Coronavirus Update at RCB

Updated August 7

Hello there,

Thank you once again for choosing us as your SBA PPP Lender. We have some new information regarding PPP loan forgiveness and the automated application process. As you may have heard, Congress approved rules making the forgiveness process more flexible. Our online Forgiveness Application Portal has been updated to incorporate these changes and is now available to you.

Si solicitó a través de MCCI y necesitas servicios de traducción, contáctelos directamente para ayudarlo.

If you would like to see a visual guide, we do have step-by-step screenshots available for download.

Importantly, if you have been unable to fully utilize your PPP loan proceeds within the initial 8-week period, you have the option to extend the utilization period for up to 24 weeks from the date of funding. In addition, the minimum amount a business must use for payroll was reduced to 60% of the total PPP loan amount. The full government guidance and loan application links are included at the bottom of this communication.

Here are the steps you will follow to apply for your PPP forgiveness:

Remember you can always converse with RCB directly through the messaging capabilities within the online platform.  Each loan customer will be assigned a specific bank representative to work directly with them once the application is in process. The online portal is the most efficient way to get in contact with the RCB team member that will be assigned to your application. If you applied through MCCI and need translation services, please contact them directly to assist you.

  1. Have your business TIN, SBA PPP Loan number and the loan amount ready to start. 
  2. You should complete the schedule worksheet in advance of starting the automated forgiveness application.
  3. Follow the instructions road map along the top of the page. Additional information is available at the bottom of each screen.
  4. Enter your email address.
  5. Click "no" on excess of $2 million question.
  6. Enter the number of employees.
  7. Enter EIDL Application number. Leave blank if you didn't apply.
  8. Select your payroll frequency.
  9. If you need to utilize an alternative coverage period than what is stated for your payroll period to accommodate a different start date for your first payroll, please enter your payroll start date in the box. Otherwise, leave blank.
  10. At the end of the process, the system will calculate an estimate of the forgiveness amount.
  11. You will then be asked to upload supporting documentation to add to your application.
  12. Add your electronic signature and submit the application. You may log back into your account to edit the submission.

Start Your Application 

Once we’ve received your completed forgiveness application, we will work as quickly as we can to review your supporting documents and validate it. At that time, you’ll receive notification through the system that we’ve submitted your forgiveness request to the SBA. They have an additional 90 days to render their forgiveness decision.

As always, you may contact for any assistance.

Thank you,

The RCB Team

You can find the government guidance and loan application documents below (Note: the linked applications are for reference only. The automated system will fill out the application for you)


Follow-up Sent on July 24

Dear PPP Customer,

As you know, we have begun processing PPP loan forgiveness applications. We are using the portal method so that we can communicate back and forth with you, collect your documents, and streamline the process. We have uncovered some frequently asked questions from our PPP customers that might be helpful to everyone, so we thought we would address those questions here.

Click the video link below for some information on the forgiveness process from Julie Thurlow, President & CEO of RCB.

To read the details, visit our website at

If you have any other questions, please don't hesitate to contact us at or by calling 781-942-5000.

Updated July 3

Hello there,

Summer might be here, but that doesn't mean that learning is over. We know that the past few months have created some real challenges for both parents and educators when it comes to keeping kids busy. Because of this, we've decided to modify our approach to financial literacy to help teach your students/children remotely with the same educational materials that RCB would bring to its in-person classes.

We have created a Financial Literacy Hub for online learning. One of the main features of this new service is having our branch managers join teachers in virtual classrooms and summer camps to deliver a variety of financial literacy lessons.

Please know that the financial literacy hub is not limited to students alone. If you have some time on your hands and would like to freshen up on or expand your financial knowledge, all of these resources are available to you as well!

When it comes to financial literacy and the ability to give students the information they need to successfully deal with monetary decisions that they'll face throughout their lives, RCB is here to help, whether together or apart.

Wishing you all the very best,

Julie Thurlow

President & CEO

Updated June 28

Hello there,

We have some good news! RCB will once again be accepting in-person branch appointments beginning the week of May 26th.

