Three Rivers Bank handles influx of SBA loans

Three Rivers Bank of Montana has had a big impact in supporting local businesses during the COVID-19 pandemic, according to AJ King, chief executive officer of the community bank that serves the Flathead Valley with two Kalispell locations.

Three Rivers Bank has provided almost $25 million in Small Business Administration loans since the Coronavirus Aid, Relief, and Economic Security Act made these emergency funds available at the end of March. In the past two weeks alone, the bank processed 220 SBA loans.

King said that’s about five times as much business as the bank usually handles at this time of year.

“It is a lot of work and the work’s not over yet,” King said. He reported many members of the bank’s 50-person staff have worked well past traditional banking hours—sometimes even until midnight—to take care of all the applications.

But, he pointed out, Three Rivers Bank has a few special features that have allowed them to lead the way in helping small businesses get emergency support during these unprecedented times.

Three Rivers Bank is already a preferred lender for SBA loans, a status that allows the bank to underwrite and approve SBA loans. In the past 10 years, King said Three Rivers Bank has consistently been in the top 10 throughout Montana when it comes to the number of SBA loans they approve and the loan amounts. As such, their team has the experience and capacity to handle these applications.

“The experience that my team has was outstanding in providing applicants with the information that was required and getting it out,” King said. The bank designated a 10-person team to spearhead its SBA efforts during the crisis.

And because SBA loans are such familiar territory for them, King said they have had an influx of clients who have come to them for help in the past few weeks. King said a lot of clients have reached out from Northwest Montana and out of state because they couldn’t find any other institution that could help them navigate SBA loans. A lot of these newer customers have pledged to continue banking with Three Rivers once circumstances return to normal, he added.

King said supporting these small businesses is important for Three Rivers Bank, since “we’re a small business too, so we understand small businesses.”

Three Rivers Bank is entirely based out of Kalispell.

“The ownership is local, the stockholders are local, everything is local,” King noted.

Its status as a small, community bank sets Three Rivers apart from similar institutions, King said, pointing out there are only about 45 independent banks left in the state.

“There are fewer and fewer community banks,” he noted. “We are a true community bank.”

With this unique approach, King said, “we were able to just put things together to save jobs and business here in Northwest Montana.”

Reporter Bret Anne Serbin may be reached at 758-4459 or bserbin@dailyinterlake.com.