Canandaigua National Bank & Trust (CNB) was recognized as one of the top 10 percent of mid-tier banks ($2 Billion to $10 Billion) by American Banker in terms of financial performance for 2020, in the midst of the pandemic.
American Banker, a daily trade newspaper and website covering the financial services industry, places CNB as number 20 out of 284 qualifying institutions in the United States. It was noted that while expecting pandemic-induced loan losses, top-performing mid-tier banks still managed to garner strong profits, mainly by embracing the Paycheck Protection Program’s (PPP) government-backed emergency small businesses loans.
Unlike some banks, CNB accepted PPP applications from customers and noncustomers alike. Additionally, CNB continued to work with the Small Business Administration and local businesses to obtain PPP funding after many of those banks stopped taking applications. CNB was committed to getting these crucial operating funds to local businesses as quickly as possible. To ensure timely facilitation, roughly 100 CNB employees were reassigned and trained to aid in the processing of nearly 4,000 round one PPP loans.
The ultimate goal for CNB, as stated by Frank H. Hamlin III, CEO and President, was to “pour as many dollars into our community as possible that was necessary to sustain the health of our local economy.”
CNB was also fortunate to have a healthy wealth management division, as well as the ability to meet the high demand for mortgage refinancing in 2020.
While the pandemic is still cause for some financial uncertainty, Hamlin considers CNB “well positioned to meet future challenges and convert them into opportunities.”
Founded in 1887, Canandaigua National Bank & Trust is the region’s only local, full-service, community-owned financial institution, with 25 branches in Ontario and Monroe counties, as well as three Financial Services Offices, located in Canandaigua, Bushnell’s Basin, and downtown Rochester. Together they offer a full range of financial services for individuals, businesses, municipalities, and not-for-profit organizations. For more information, visit CNBank.com.
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