Financial Relief Program

First Option Bank Offering Financial Relief Program to individuals and business owners who have been affected by COVID-19. 

Paola, KS. (Mar. 20, 2020) – As part of our ongoing commitment to work with customers to lessen the impacts of financial hardships due to the evolving COVID-19 situation, First Option Bank is offering a Financial Relief Program to our loan customers for consumer, credit card, mortgage and commercial loans. The programs will be re-evaluated as circumstances require. Customers will need to contact us to participate in the relief program. 
  
Blake Heid, First Option Bank President and Chief Executive Officer stated, “We believe in times like these, we need to be willing to help one another. Our customers and our communities have always been a top priority, and the actions we are taking continue to show our desire to be part of the solution.” 
  
The Financial Relief program includes: 

• Auto Loan Deferral Program: We are offering a payment deferral to existing customers for up to 90 days and no late fees during that deferral period. To participate in this program, please call (913)557-0800 

• Business Loan Deferral Program: Existing customers whose business is facing difficulties, may be eligible for a payment deferral. During this time, interest will accrue, and there will be no late fees during that period, nor will it adversely impact your credit. To participate in this program, please call your business loan officer. 

• Consumer Loan Deferral Program: We are offering a payment deferral to existing customers for up to 90 days and no late fees during that deferral period. To participate in this program, please call (913)557-0800 

• Credit Card Deferral Program: We are offering a payment deferral to existing customers for up to 90 days and no late fees during that deferral period. To participate in this program, please call (913)557-0800. 

• Foreclosures: Suspension of all foreclosure activity on homes for the next 60 days. 

• Home Equity Deferral Program: Existing customers facing financial hardship due to an interruption in income, may be eligible for a forbearance or deferment of payment. During this time, interest will accrue, and there will be no late fees during that period, nor will it adversely impact your credit. The length of forbearance or deferral will be determined on a case-by-case basis, to find an appropriate solution that meets your specific needs. To participate in this program, please call (913)557-0800 

• Home Loan Deferral Program: Existing customers facing financial hardship due to an interruption in income, may be eligible for a forbearance or deferment of payment. During this time, interest will accrue, and there will be no late fees during that period, nor will it adversely impact your credit. The length of forbearance or deferral will be determined on a case-by-case basis, to find an appropriate solution that meets your specific needs. To participate in this program, please call your loan officer. 

• Vehicle Repossession: Suspension of initiating any new repossession action on vehicles for the next 60 days. 

  
In addition to these measures, for the next 90 days, First Option Bank will waive fees for overdrafts, excessive transactions for savings and money market accounts, as well as no monthly maintenance fees or balance minimums. 

 
Businesses and consumers who wish to receive loan deferrals must contact First Option Bank to determine eligibility; the Financial Relief Program is not automatic. Valid until May 31, 2020, terms and conditions apply. 

  
Please contact First Option Bank if you are experiencing a hardship regarding a mortgage, home equity line or loan, auto loan or credit card balance, now or in the future. Our customer care line is available at (913)557-0800 from 8 a.m. to 5 p.m. CST Monday through Friday, and from 9 a.m. to 12 p.m. CST on Saturday. Due to high demand, call wait times may be longer than normal and First Option Bank thanks you for your patience as we navigate this situation together.

Customer Contacts
Consumer Care Line (913)557-0800
or Contact Your Loan Officer

Media Contacts
Mallory Vaughn, Marketing Director
[email protected]