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 April. By the middle of May, interest in the program had mostly trailed of, although the federal government opted to extend the program’s availability until Aug. 8 after it was originally supposed to end on
June 30.

There’s a possibility that another round of PPP is authorized as part of the HEALS Act. But as the program has finally come to a halt, here’s how lenders stacked up for total loans in Tampa Bay and in Florida.

According to the SBA, Chase Bank provided the highest dollar amount of PPP loans nationwide, with $29.3 billion. Following them was Bank of America with $25.5 billion nationwide. In Tampa Bay, Bank of America did 7,200 loans totaling about $420 million, with the average loan for the region sitting at $59,000. Bank of America is second only to Raymond James Bank in Tampa Bay deposits, and Raymond James was not involved with the PPP.

PNC Bank provided the third-largest PPP dollar amount nationwide — $13 billion — with $900 million spread across 6,400 loans in Florida, according to a spokesman. Truist Bank — which provided the most loans for Tampa Bay worth more than $150,000 — did not have a breakdown by state. According to the SBA, the bank had done more than 82,000 PPP loans nationwide worth $12.6 billion, the fourth-highest total.

Wells Fargo had some difficulty out of the gate with PPP, but ultimately originated 26,205 loans in Florida worth $944 million, almost one-tenth of the bank’s PPP loans nationwide. Regions Bank said it had done 45,000 loans nationwide worth
approximately $5 billion as of July 8, but did not have a breakdown by state.

Valley National Bank did 1,966 loans in Tampa Bay worth $384.5 million. Across the state, the bank did 4,154 loans worth $709 million, both representing almost a third of Valley National’s total output. A spokeswoman for the bank said that the numbers were close to final, but that Valley National was still finalizing its statistics as of Friday. Centennial Bank had $848.6 million in PPP loans.

CenterState Bank, the locally-based bank that recently merged with South State Bank, said it had originated almost 8,000 PPP loans in Florida, worth a collective $1.03 billion. The bank originated an additional 2,000 loans worth about $300 million outside the Sunshine State.

Community banks did well under PPP, servicing existing customers and even bringing in new ones who were unable to get a loan through the large, national banks.

The Bank of Tampa said it had assisted 2,215 businesses with securing PPP loans, totaling $393 million. Pilot Bank did close to 800 loans worth $120 million. Tampa-based First Citrus Bank did almost all of its 1,278 loans in Florida, with 1,163 of those in the Tampa Bay region and worth more than $103 million.

Even credit unions got in on the action, with Dunedin-based Achieva Credit Union providing 940 loans worth $38.5 million.

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