Minnesota Bank & Trust provides relief and support in wake of COVID-19

Edina, MN, March 30, 2020 (GLOBE NEWSWIRE) -- Minnesota Bank & Trust announced relief and support for employees, consumers and businesses facing challenges due to the economic impact of COVID-19.

“We recognize that the emergence of COVID-19, and the dramatic steps we all must take to limit its spread, are creating financial and other challenges for our customers and communities,” said Stephen Bishop, President and CEO of Minnesota Bank & Trust.

“Recent weeks have been incredibly challenging as we face the rapidly changing situation and COVID-19 altering our daily lives. While this is an unprecedented event, we are nevertheless prepared.”

Minnesota Bank & Trust is a strong financial institution and part of a consortium of community banks backed by the financial strength of Heartland Financial USA, Inc.  Together, with Heartland and 10 other member banks, we have built a fortress balance sheet with a combined $13 billion in assets and strong liquidity.

Minnesota Bank & Trust’s full line of products and services are available.  To protect our employees and customers, we are providing convenient drive-thru service at our branches, with in-person meetings available by appointment.

Customers are encouraged to use online and mobile banking services, which provide self-service banking 24/7/365. Our website is regularly updated with any changes to lobby and drive-thru availability and branch hours.

Consumer and Small Business Relief Actions

ANNOUNCED March 23, 2020

We continue to closely monitor the impact of COVID-19 and may adjust our consumer relief programs as necessary to support our customers. Please visit the COVID-19 resource center on our website for frequent updates and look for email updates as well.

Through April 30, 2020

• Monthly maintenance fees associated with consumer checking and savings accounts will be waived. We will waive monthly maintenance fees associated with maintaining minimum balances on consumer checking and savings accounts.
• Foreign ATM fees assessed by MINNESOTA BANK & TRUST will be waived. Customers using other banks’ ATMs will not be assessed fees. Other banks and ATM operators may charge a fee and balance inquiry, withdrawal and international fees may apply. 
• CD early redemption fees will not be assessed. Customers who need to redeem a CD early will not be assessed an early redemption fee. We recognize that customers may need access to funds to take care of unexpected expenses or respond to changes caused by the current situation. Customers must contact us to redeem to any CDs. 

Through July 1, 2020

• Late fees on all consumer loans will be waived. The late fees on all consumer loans will be automatically waived for customers. 
• No payment will be required on consumer credit cards. Most credit card customers will automatically see a $0 minimum due on statements beginning on April 1, 2020. Customers who have auto-payment set up for their credit card account will need to cancel auto-payment for their minimum payment to reflect $0. Customers who cancel auto-payment will see a one month delay in statement changes.
• Customers may elect payment deferral on consumer installment loans. Consumers may elect to defer all payments on consumer installment loans without penalty. This will not be done automatically for customers. Customers must visit our website and complete the e-form for installment loan deferrals.
• Small businesses can modify their loan. Small business customers may choose to make interest-only payments. They will receive a direct communication advising them how to modify their existing loan.
• Small businesses can skip a payment on their credit card. Most small business credit card customers will automatically see a $0 minimum due on statements beginning on April 1, 2020. Customers who have auto-payment set up for their credit card account will need to cancel auto-payment for their minimum payment to reflect $0. Customers who cancel auto-payment will see a one month delay in statement changes.

Keeping Employees Safe

Continuing to deliver excellent service to our customers and communities also means taking steps to protect the health and safety of our employees. We have:

• directed all employees who can work from home to do so.
• deep cleaned our locations to reduce the spread of germs.
• committed to pay all employees at 100% through April 30, 2020. Employees who need time off because of illness, to care for a sick family member or to provide child care due to school or day care closings will be paid at their full rate.
• restricted business travel, are monitoring personal travel, and cancelled all in-person events and meetings.

About

About Minnesota Bank & Trust Minnesota Bank & Trust, a subsidiary of Heartland Financial USA, Inc., (NASDAQ: HTLF), is a state chartered bank with more than $718 million in assets and is located in Edina and Minnetonka, Minnesota. The bank specializes in business lending and deposit services, and provides a wide variety of personal credit, private client services and deposit services along with complete electronic banking programs. Minnesota Bank & Trust is a member of the FDIC and an Equal Housing Lender. Visit for more information. About Heartland Financial USA, Inc. Heartland Financial USA, Inc. is a diversified financial services company with assets of $13.2 billion. The company provides banking, mortgage, private client, investment and insurance services to individuals and businesses. Heartland currently has 114 banking locations serving 83 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado, Minnesota, Kansas, Missouri, Texas and California. Additional information about Heartland Financial USA, Inc. is available at Safe Harbor Statement This release, and future oral and written statements of Heartland and its management, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Heartland’s financial condition, results of operations, plans, objectives, future performance and business. Although these forward-looking statements are based upon the beliefs, expectations and assumptions of Heartland’s management, there are a number of factors, many of which are beyond the ability of management to control or predict, that could cause actual results to differ materially from those in its forward-looking statements. These factors, which are detailed in the risk factors included in Heartland’s Annual Report on Form 10-K filed with the Securities and Exchange Commission, include, among others: (i) the strength of the local and national economy; (ii) the economic impact of past and any future terrorist threats and attacks and any acts of war, (iii) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business; (iv) changes in interest rates and prepayment rates of the Company’s assets; (v) increased competition in the financial services sector and the inability to attract new customers; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) the loss of key executives or employees; (viii) changes in consumer spending; (ix) unexpected results of acquisitions; (x) unexpected outcomes of existing or new litigation involving the Company; and (xi) changes in accounting policies and practices. All statements in this release, including forward-looking statements, speak only as of the date they are made, and Heartland undertakes no obligation to update any statement in light of new information or future events.

CONTACT:

Stephen Bishop

(952) 746-3370