CHICAGO, March 23, 2020 /PRNewswire/ - CIBC
(TSX: CM) (NYSE: CM) today announced immediate measures to help
ease financial hardship for our CIBC Bank USA clients as a result of the COVID-19
pandemic as well as a long-term commitment to help with recovery
efforts.
"In good times, CIBC works to help our clients make their
ambitions a reality," said Michael G.
Capatides, Senior Executive Vice-President and Group Head,
CIBC U.S. Region, and President and CEO, CIBC Bank USA. "In challenging times, we are equally
committed to working with them to bring peace of mind and
relief."
Beginning today, CIBC is offering proactive, focused solutions
to help reduce the financial pressure being felt by our clients,
including but not limited to:
- Consumer Loan Payment Deferral. CIBC Bank USA will offer qualifying consumer clients
experiencing financial hardship due to COVID-19 an option to
suspend their next four monthly payments of principal and interest
with no credit bureau impact. Qualifying consumers with quarterly
payment schedules will have an option to defer payments for 120
days with no credit bureau impact. To request this program,
consumers should call the CIBC US Client Support Center at
877-448-6500.
- Small Business Loan Payment Deferral. CIBC Bank
USA will offer qualifying small
business clients experiencing business disruption due to COVID-19
the ability to defer their next four principal and interest
payments with no credit bureau impact. Clients should call their
relationship manager to request this assistance.
- Economic Hardship Loan. CIBC Bank USA offers existing consumer clients
experiencing personal financial hardship as a result of the
COVID-19 pandemic the ability to apply for an Economic Hardship
Loan of up to $10,000 with no
payments for 90 days and no interest for the life of the loan, up
to 24 months. Clients should call the Client Support Center at
877-448-6500 to begin the application.
"Additionally, CIBC is working with commercial clients on an
individual basis to address the challenges their businesses may
face due to pandemic-related disruptions," Capatides added. "We
appreciate and value all of our client relationships and recognize
the importance of working together to manage through these
circumstances."
CIBC also announced a $2 billion,
two-year commitment to support businesses, consumers and our
partners as we work to re-energize our communities once this
difficult period is over.
"Our immediate focus is to help those we serve through this
uncertain period. We also want to assure our clients and our
communities that we will stand by them once this crisis is over to
help provide the financial resources they need to grow and thrive
again," Capatides said.
About CIBC
CIBC (NYSE: CM) (TSX: CM) is a leading North American financial
institution with 10 million personal banking, business, public
sector and institutional clients. CIBC offers a full range of
advice, solutions and services in the
United States, across Canada and around the world. In the U.S., CIBC
Bank USA provides commercial
banking, private and personal banking and small business banking
solutions and CIBC Private Wealth offers investment management,
wealth strategies and legacy planning. Visit us at cibc.com/US.
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SOURCE CIBC Bank USA