The Cape May County Coast Guard Community Foundation is pleased to recognize Crest Savings Bank as this year’s Hometown Hero. This award is presented to a community member or organization that goes above the call of duty to embrace the Coast Guard as part of the Cape May County community.
The response by residents and businesses in Cape May County to the partial government shutdown in December 2018 was swift and overwhelming. The donations of food items and cash provided immediate relief to Coast Guard members and their families as the potential of missing their next paycheck weighed on everyone’s mind.
The need for additional financial support to pay monthly bills was identified as the the potential for an extended government shutdown increased. The Cape May County Coast Guard Community Foundation contacted Crest Savings Bank in early January 2019 to inquire whether they would be able to provide financial assistance to Coast Guard families in need. Their response was an immediate and enthusiastic “Yes”.
On January 15, 2019, less than two weeks after the initial conversation, Crest Savings Bank launched an innovative loan program in collaboration with the Foundation to come to the aid of the local residents who were going to miss paychecks due to the federal government shutdown. The program was developed with local businesses putting up cash collateral to simplify the process by eliminating the need for individual credit applications, starting with an initial $100,000 pledge of collateral from the Morey Organization. In fact, support for the loan program grew to $500,000, with additional pledges of collateral offered by local business owners Keith Laudeman (the Lobster House), the Craig family (The Washington Inn, Lucky Bones and Cape May Winery), Eustace Mita (Icona Resorts), as well as by local residents Larry and Judy Cohen, Mark Benevento, Dave and Trish Hirsch, and an anonymous commitment.
This program was offered to any federal employee who lived or worked in Cape May County whose pay was temporarily interrupted by the government shutdown. Program beneficiaries shared stories about their fear of missing car payments and needing gas money and many sleepless nights that were relieved by the program.
Crest Savings Bank’s quick response to creating this innovative loan program was a source of financial support and comfort for those who were fearful of an extended government shutdown. We are pleased to recognize them as the 2019 Hometown Hero as they celebrate their 100 year anniversary.
