Community banks across the country are capitalizing on the opportunity to win market share after some small business owners were dissatisfied with how their banks handled emergency loans.
After a negative experience trying to apply for a Paycheck Protection Program loan with their bank, some small business owners have switched to a smaller bank. The Small Business Administration's program helped community banks beat big banks on loan growth during the second quarter. Some community bankers said they were able to beat out larger banks by offering local decision-making and superior communication during the PPP process.
Year-to-date, community banks more than doubled their portfolios of commercial-and-industrial loans under $100,000 thanks to the PPP program, growing 107%. By contrast, banks with more than $50 billion in assets increased such loans by 18%.
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Colony Bank announced the formation of the Colony Leadership Academy, an initiative designed to create an environment that nurtures potential young leaders and encourages students to recognize their own potential and develop their leadership skills. Read more here.
Altamaha Bank & Trust, Mount Vernon, recently donated to $10,000 to Brewton-Parker College for the Building Barons Scholarship Fund.
U.S. Senator David Perdue recently met with Georgia small business owners and nonprofit organizations that received Paycheck Protection Program (PPP) loans during the “Business During Coronavirus” roundtable, hosted by Vinings Bank, Smyrna. Click here for article.
South Georgia Bank, Glennville, recently held a Back to School Coloring Contest for local students. The winners are pictured from Collins Elementary School, North Tattnall Middle School and Reidsville Elementary School. Each winner received a $25 gift card.
Oconee State Bank, Watkinsville, broke ground on the bank’s new corporate headquarters which will be located in downtown Watkinsville. The new building will be completed in 2021 and will consist of 14,000 square feet of office and workspace, as well as a large event space available for bank and community activities.
Water Bottles for Students - Thomasville National Bank partnered with city and county school systems to promote financial literacy! Employees distributed new water bottles so students can fill them at water stations that are replacing drinking fountains due to COVID-19. The water bottles have "Saving, Spending & Planning" on them and coordinate with the bank’s new community-based Financial Literacy Initiative launching this Fall!
State and federal regulators have given the green light to organizers to proceed with forming the new Classic City Bank in Athens. Classic City bank I/O is the first de novo bank application of 2020 in Georgia. The bank's organizers can now begin raising the $16 million capital approved by the Federal Deposit Insurance Corp. and developing systems and staff for a projected opening in early November, said CEO and Chairman C. William "Bill" Hopper III.