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Crown Bank Offers Nimble Solutions for Small Businesses During COVID-19

Steve Marchek Joins Community-Focused Bank as Chief Credit Officer

Crown Bank continues to build its leadership team with the addition of industry expert Steve Marchek as Chief Credit Officer. Marchek brings more than 25 years of experience in credit analysis and commercial lending to the bank at a critical time when many clients need advice and quick action due to the COVID-19 pandemic.

Marchek, who has a long history of working with financial institutions at all levels and vast experience working on Small Business Association (SBA) loans, specializes in finding unique ways to structure financing and maximize opportunities for business growth. Since joining the bank in early March, Marchek and the team at Crown Bank have helped numerous small businesses receive the SBA Payment Protection Program loans and have offered targeted loan payments and deferral terms to existing customers.

“We are extremely happy to have someone with Steve’s experience and credit knowledge on our team during this tumultuous time,” said Jeff Wessels, President and COO of Crown Bank. “In his short time here he has hit the ground running, working closely with our lenders and customers to develop strategies to help businesses navigate through this difficult time.”

Marchek joined Crown Bank because it is a true community bank with a passion for building long term relationships with customers.

“I was attracted to Crown Bank not only because of their growth potential but also because their philosophy matches mine of offering tailored, nimble and thoughtful solutions to clients rather than cookie-cutter approaches,” said Marchek. “Local decision making, that can be done quickly is exactly what our clients need during these challenging times.”

Tips for Businesses Navigating Financial Consequences of COVID-19

Marchek offers the following information and tips for companies struggling with the financial consequences of COVID-19.

Work with your banker to explore SBA loan options including the Economic Injury Disaster Loan (EIDL) program and the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Develop a plan with your banker to address non-essential operating expenses along with loan deferral options.
Strengthen your relationship with your accountant and attorney to understand tax implications and legal requirements during this challenging time.

While Crown Bank lobbies are restricted now due to COVID-19, deposits are still being accepted and bankers are available by appointment at 952-285-5800 (Edina) or 612-746-5050 (Minneapolis).

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