Liberty Bank Offers Relief Options Amid Coronavirus Crisis

MIDDLETOWN, CT — Middletown-based Liberty Bank is offering customers and businesses a series of relief options due to the new coronavirus, officials announced this week. The relief measures being offered include loan payment deferrals, unsecured personal loans up to $5,000 for existing customers, the waiving of certain fees and others.

“The COVID-19 pandemic is unfolding minute-by-minute,” David W. Glidden, president and chief executive officer of Liberty Bank said in a statement. “However, Liberty is in a strong position and as a mutual bank we are always here to support our customers and our communities in prosperous times and in times of crisis as we’ve done for the past 195 years.

“We are providing a series of immediate relief measures to help our personal, small business and commercial banking customers mitigate the financial hardships they are facing right now or navigate other challenges that could confront them during this unprecedented time.” (Read more from Liberty Bank below)

Consumer Lending Customers

Beginning March 30, Liberty Bank will be offering their existing customers unsecured personal loans up to $5,000 with 0-percent interest repayment, which can be deferred up to six months after the loan is closed. The unsecured personal loan will be amortized/paid off over 18 months (after the six-month period). Liberty Bank is pledging a total pool amount of $5 million for this loan relief program. For terms and disclosures, visit www.liberty-bank.com starting March 30.

Liberty Bank consumer loan customers are eligible for various types of loan payment assistance, including immediate loan payment deferrals. For more information, call Liberty’s customer loan team at 1-800-354-8950 to discuss your options. Customers with Liberty Bank credit cards are eligible for financial relief, including fee waivers for late fees, over limit fees and rush card requests. They should contact Cardmember Services at 1-800-558-3424.

Consumer Banking Customers

Consumer customers may be eligible for certain fee waivers. Call Liberty’s Customer Service Center at 1.888.570.0773 to see how they can help.

The bank is waiving penalties for early CD withdrawals for the next 90 days.

Liberty is reducing the annual percentage rate to 0 percent for the next 90 days for customers with an Overdraft Line of Credit.

Customers can request increases in debit card limits and remote deposit check limits. Call Liberty’s Customer Service Center at 1-888-570-0773 to make the request.

Small Business & Commercial Banking Customers

Liberty Bank’s small business and commercial banking customers are eligible for various types of loan payment assistance, including but not limited to immediate loan payment deferrals, interest only payments, further credit extensions or other forms of assistance.

Small business and commercial banking customers who are experiencing financial hardship should call the Customer Service Center at 1-888-570-0773 to discuss these relief options.

Reminders & Tips for Customers

As part of the Bank’s social distancing procedures, Liberty Bank branches will be operating via customer drive-up windows only and all branch lobbies will operate on an appointment basis only until further notice. For a list of Liberty Bank branch locations or to make an in-lobby appointment, visit: www.liberty-bank.com/locations for locations and branch phone numbers or call the Customer Service Center at 1-888-570-0773.