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SYSTEM RELEASE - Tuesday, April 14, 2020

A message to our customers and partners: We're in this together


As the world unites to fight COVID-19, Concentra is doing our part to help our customers, our community and our employees.

Support for our customers

We are committed to supporting our customers through this very challenging time. As a wholesale bank, we have a mix of business customers, individual customers, broker customers, and credit union customers.

  • We've helped thousands of mortgage customers with payment deferrals. Our call centre employees are working longer hours and on weekends to help everyone who has experienced hardship due to COVID-19. To help ease the congestion on our phone lines, we've placed a mortgage deferral form on the borrower portal so customers can get an approval or response within minutes.
  • We obtained permission from our syndication partners within the credit union system for us to work directly with customers on their behalf. This allows us to find flexible and efficient solutions to our customers' payment issues on a case-by-case basis.
  • For our credit union partners who securitize with us, we've created a free webinar about the impact of COVID-19 on:
    • The residential housing market and securitization activity in Canada
    • Forecasted impact on the residential mortgages market
    • Impact to benchmark bond rates and MBS bond pricing
    • Potential securitization solutions

Click here to listen, starting at the 3:35-minute mark.

  • We're seeing an increase in requests for information from healthcare workers and first responders about the value of planning for a legacy. As a result, we're offering free live webinars for estate and trust advisors. If your credit union or professional association is interested a webinar on estate and trust planning, please contact us at 1.800.788.6311 or trust@concentra.ca.

Support for our community

  • It is difficult to witness the impact of COVID-19 on our communities, including empty shelves at the grocery store and people losing their income. We wanted to help, so we've donated $25,000 to Food Banks Canada, a charitable organization representing food banks nationwide. If you want to help us support Food Banks Canada, they have just made their first-ever nationwide appeal, with a goal to raise $150 million. Click here to donate.
  • For the last decade, Concentra has annually supported community projects via our Empowering Your Community grant program, through which we have granted $1.8 million to more than 130 credit-union-supported projects nationwide. Each year we select 15 community projects to receive a $10,000 grant and two projects to receive a $25,000 grant. Because COVID-19 will have paused some of these projects, we have offered for the winning projects to use the money as intended or put it toward a COVID-19 relief effort in their community.
  • Concentra offers three paid days each year for employees to volunteer in their community. We have extended our volunteer program to cover virtual volunteering, so that we may continue to support our neighbours in need.

Support for our employees

We'd like to thank our employees who are working diligently to continue to give you excellent service despite working from home since March 20, and while fielding increasing demands for assistance from all quarters. Our employees rock, and we appreciate their professionalism and kindness.

  • To assist employees whose partners have been laid off or who are otherwise experiencing financial difficulty at this time, Concentra is offering a COVID-19 Employee Support Loan. This is a one-time loan of $1,500 at an interest rate of 2.75%, with no proof of need or credit application required. Repayment will be via payroll deductions at the conclusion of a six- or 12-month term.
  • We are communicating regularly with employees and offering support for their mental and physical well-being via an employee assistance program, free online fitness classes, fun and easy fitness challenges, and virtual coffee chats.

We're doing our part—thank you for doing your part

Many of our employees are related or married to healthcare workers, grocery store clerks, paramedics and others on the front line who are keeping us safe and fed during this horrible crisis. We want to give a big shout out to all the healthcare workers, scientists, government officials, first responders, policy makers, janitors, grocery store workers, CEOs, call centre employees and everyone else who is confronting COVID-19 head-on. We'd also like to thank everyone who is taking this virus seriously and practicing social distancing to help us flatten the curve. Take good care of yourselves and stay safe! And thank you so very much.