People's Bank and Its Employees to Donate More Than $1.2 Million Toward Local Fire Relief
MEDFORD, OR – People’s Bank of Commerce and its board of directors have unanimously approved a donation of more than $1.2 million towards fire relief efforts in Southern Oregon. Over $200 thousand of the contribution will come from a generous gift from the bank’s 100 employees, who are donating bonuses they have earned to help their community. Funds will be placed in The People’s Bank of Commerce Foundation and dispersed immediately for short-term housing needs, while a long-term plan is being developed with community partners to utilize the majority of the donation over the next year to help rebuild the region.
The announcement from the locally owned and managed community bank comes a week after the region experienced unprecedented loss and tragedy. “The devastating effects of the fires are not over yet and we continue to be stunned by the damage, leaving many of our friends, family, neighbors and community members without homes, clothes, and financial resources,” says People’s Bank CEO Ken Trautman. “Our community is providing temporary relief right now, but long-term solutions are necessary. Currently, the bank is working with local partners to provide some of the long-term housing that will be essential to rebuild but additional support will be required in the interim.”
Trautman noted that the bank is able to make this large donation because of the previous efforts made earlier this year by its staff during the Paycheck Protection Program (PPP) application process. “The income from the PPP loans and a surge in residential mortgage income due to record- low interest rates has provided some of the revenue we are able to invest back into our communities,” commented Trautman.