centers for Disease Control and Prevention (CDC)