If you are looking to meet with a banking specialist or a lender, we highly encourage you to reach out via phone or email to book time with either a banking specialist or lender. Appointments will be staggered in order to manage in-branch traffic. To schedule an appointment, call 781.942.5000 or email

To determine if an in-person appointment is necessary, please visit our Here to Help page. We will be updating this frequently so that you will always know where to go to get your banking needs met. 

While we are eager to welcome you back inside the bank, we realize that certain measures are required to guarantee the health and well-being of both you and our employees. With that in mind, we will be enacting the following policies for all branches:

Safety First: Several safety measures will be in place prior to reopening. This includes routine cleaning and sterilization of all working areas, the opportunity for staff to regularly wash their hands, PPE such as masks and gloves for our staff, social distancing, and cough screens for employees and customers at each station. We will provide all essential resources, including hand sanitizer and disinfectant wipes, to thoroughly clean hard surfaces throughout the day, particularly in high traffic areas. All staff and customers are expected to follow good hygiene practices. Floor signs will be positioned to assist with safe waiting distances.

Wellness Check Questions: All branches will be conducting wellness check questionnaires for customers and staff to confirm that they are not experiencing symptoms or feeling ill. This is a necessary precaution to reduce the possibility of exposure for other staff members.

Spacing: We are committed to social distancing and will only be allowing one customer in an ATM vestibule at a time to avert any potential congestion or transmission while performing a banking transaction.

Paid Leave for Employees:  RCB staff have been asked to exercise good judgment to safeguard their health and the health of their community, including staying home if they have any symptoms of illness or do not feel well. To better support each employee in making community-minded decisions, we have been providing up to two weeks of additional paid sick time for those who exhibit symptoms of the virus.

Operational Standards: Extra steps will be taken to safely service our senior customers and customers with disabilities who may need additional assistance while banking at our branches. In addition, We are making plans to fully reopen the Burlington branch to customers as soon as it is deemed safe to do so.

We will keep you informed of any new developments at RCB and will make available the most up-to-date safety guidelines as we receive them from state and local officials.

We look forward to bringing you more in-person services in the near future.

Stay safe and healthy,

Julie Thurlow

President & CEO


Updated May 29

Dear Borrowers,

Thank you for choosing us as your SBA PPP Lender. We are happy to help you and your business during this difficult time. We have recently received the initial federal guidance from the SBA on loan forgiveness and are evaluating automated systems to help you navigate the forgiveness process in the easiest way possible. 

Stay tuned – we will notify you once we are prepared to start accepting forgiveness applications.

If we can be of further service, please do not hesitate to contact us.

Be well,

The RCB Team


Updated May 26

For information on IRS stimulus checks, please click here. For information on loan forbearance and SBA PPP loans, please click here.


Updated May 7

Dear Owners,

All of us at RCB know that these past couple of months have been extremely challenging for everyone. We have all had to make sacrifices for the sake of our family, friends and neighbors.

THANK YOU to every one of the front-line workers who have selflessly protected and provided for the rest of us. You are the true personification of heroism. Your dedication to our collective well-being best exemplifies the resiliency of the American spirit.

THANK YOU to our customers for your understanding, patience and willingness to make the adjustment to our new way of banking by trying new technologies (online and mobile) and visiting our drive-up windows. We are appreciative of your tolerance as we guided you through your banking questions over the phone while working from home. Your support for our well-being and safety has been humbling and has kept us going during this time.

I would like to take this opportunity to share with you some of the extraordinary work we have performed on behalf of our community through this crisis:

RCB has made sure that every eligible business that applied for a Paycheck Protection Program (PPP) loan through us – both large and small - had their loans processed and funded. I am proud to tell you that, to date, we have secured 451 PPP loans for area businesses to assist with meeting payroll and keeping the lights on as we prepare to reopen.

We have provided mortgage relief to hundreds of customers experiencing financial hardship to help ease their stress.

RCB has waived overdraft fees and late charges on accounts, so no one will need to worry about account balances or missed payments.

We have created a financial literacy hub to support parents and educators as they adapt to online learning, including having our branch managers join teachers in zoom classrooms to continue bringing financial literacy lessons to public school children.

I would be remiss if I did not say a special thank you to our front-line employees, who stood at our drive-thru windows every day to make sure we continued to service our customers – you have kept us all going!

