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Crest Savings Bank (Honorable Mention), Wildwood, NJ

Entry Year: 2019
Entry Category: Supporting Military Families
Asset Size: Small
Program Name: Federal Employee Pay Replacement Program

Program Summary:

Crest Savings Bank’s primary marketplace is Cape May County, home to Coast Guard Training Center Cape May, the sole accession point for all enlistees. While the most recent US government shutdown did not affect most of the Armed Services, the Coast Guard, as a subsidiary of the Department of Homeland Security, was part of the workforce whose pay was withheld during the shutdown. Together with the support of the Cape May County Coast Guard Community Foundation and $500,000 pledged by local business owners, Crest Savings Bank developed the Federal Employee Pay Replacement Program to swiftly respond to those in need. The program kept the affected employees, especially Coast Guard recruits at the beginning of their earning life cycle, from falling into default with creditors. The program was designed with no qualification except an indication of need, which allowed Crest to disburse a check at the end of the application process. The success was overwhelming, with Crest providing $52,000 in loans to 39 recipients who had missed their federal paychecks. Crest is proud to have helped community members make ends meet during the longest government shutdown in US history. https://6abc.com/politics/cape-may-community-pitches-in-to-help-coast-guard-members-/5091091/