In The News

These banks were the region’s top PPP lenders

It looks like the Paycheck Protection Program is finished — for now. The program, which was administered through the Small Business Administration, provided loans to small businesses that could be totally forgiven if a certain percentage of the funds were spent on payroll-related costs. The PPP proved immensely popular when it was first launched in…

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With pandemic ongoing, Tampa Bay lenders call for another round of PPP

The demand for Paycheck Protection Program loans may not look robust at the moment, but several lenders who spoke with the Tampa Bay Business Journal said that another round could be needed. Demand was explosive when the Small Business Administration launched the program in April, which allows loans to be completely forgiven if a certain…

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Here’s what advice local bankers have for borrowers seeking PPP forgiveness

In April, businesses sought money. In August, they’ll be seeking forgiveness.On Aug. 10, the Small Business Administration will begin accepting applications for forgiveness of loans granted through the Paycheck Protection Program. The PPP, which was administered through the SBA, provided loans up to $10 million for businesses with less than 500 employees. About three months…

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Another Shining Quarter At First Citrus, With PPP Loan Tailwinds

First Citrus (OTCQB:FCIT) reported second-quarter earnings on July 20, with another record quarter. These results were primarily fueled by PPP loans and COVID-19 re-positioning. The company’s valuation has taken a hit since February and is now at a level not seen since 2018. Second-Quarter Earnings The company reported quarterly earnings per share of $0.63, a…

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First Citrus Releases Second Quarter 2020 Financial Statements

First Citrus Bancorporation, Inc. Closes Second Quarter 2020 With Net Earnings Growth of 36% and Deposit Growth of 46%

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Banking Leaders Tackle PPP Loans, Look Ahead to Uncertain Future

The past three months have been a wild ride for the Gulf Coast economy, particularly the banks that feed it capital. In response to the pandemic, banks quickly adjusted their operations.

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PPP Forgiveness Has Some Businesses Hesitant To Apply or Spend

Though roughly $100 billion remains for Paycheck Protection Program loans, businesses aren’t rushing to apply as Congress continues to wrangle about more changes.

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First Citrus Named #1 Community Bank

First Citrus Bancorporation, Inc. Named #1 Community Bank in Florida, and Top 100 in the Nation by American Banker

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Here’s how much PPP money Florida businesses have received so far in round 2

The Small Business Administration and the Treasury Department released a joint report on Paycheck Protection Program funding for the second round of the program, and Florida is once again one of the biggest beneficiaries.

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With PPP lending picking up, here’s when Tampa Bay bankers think the funds will run out

After a rough start on Monday, the second round of the Paycheck Protection Program was running smoother on Tuesday. But with the application process ramping up, local lenders said they expect the $310 billion set aside for the second round to be exhausted in the next few days, possibly as soon as Wednesday.

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