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July 14, 2020 Leadership In A Time of Crisis

Country Bank

 

Our region epitomizes resilience. Time and again, we have weathered adversity and emerged stronger on the other side. From natural disasters to population shifts and industrial redevelopment, we have seen our share of environmental, social, and economic disruptions—and through, grit, determination and reinvention - we have bounced back each time.

Still, few could have predicted the extent to which our lives and communities would be upended by the COVID-19 crisis. Even as we mark the gradual reopening of our economy and return to public life, many questions remain: What will the “new normal” look like? When and how will we get there? What will have been the cost?

Make no mistake: the pandemic has exacted a heavy toll on our city and region; unemployment is currently hovering around 14% amid a workforce that has been reduced by a tenth. Those figures are likely to remain elevated for some time, even as certain businesses— retailers, restaurants, hotels and child-care facilities included--prepare to open their doors as part of a phased reopening process.

The encouraging news is that Worcester is in an exceptional position to get back on track economically following the shutdown. Prior to the closure, our city and its surroundings had been enjoying a prolonged period of growth, thanks in part to increased investment, low cost of capital, a surging stock market and a thriving, consumer-led economy.

At Country Bank, we are inspired to see a resumption of this resilient, growth-oriented mindset in our partners and communities. The will—and ability—to rebound is strong, especially amid the recommencement of essential construction activity. Major economic development projects that were delayed or postponed as a result of the pandemic are now resuming in force, with a fresh sense of determination and a clear path to completion. One of the most exciting such projects for our city, county and region is the long-awaited Polar Park project, which is back underway after a two-month “seventh-inning” stretch. Before we know it, the Worcester Red Sox will be starting their inaugural season to the cheers and excitement of both young and old - another clear example of Worcester’s resilient spirit and drive to progress.

To be clear: we are not out of the woods yet. The pandemic is still very much a part of our day-to-day reality. In our optimism and eagerness to get back to work, we must never forget the impact that the virus has had—and continues to have—on the lives and livelihoods of our citizens. We are living under a new set of circumstances, in which the path to progress will need be more carefully balanced with the safety and well-being of the public. If there’s one thing that is certain in these uncertain times, however, it is the ability of Worcester to thrive in the face of a challenge. We have come back from other crises, and we are well on our way of coming back stronger than before.

Sincerely,
Paul F. Scully
President and CEO, Country Bank

Country Bank

countrybank.com/business

800-322-8233