◆ Bank of SV CEO will serve with Wyoming State Auditor.

Bank of Star Valley President and CEO Rod Jensen has joined Wyoming State Auditor Kristi Racines on a Governor assigned task force that will focus on the state’s business and the financial sector during the COVID-19 pandemic.

Jensen also serves as President of the Wyoming Banker’s Association.

“We are rapidly escalating our response to the very real health concerns coronavirus poses,” Governor Mark Gordon said as he made the task force assignments. “As we do, however, we must realize that closing businesses and suspending travel and public events poses a threat to employment and business viability. Our responses to these threats must be focused and measured, and that’s what these teams will bring to a changing situation.”

Each task force will meet as long as needed and issue recommendations on best practices to address the multifaceted challenges that Wyoming is likely to face in the weeks and months to come.

“The goal is to minimize as much as possible the financial impact to Wyoming with this basic stay at home policy,” Jensen said following the appointment. He made the comments in an interview on the “Weekday Wakeup” program heard on the SVI stations in Star Valley, Kemmerer and Bridger Valley. “This is a great concern for a number of businesses that have closed or ordered closed. How do we help them get through this and revive the Wyoming economy?”

Jensen said banks will be key in helping the Wyoming economy. “It’s really going to come down to what the individual financial institutions are,” he explained. “SBA (Small Business Administration) has a program to help impacted businesses and all banks can help with this.”

He added, “There are loan programs to help recover the lost revenue from this crisis. This will be a hard thing to do, but they are low rate loans.”

As the bankers association president, Rod said he had been talking with most banks throughout the state.

“We have had a number of board meetings with the Wyoming bankers and the banks are being very proactive in this with extensions and modifications,” he said of the existing loans. “We’re basically telling consumers as you are impacted, please talk to your financial institutions about what you can do.”

He continued, “The banks are there to help; largely with foregoing payments and fee reductions. Banks right now are acting in a very progressive manner to try to help the Wyoming economy.

“My best advice is talk to your banker. We want everyone to get through this to recoup and reorganize.”
Looking ahead, Jensen advised, “As an economist I would expect a steep recovery at the end, however it’s critical to get everyone to the point where the recovery begins.”

Jensen said he hoped for the virus to peak by the end of the month when everything will “become more manageable.”

He advised, “The U.S. economy is not meant to be shut down.”

Jensen commended Wyoming residents for the strong character.

“I want everyone in Star Valley and Kemmerer to take a deep breath,” he said. “Wyoming people are unique. I believe they are independent and self reliant with an internal strength and strong character.
We’re going to make it through this. This is neighbors helping neighbors”

Jensen concluded, “Talk to your banker. We have the financial footings and the ability to help [people] weather the storm.”