CapStar Bank has launched several initiatives and response plans to protect the health of and provide economic relief for its employees, clients and communities due to the coronavirus outbreak.
“During this unprecedented time, CapStar is doing everything we can to serve as a source of strength for our employees, clients and communities,” said Timothy K. Schools, CapStar president and chief executive officer. “As a result, we have adjusted our operations to protect the health and well-being of our employees, their families, and our clients while remaining true to our mission of superior service.”
Schools said that the company is doing several things in order to help the state as it has been hit first by tornadoes and then by the coronavirus this year.
He said the company is “proactively offering 90-day full deferment of qualifying loan payments to CapStar borrowers that are less than 30 days past due to relieve clients in need or who might become in need as COVID-19 cases continue to rise, as well as provide temporary liquidity into our local economies and are assisting those who may be most impacted not only by the COVID-19 outbreak, but also the recent tornados in our area, by making a substantial contribution to our local food banks.”
He added that he hopes these changes will help the area as it recovers from these obstacles.
“From everyone at CapStar, we appreciate your loyalty and support. We hope our friends and neighbors remain safe and our thoughts are with those whose lives have been lost or upended by this crisis,” he said. “As difficult as the situation is, working together, taking care of each other, and staying positive, we will persevere!”
As of March 23, 2020, and until further notice, CapStar is expanding its social distancing practice by modifying the operations of its financial center network to support the efforts of public health authorities and to help curtail the spread of COVID-19. CapStar is temporarily redirecting financial centers to its digital channels, drive-thrus and ATMs, which can handle most financial transactions.
If a client is not currently registered for online or mobile banking or has a question about the operation of a financial center, they may either visit cap starbank.com or call 615-732-6400 or 423-745-1111. Clients who would like to establish or discuss an account, have specialized cash supply needs, or who require access to safe deposit boxes may make an appointment (615-732-6400 or 423-745-1111) to visit any CapStar financial center in person.
In an attempt to improve the cash flow of borrowers and contribute to the economic stabilization of communities, CapStar has announced the following:
• All CapStar loans (excluding loans originated by the company’s Farmington Mortgage, SBA and Tri-Net lending divisions, as well as loan participations) that were less than 30 days past due as of March 23, 2020, will be offered full payment deferral for 90 days with no opt-in fees or penalties. To take advantage of this opportunity, clients can complete a loan deferment request available at capstar bank.com/covid19 or contact a CapStar relationship manager by May 1.
• For CapStar loans that are currently greater than 30 days past due as of March 23, 2020, clients need to contact their CapStar relationship manager to discuss potential payment relief solutions.
• CapStar has working capital facilities available subject to credit approval for businesses in need.
• The U.S. Small Business Administration (SBA) is offering relief solutions to businesses suffering substantial economic impact. Contact the CapStar SBA team at SBAassistance@capstarbank.com for additional information.
• Additionally, loans serviced but not held by CapStar may also be available for deferment opportunities. Contact a CapStar relationship manager.
• CapStar will temporarily suspend all credit agency reporting through June 30, 2020.
• All new foreclosure actions will be suspended, unless required by federal and government agencies, through the end of April 2020 and will continue to be evaluated at that time.