We are growing, but we are committed to making sure our growth does not force us to lose the personal touch our customers have grown to love and appreciate so much.”—Khalid Acheckzai, CEO, Poppy Bank
When the Epicenter indoor sports complex emerged from the pandemic with a new name, it signaled to the entire community that one of the most popular gathering spots was here to stay. It was also an indication of the extent to which Poppy Bank is willing to support its business customers.
The new name, of course, is the Poppy Bank Epicenter, part of an $18-million loan and refinancing deal. The partnership is the first of its kind for Poppy Bank, and CEO Khalid Acheckzai says the move symbolizes an ongoing commitment to the Sonoma County community. “It’s another way we’re getting involved,” he says. “Now more than ever, we must support each other.”
If you aren’t familiar with Poppy Bank, you’re not alone. The 17-year-old privately held business and personal bank is based in Santa Rosa and has $4 billion in assets. The bank has offices in California, Utah, Texas, New York and South Carolina. Despite its success and consistently being recognized as one of the best performing banks in the nation over the last five years, it has flown mostly under the radar until recently.
The pandemic changed a lot for Poppy Bank. In March 2020, after the federal Small Business Administration announced Paycheck Protection Program (PPP) loans, larger banks limited eligibility to existing customers and Poppy Bank did the exact opposite—welcoming anyone into the fold (so long as they became customers eventually).
While clients of Wells Fargo and Bank of America and even smaller institutions couldn’t get loan officers to return voicemails, Poppy Bank went out of its way to help customers and non-customers get access to much-needed PPP money. The bank’s 200 employees helped process hundreds of loans. The customer base grew accordingly. “People came to us, we processed their loans, then we set up a forgiveness platform,” says Acheckzai, who added some loans were for a few hundred dollars. “It made good business sense for us to do it.”
One of the characteristics that makes Poppy Bank stand out: Customer service. Acheckzai says he prides himself on how Poppy Bank interviews every loan customer and tailors every loan package to the specific needs of each customer. He adds that associates aim to fund loans as quickly as possible, which results in lightning-fast turnaround times (and, as a result, happy customers).
Looking forward, the bank is primed for rapid expansion; Acheckzai notes Poppy Bank has 20 branches currently and plans to add three or four branches annually for the next few years. Add to these branches the suite of online banking options, and Poppy Bank is ready for the future. “We are growing, but we are committed to making sure our growth does not force us to lose the personal touch our customers have grown to love and appreciate so much,” he said. “It’s a delicate balance but we can’t lose sight of the very things that put us in position to succeed and continue growing in the months and years ahead.”
[Lead photo courtesy of Poppy Bank]
