LANB Announces Assistance For Furloughed Workers
Los Alamos National Bank (LANB) wants to help furloughed customers during the federal government shutdown. Although the impact on individuals should be temporary, borrowers affected by the shutdown may face difficulties making payments on debts such as mortgages, student loans, car loans, business loans or credit cards.
In an effort to assist their communities, LANB will provide options for individuals directly impacted by the government shutdown, including a 60-day payment forbearance on all LANB consumer loans, portfolio mortgages, short-term, interest-free loan options and penalty waivers for early CD withdrawals. LANB understands the shutdown does not just impact those employees on furlough, but may also lead to a decline in sales for local businesses.
LANB encourages business owners suffering hardships as a result of the shutdown to contact the bank to discuss available options.
As in prior shutdowns, regulatory agencies encourage financial institutions to consider prudent efforts to modify terms on existing loans or extend new credit to help affected borrowers. Prudent workout arrangements that are consistent with safe-and-sound lending practices are generally in the long-term best interest of the financial institution, the borrower and the economy.
LANB President & CEO John Gulas states, “We are committed to meeting the needs of our customers and in this unique time where some of our customers are affected by the government shutdown, we will implement programs to assist our customers to the best of our ability in a safe and sound way.”
If you are facing a financial hardship due to the federal government shutdown, call an LANB associate at 505.662.5171 for assistance in identifying the best option available for your situation.