The teamwork, support and compassion we have seen within our organization and our communities has been nothing short of extraordinary. We always talk about our unique cooperative structure and the value you derive from being an owner and member of our cooperative; it is even more powerful to see it in action.

We are planning for and looking forward to the day when our doors open and we can resume the full services that you know and expect from us. Until then, we remain committed to being here for you when you need us most.

Stay safe and be well,

Julie Thurlow

President & CEO


Updated April 28

Dear RCB Customers,

We want to remind you that Paycheck Protection Program (PPP) funds are still available through the U.S. Small Business Administration (SBA). So far, RCB's commercial lending team has processed 430 loans for existing customers and other small businesses in our community. We would be happy to assist you as well! If you own a small business and are looking to access a PPP loan before the funds run out, we can help with your application. Please feel free to reach out to us at 781-942-5000 or at You may also visit our website to view all of the SBA submission requirements.

We look forward to getting you your loan!

Best regards,

The RCB Team


Updated April 7

Dear Customer,

Reading Cooperate Bank remains fully staffed and capable of meeting your every request. We're here for you, providing any information you may need to help you navigate the banking waters during this stressful time.

RCB Updates

Economic impact payments (aka Stimulus checks) are expected to start posting to consumer accounts at the end of this week or next. Direct deposits will occur for social security recipients or tax filers that had their return direct deposited to their account at Reading Cooperative Bank. Visit the IRS website for the most up to date information.

Due to the pandemic and mail houses working with lean crews, printed/mailed statements may be delayed. Electronic delivery channels will not be impacted, so we recommend that you please take this opportunity to register for e-statements to retrieve your bank statements electronically. Simply log into online banking, using the link above, and click the “edocuments” tab at the top of the account summary page to register.

Following the directive of the Governor, we will be looking to reopen branch lobbies on Monday, May 4th. Please note that this date is subject to change as the situation develops. Please visit our website for the most up-to-date information.

If you're a borrower interested in applying for forbearance or for the SBA Payment Protection Program through RCB, please visit our COVID-19 Payment Relief page.

All ACH and direct deposit transactions are being processed on time and as expected. Your funds remain protected and accessible.

A great way to stay connected to your account 24/7 is by using our mobile app and online banking. With these tools, you can check your balance, pay your bills, set alerts about account transactions, and deposit checks – all from home.

Recently Reported Scams

  • Stimulus check or economic relief scams: The government will NOT ask you for a fee to receive the stimulus funds, nor will they ask for your personal or account information.
  • Charity scams: Fraudsters seek donations for illegitimate or non-existent organizations.
  • Delivery of malware through “virus-tracking apps” or sensationalized news reports.
  • Provider scams: Scammers impersonate doctors and hospital staff and contact victim claiming to have treated a relative or friend for COVID-19 and demand payment for treatment.
  • Bank/FDIC scams: Scammers impersonate FDIC or bank employees and falsely claim that banks are limiting access to deposits or that there are security issues with bank deposits.
  • Investment scams often styled as “research reports,” claiming that products or services of publicly traded companies can prevent, detect, or cure COVID-19.
  • The U.S. Secret Service has also received information regarding individuals receiving malware emails disguised as coming from a hospital that inform the recipient they may have come in contact with an individual who tested positive for COVID-19. The email instructs the recipient to download an attached Excel file (installing malware on the recipient's device), complete a form, and bring it to the nearest emergency clinic to be tested. If anyone has any information related to this alert, please contact

Banking Tips

  • Ignore offers for a COVID-19 vaccine, cure or treatment. If there is a medical breakthrough, it wouldn’t be reported through unsolicited emails or online ads.
  • Rely on official sources for the most up-to-date information on COVID-19. Visit the Centers for Disease Control and Prevention, World Health Organization and your state’s health department websites to keep track of the latest developments.
  • Remember that the safest place for your money is in the bank - it’s physically secure and it’s federally insured. When you deposit your money at a bank, you get the comfort of knowing that your funds are secure and insured by the government. You don’t have the same level of protection when your money is outside the banking system.
  • Do some research before making a donation. Be wary of any business, charity or individual requesting COVID-19-related payments or donations in cash, by wire transfer, gift card or through the mail.
  • Recognize and avoid bogus website links. Cybercriminals embed malicious links to download malware onto devices or route users to bogus websites. Hover over suspicious links to view the actual URL that you are being routed to. Fraudulent links are often disguised by simple changes in the URL. For example: vs
  • Help others by reporting coronavirus scams. Visit the FBI's Internet Crime Complaint Center at to report suspected or confirmed scams. You can also stay up-to-date on the latest scams by visiting the FTC’s coronavirus page at

