The Coronavirus Aid, Relief, and Economic Security Act (or the CARES Act) created thePaycheck Protection Program (or PPP). This program helps banks offer relief in the form of forgivable loans guaranteed by the Small Business Administration (or SBA) to eligible small businesses in amounts up to $10 million (with the actual amount based on the borrower’s average monthly payroll and certain other costs in the previous year).
Gov. Walz has issued a stay-at-home order for the next two weeks in Minnesota. Banks are listed as an essential service, so Star Bank will continue to operate via drive-thru, telephone, and email. Please also utilize night-drop, online banking, mobile banking, and voice banking.
A letter from Star Bank’s President/CEO, Harry Wahlquist
March 19, 2020
To Our Valued Star Bank Customers:
At Star Bank, we are focused on all of you and serving your needs during these uncertain times of the COVID-19 pandemic. We would like to reassure you that our bank is positioned to be a source of strength to the communities we serve. We are well capitalized and the recent fluctuations in the stock market do not have any impact on our levels of capital.
Your deposits at Star Bank are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC). Please click here to access a brochure from the FDIC that explains FDIC Insurance. This brochure also covers deposit account ownership and beneficiary structures that may allow you to receive more than $250,000 of FDIC Insurance. You can also contact the FDIC directly toll free at (877) ASK-FDIC or (877) 275-3342 with questions about deposit insurance.
The FDIC has provided FAQs to financial institutions and consumers affected by COVID-19 that address some of the questions received to-date, and they will continue to update these FAQs, as needed. Please click here to access the most recent FAQ from the FDIC.
Although we have closed our lobbies, we are still open through the drive-up or front lobby door, over the telephone, and electronically through online, mobile, and voice banking services. ATMs and our night drop can also be used at your convenience. Appointments can be made for safe deposit box access.
As new developments arise regarding COVID-19, please continue to stay connected to our web page detailing these new developments.
We understand what everyone is experiencing at this time as we live and work with each of you in the communities we serve. Let us help you with your financial needs. Do not hesitate to reach out and you will be assisted by your local Star Bank banker.
President/CEO, Star Bank
Star Bank Lobbies to Close
March 16, 2020
In an effort to mitigate the community spread of COVID-19, Star Bank will be closing all lobbies and keeping drive-thrus open until further notice starting Wednesday, March 18, 2020. Star Bank's ATMs and night deposit drops will remain open. Local branches will be available by phone during business hours.
Numerous developments have taken place over the weekend that hastened this decision, including the school closures and a growing number of confirmed cases of COVID-19 due to community spread.
Lawmakers and medical experts are repeatedly stating that the most effective way to mitigate this pandemic is to practice what is called 'social distancing'. In keeping our lobbies closed, we will continue to serve our customers via night drop, telephone, and electronically while also taking part in our collective responsibility to 'flatten the curve' of the spreading of the virus.
Now is a great time to become more familiar with Star Bank's online banking and mobile banking capabilities which offer convenient ways to manage your accounts any time of day.
We will continue to post updated information here as the situation changes. Thank you for banking with us and your support of our local communities!
A message from Star Bank’s President/CEO, Harry Wahlquist
March 16, 2020
As a hometown community bank, we practice with passion our Core Value of “Caring” – caring for our customers, employees, and the communities we serve. This lasting value guides us as we face the difficult challenge of responding to the coronavirus (COVID-19), which the World Health Organization declared a pandemic on Wednesday. We are closely monitoring the World Health Organization, the Centers for Disease Control and Prevention, and local health agencies for the latest developments related to COVID-19 while following the guidance of government and public health officials.
Please know that our Star Bank leadership team is vigilantly monitoring the COVID-19 situation around the clock to ensure a healthy work and bank environment. We have enhanced our cleaning and sanitary practices to help mitigate the potential spread of the virus. We are open for business and are evaluating several options for increasing social distancing and further protecting our employees and customers. Further updates will follow.
Our hearts and thoughts go out to the people who have been affected by this unprecedented event, and we appreciate the local communities, first responders, healthcare workers, and officials who are on the front line working to contain this coronavirus. Thank you for your participation in the prevention efforts and spread of this virus.
FAQs: Financial Conditions during a Pandemic
The FDIC has published some "FAQ sheet" to answers questions customers may have regarding banks, insurance, and financial conditions during this historic pandemic. Please click the link below to read the document.
Please be aware and careful of scammers that are taking advantage of coronavirus through fake websites, emails, texts, charitable causes, and social media posts. The Federal Trade Commission is providing updates regarding possible scams, see the link below.
Below is an example of a scam text message. Star Bank will never ask for your Social Security Number, Personal Identification Number (PIN), Debit Card number, or passwords via text, telephone, or email.
Please be extra careful when you receive emails with links that ask you to click or call in order to “protect” yourself and/or your assets.
Also, know that our offices are still staffed with real, local people. If you receive a phone call from a suspicious voice or recording, hang up and you can notify us or your local law enforcement.
Bank from your Home or Office
We enjoy seeing our customers face-to-face in our offices, however we know many may prefer to minimize daily public interactions at this time. Also, in accordance with the CDC guidelines, we are asking that anyone who is experiencing a fever or respiratory illness or those that have recently traveled to CDC level 2 or 3 countries postpone their visit to any Star Bank location for the appropriate amount of time.
There are many alternatives to in-person banking, including:
From your Computer or Smartphone! Online Banking and the Mobile App are available 24 hours a day, 7 days a week. Check account balances, make check deposits, transfer funds between your accounts, pay your bills, send money using P2P, and view your statements.