Will Also Offer Assistance To Business, Consumer Borrowers
March 16, 2020
OceanFirst Bank, headquartered in Red Bank, New Jersey, has announced its covid-19 initiatives. They include limiting lobby services at branches, as well as a borrower relief program for business and residential customers.
To support the efforts of public health authorities and to help curtail the spread of the coronavirus, OceanFirst said it is expanding its social distancing practice by modifying the operations of its branch network. The bank is temporarily eliminating lobby services at all branches, will utilize only drive-up service for most branches, and will continue to assist customers remotely through its digital banking and call center operations.
Christopher D. Maher, OceanFirst chairman, president and CEO, said in an announcement, “We are offering payment relief to affected borrowers, adjusting branch operations to help protect the health and safety of customers and employees while maintaining access to our services, providing additional paid time off for employees who may be impacted, and supporting local schools and non-profit organizations through OceanFirst Foundation grant programs. Our experience during other periods of extreme hardship, such as Superstorm Sandy, is that these efforts are an important lifeline that help our customers, employees and neighbors – and our Company – stay resilient and come back stronger.”
Read more about OceanFirst’s coronavirus response.
The Bottom Line
Most financial institutions have tremendous excess capacity in their existing branches today.