If you require assistance or have any questions, please do not hesitate to contact us at 781-942-5000 or by emailing

Stay safe,

Julie Thurlow, President & CEO


Updated April 6

RCB staff is working overtime to meet the overwhelming demand for this SBA loan. In order to better process existing customer applications, we're temporarily not accepting applications from non-customers. If you have applied prior to 4:30 PM on Monday, April 6, your application remains in the pipeline and is still being processed.

As soon as the bank receives a confirmation from the US Small Business Administration that your loan has been accepted, your lender will send a email confirming receipt.

We are processing applications in the order received as quickly as possible and will be in contact with you as soon as we can. Once the backlog is processed, we will resume accepting all applications.


Updated April 1

If you are a residential or commercial borrower, we have set up a COVID-19 payment relief page for you to submit a forbearance request or apply for a loan under the SBA using the Paycheck Protection Program.


Updated March 28

Dear Customer,

Thank you once again for your patience and understanding while we work our way through these difficult times. Rest assured, RCB will continue to be here for you and meet your needs as they arise.

The following are new developments taking place at the bank for you:

For any borrower experiencing a coronavirus-related financial hardship, the bank's board has approved a payment forbearance program that will launch on Monday, March 30th for any loan customer experiencing a loss in income due to Covid-19. This loan forbearance will defer monthly payments for one, two or three months.

If you would like to speak to us directly about a forbearance or financial hardship related to loan repayments, you may contact our lending team either by email or telephone. For all mortgage-related inquiries, please call 781-670-1501 or email For commercial banking-related inquiries, please email

All late charges and overdraft fees are being waived for the month of April.

If you need increased limits on mobile deposits, ATM's, wiring, etc., please call us during regular business hours at 781-942-5000. You may also email us at

All RCB branches have a notary on staff, however, due to limited staffing, they may not always be on the schedule. If you need notary services, please call us in advance so we can ensure there is a notary available when you plan to arrive.

A great way to stay connected to your account 24/7 is by using our mobile app and online banking. With these tools, you can check your balance, pay your bills, review transactions, and deposit checks – all from home.

Due to the human proximity required, safe deposit boxes are not available until April 7th, at the earliest, as recommended by the Governor. Please check our website at for any updates on accessibility.

We will attempt to accommodate any special needs or requests that we can provide while maintaining a safe environment for you and our staff. Do not hesitate to reach out to see if we can help you.

Wishing good health to you and yours,

Julie Thurlow, President & CEO


Updated March 24

Dear RCB Safe Deposit Box Customer,

We'd like to express our thanks to you for your cooperation, patience and understanding as we try to bring you all of the services that you need while also doing our part to prevent the spread of COVID-19.

Unfortunately, due to the human proximity required safe deposit boxes are not available until at least April 7th (UPDATE: Safe Deposit Boxes are not available until further notice as of March 31) at the earliest, as recommended by the Governor. Please check our website at for any updates on accessibility.

As always, we will be available by phone during regular business hours at 781-942-5000; please call with any questions. You may also email us at

A great way to stay connected to your account 24/7 is by using our mobile app and online banking. With these tools, you can check your balance, pay your bills, review transactions, and deposit checks – all from home.

All drive‑up services will remain open for bank transactions Monday-Friday, from 8:00 AM - 5:00 PM, and Saturdays, from 9:00 AM - 2:00 PM.

If there is anything else you need, please do not hesitate to reach out. We will be here to help you through these difficult times.

Be safe and thank you for your patience.

Julie Thurlow, President & CEO


Updated March 23

Dear RCB Customers,

The Governor has directed all non-essential businesses to close at noon on Tuesday, March 24. Rest assured, Reading Cooperative Bank remains open for transactions through our branch drive-throughs for the duration of this emergency. Our drive-up hours are Monday through Friday, 8:00 a.m. to 5:00 p.m., and on Saturdays from 9:00 a.m. to 2:00 p.m.

