Pub. 11 2020 Issue 2

www.wvbankers.org 6 West Virginia Banker O ur everyday lives have been turned upside down as our country remains in the clutches of a public healthcare crisis. In a matter of weeks, our work- places, schools, and churches were closed. Sporting events around the world were postponed, modified or canceled. Graduation ceremonies, weddings, anniversaries, birthday parties, and other milestones were missed. Moreover, as the number of infection rates and deaths increased, we moved deeper into an unsettling state of uncertainty. Although the social impact has undoubtedly been devastating, the virus will also have wide-ranging economic consequenc- es. According to estimates, at the height of the pandemic, one-quarter of the U.S. economy went idle. Unemployment hit levels not seen since the aftermath of the Great Depression. Hard-hit industries, such as entertainment, travel, and retail, may be forever reshaped, and there will likely be an onslaught of debt restructurings and chapter 11 filings. For banks, near-zero interest rates and a flattened yield curve mean diminished net interest income. No question, the coronavirus pandemic has been a significant disruptor to our economy, and the fallout will linger for many months — perhaps years. Yet, despite its doom and gloom, the pandemic has had some inspirational moments, including the many health care professionals and first responders who put themselves in harm's way day after day in service to others. But equally courageous are the food and agricultural workers, truck and delivery drivers, maintenance workers, and volunteers who play a significant role in our everyday lives. There are many other hidden heroes, but the heroes that stand out in my mind are the bankers across this county who have been on the frontlines working day and night, seven days a week, to keep families and small businesses afloat. Banks have a unique role in supporting fellow citizens during this downturn, and you have not disappointed. Since the start of the health crisis, West Virginia banks have offered an array of relief programs to help individual and business customers affected by the pandemic. Offered programs include fee waivers, deferred payments, forbearance, and other accom- modations depending on the customer's circumstances, all of which will help limit the economic damage to our state and spur the recovery that is sure to come. Additionally, many banks across our state have made generous donations to community organizations that are providing support in re- sponse to the pandemic. Others are helping in different ways, which you can view in our Community Corner feature. In my mind, nothing has been more heroic than the hundreds of bankers throughout our region, helping small businesses with credit and loan forgiveness through the Paycheck Protec- tion Program. To some extent, bankers had a sense of respon- sibility to help these small businesses because our industry has a vested interest in a healthy economy. But West Virginia bankers went above and beyond, putting in the extra hours as soon as the application period opened to keep hardworking West Virginians on the payroll. Without your efforts, the finan- cial infrastructure of our country would be in complete disarray. How the pandemic will affect West Virginia in the long term remains an open question. Luckily, the U.S. economy was strong before the pandemic, and banks were positioned with ample capital and liquidity. As a result, our industry was able to act swiftly and with resolve to get financial relief into the hands of businesses and consumers as quickly as possible. Bankers have and will continue to play a critical role as our economy recovers. As our industry moves forward, we must continue to demonstrate resilience under considerable un- certainty, and I have no doubt that we will emerge from the pandemic stronger than ever. I am deeply grateful for your service.  A MESSAGE FROM THE CHIEF EXECUTIVE By Sally Cline Bankers are the Unsung Heroes of the Pandemic