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The Bank of Fincastle Announces First Quarter Earnings for 2021 News provided by Share this article Share this article FINCASTLE, Va., April 29, 2021 /PRNewswire/ -- The Bank of Fincastle [SYMBOL: BFTL] has reported an unaudited quarterly net income of $345,680 for the first quarter of 2021, with assets of $272.1 million and total liabilities of $241.4 million. Executive Management Team, from left: Peter Sackett, Vice President and Chief Credit Officer Mike Jasper, Chief Financial Officer Scott Steele, President and CEO Sandra Craft, Vice President of Commercial Banking "As the COVID-19 pand...

Headlines CFPB Issues Interim Final Rule to Support CDC Moratorium on Evictions FEMA Announces Changes to National Flood Insurance Program Pricing Proposed Rule Would Establish Mandatory Terms for Tax Allocation Agreements Other Developments: Paycheck Protection Program and Qualified Mortgages 1. CFPB Takes Steps to Avoid a Possible Wave of Home Mortgage Loan Foreclosures The CFPB has issued guidance to mortgage servicers, including banks that service mortgage loans for third-party noteholders, that the CFPB expects servicers to dedicate sufficient resources and staff to reduce avoidable fore...

[co-author: Craig Stetson * ] In our last post on this topic, we touched on how the acceptance, use, and forgiveness of Paycheck Protection Program (“PPP”) loans can be viewed in the context of a Defense Contract Audit Agency (“DCAA”) audit. This post focuses on audits and investigations involving PPP loans. Close scrutiny of PPP loans is not a prediction; it is reality. The Small Business Administration (“SBA”) has announced it will audit all PPP loans in excess of two million dollars following a lender’s submission of a borrower’s loan forgiveness application, and it reserve...

KAREN FRIEL The COVID-19 pandemic continues to make its impact known on small businesses, employees, and Mountain State residents as a whole. There are many financial relief options available to help businesses remain open and employees to continue to receive their paychecks. The Paycheck Protection Program (PPP) remains by far the largest financial relief program ever endeavored by the United States. And there is still time to apply. For the average business owner, trying to understand the program and eligibility requirements can seem daunting. My team at the U.S. Small Business Administrati...

To embed, copy and paste the code into your website or blog: Restaurants, bars, caterers, food trucks and many other food and beverage businesses that suffered a loss in revenue due to COVID-19 will soon be able to apply for federal grants designed to help them remain in business. The grants are part of the Restaurant Revitalization Fund, a $28.6 billion fund that was established last month as part of the American Rescue Plan Act of 2021. The U.S. Small Business Administration, which will administer the fund, is expected to provide additional information shortly and begin making grants within...