In 1908, Peoples Bank opened with a commitment to providing service to rural Simpson County, much of which lacked access financial institutions. During the Great Depression, the bank attracted accolades by refusing to close as banks locked their doors across the nation. More banks closed in America that day then any day before or since, but Peoples Bank committed serving its community and stayed open. Today, Peoples embraces the principles established by our founders; traditions that begin with personal service and traditions and evoke corporate citizenship in the areas they serve.
New Biden administration rules overhauling the way small business loans are doled out will potentially leave thousands of sole proprietorships and the self-employed on the sidelines, despite the president's pledge to give them better access to pandemic aid. The Small Business Administration quietly decided that the benefits that President Joe Biden promised to "one-person businesses" won't be available to many of those who have already received aid from the program. The agency concedes those businesses were shortchanged under earlier rules — some received as little as $1 because of the way loans were calculated — but says it isn't able to let PPP borrowers increase existing loans. That means the more favorable new rules will only be available to new loan applicants. Dennis Ammann, the CEO of Peoples Bank in Mississippi, said "it seems as though the small businesses who needed the most help are being penalized."
Community Development Financial Institutions, or CDFIs, are utilizing all resources at their disposal to help small businesses stay afloat as the novel coronavirus spreads throughout the U.S. CDFIs serve customers typically overlooked by mainstream financial institutions. Beneficial State Bank, an FDIC-insured CDFI that provides commercial banking services to underserved communities, had received 500 phone calls a day about PPP two days before the program even launched on April 3, Interim CEO Randell Leach said. CDBA members Bank Plus, Mission Valley, NOAH Bank, Peoples Bank, and Sunrise Banks are also mentioned in the article.
At first glance, a "video teller" installed in New Hebron may seem more impersonal than a traditional bank branch. However, for Peoples Bank this new bit of technology has allowed bankers to personally interact with a whole new set of customers. The machine, stationed in a location far from a physical branch, allows customers to live video chat with a real teller at another nearby Peoples Bank location. "We typically have two to three different employees who are serving that role as a live teller," said Ashley M. Jones, vice president of marketing. "The tellers on our end are enjoying the relationship that they have established...And for our customers, it is always nice to see a familiar face on the other end. It is comforting."