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Covid-19 Economic Response Committee

Central Bank (Honorable Mention) - Lexington, Kentucky

2020 Community Commitment Awards Submission

  • Entry Category: Community & Economic Development
  • Asset Size: Small

As was the case for most all communities, the Lexington economy was completely devastated by the pandemic from the very outset of confirmed local cases of the virus. As businesses closed their doors or reduced service in response to the developing situation, unemployment skyrocketed to levels not seen since the Great Depression. In the wake of the crisis, Central Bank pivoted to focus on serving businesses with PPP loans and other resources. The work our team was able to accomplish relative to securing PPP loans for both customers and non-customers was nothing short of exceptional, and was a fulfillment of our long-standing pledge to serve the communities where we reside. Our loan volume accounted for roughly 10% of Kentucky's totals for PPP loans, making us the third largest lender of PPP loans in the state. While the work our team was able to accomplish in the short term was extraordinary, we knew that was just the beginning of the work that would be needed to place Lexington on the road to economic recovery. In the midst of the crisis, our President, Chairman & CEO Luther Deaton was already leading the charge to restore and protect the Lexington economy. Luther began working with Lexington Mayor Linda Gorton to co-chair the Covid-19 Economic Response Committee. Their goal? To create the Lexington Blueprint for Economic Recovery, which would keep people healthy, while also getting them back to work. The plan clearly defined the next steps and actions needed to reopen.