Our telephone, online and mobile banking services are available 24x7, giving you the ability to check your balance, pay your bills, review transactions, and deposit checks. You may also visit ATM's located at all of our convenient branch locations. If you need any assistance or have questions, please contact customer service at 781-942-5000 or at

Thank you,

Julie Thurlow, President & CEO


Updated March 22

Dear RCB Customers,

We'd like to express our thanks to you for your cooperation, patience and understanding as we try to bring you all of the services that you need while also doing our part to combat the spread of COVID-19.

All drive‑up services will remain open for bank transactions from 8:00 AM - 5:00 PM Monday-Friday and from 9:00 AM - 2:00 PM on Saturdays.

Unfortunately, as of Monday, March 23, we will no longer be accepting in-person appointments. This is our way of further protecting your health and well-being, along with the health and well-being of our employees. 

With all that's going on, we thought it would be helpful to provide additional information on banking and state resources that might be valuable:

  • We are fully staffed from remote locations to support all your transactions. All direct deposits and social security payments will be credited upon receipt. We have a plan in place to handle any emergency. Your funds remain protected and accessible.
  • The Federal Deposit Insurance Corporation (FDIC) is reminding Americans that FDIC-insured banks remain the safest place to keep their money.
  • The FDIC is also warning consumers of recent scams where imposters are pretending to be agency representatives to perpetrate fraudulent schemes. The FDIC does not send unsolicited correspondence asking for money or sensitive information. The agency will never contact people asking for personal details.
  • Please be aware that scammers of all types may try to take advantage of this situation. One example involves people receiving phone calls asking them to verify personal information in order to receive their relief package from the government. This could include social security numbers, dates-of-birth or home addresses. Remember to never share your personal and/or private information, usernames or passwords with a caller.
  • We understand that our small businesses are being hit hard due to this disaster. Massachusetts small businesses can now access and apply for Economic Impact Disaster Loans at
  • If you have experienced a reduction in income, or are not receiving income at all, and have a mortgage with Reading Cooperative Bank, please know that we are working on developing a forbearance program. If you would like more information on this program once finalized, please email us at
  • Governor Baker signed S.2599 to provide unemployment assistance to workers impacted by COVID-19. This legislation will allow new claims to be paid more quickly by waiving the one-week waiting period for unemployment benefits.

As always, we will be available by phone during regular business hours at 781-942-5000. You can remain connected to your account 24x7 with our mobile app and online banking. With these tools, you can check your balance, pay your bills, review transactions, and more – all from home. If there is anything else you need, please do not hesitate to call. We will be here to help you through these difficult times. 

Be safe, and thank you all for your patience.

Julie Thurlow, President & CEO


Updated March 18

All drive-ups remain fully staffed and available to process any banking transactions that you may require. Online banking tools are here for you too!

Download Our Mobile App



Enroll in Online Banking

Register Here

If you need help getting set up, please reach out to our customer service team at 781-942-5000 or at


Updated March 17

Dear RCB Customers,

In light of the recent spread of COVID-19, and in order to improve social distancing, RCB will be moving to drive-up only starting Tuesday, March 17.

All drive-ups will be open 8:00 AM - 5:00 PM Monday-Friday and 9:00 AM - 2:00 PM on Saturdays.

The drive-up windows at both locations in Wilmington, as well as our locations in Andover, Reading and North Reading will remain fully staffed and able to process any banking transaction you may require. We will continue to evaluate the situation as it evolves and reopen the branch lobbies as soon as possible.

You will receive a notice from us once that happens, or you may check in with us at, Facebook or Twitter for all of the latest developments and updates on the status of our branches.

As always, ATM's, telephone banking, and online and mobile banking are available to you 24/7.

If you need further banking consultation, whether it's for customer service, a safety deposit box, lending services or financial planning, a banking specialist, branch manager or lender is happy to meet with you. Please contact us directly if you require an in-person meeting. To arrange an appointment, please call 781-942-5000 or email

Be safe, and thank you all for your patience.

Julieann M. Thurlow, President & CEO