Paycheck Protection lending in Central PA

Starting April 3, banks and other lenders scrambled to close loans made through the federal Paycheck Protection Program, which was designed to help businesses continue paying their workers during the Covid-19 pandemic. Overall, Pennsylvania businesses borrowed more than $15 billion, according to the U.S. Small Business Administration, which administers the program, known as PPP.

The first pool of money was exhausted by April 17, and business advocates nationwide demanded that it be replenished to help struggling firms. Now, lenders are gearing up for a second round of action (UPDATE: The second round began April 27). Here is what some Central Pennsylvania institutions reported for the first round of PPP loans. The data largely comes from quarterly reports and other regulatory filings.

  • ACNB Bank, Gettysburg: Processed 822 applications for a combined loan total of nearly $118.5 million. The bank expects to earn related fee income of roughly $4.5 million.
    • ACNB has 22 branches in Central Pennsylvania and Maryland, as well as loan offices in Lancaster, York and Hunt Valley, Maryland. It held loans totaling $1.6 billion as of March 31.
  • Centric Bank, Lower Paxton Township: Processed 1,233 applications for a combined loan total of $202 million, according to a bank spokesperson.
    • Centric has nine offices in Central and southeastern Pennsylvania. It held loans totaling $693.5 million as of Dec. 31.
  • Community First Fund, Lancaster: Processed 148 applications for a combined loan total of nearly $9.9 million, according to a spokesperson. The bank expects to earn fees of roughly $2 million. The borrowers employ about 1,550 people.
    • Community First is a nonprofit community development financial institution that focuses on underserved communities. As of June 30, 2019, it held loans totaling $54 million, according to its annual report.
  • F&M Trust, Chambersburg: Processed 517 applications for a combined loan total of nearly $50.7 million, according to a bank spokesperson. The borrowers employ roughly 6,500 people overall.
    • F&M has 22 branches in Cumberland, Franklin, Fulton and Huntingdon counties. It held loans totaling $922.6 million at the end of 2019.
  • First Citizens Community Bank, Mansfield: Processed 422 applications for a combined loan total of roughly $47.2 million. The loans are expected to generate $2 million in fee income, the bank said in a press release.
    • First Citizens has 28 offices in Pennsylvania, mostly in the northcentral region but also in Berks and Lebanon counties. It has an office in New York state, and recently added three branches in Delaware with the purchase of Wilmington-based MidCoast Community Bank. As of March 31, First Citizens held about $1.1 billion in loans overall.
  • First National Bank, Pittsburgh: Processed nearly 11,000 applications for loans totaling $2.1 billion.
    • First National has about 350 branches in Pennsylvania, Maryland, North Carolina, Ohio, South Carolina, Virginia, West Virginia and Washington, D.C. As of March 31, it held loans totaling nearly $23.9 billion.
  • Fulton Bank, Lancaster: Processed about 6,500 applications for a combined loan total of roughly $1.7 billion, according to a regulatory filing. Borrowers employed about 80,000 people. The bank, meanwhile, said it earned an average fee of 3% per loan.
    • Fulton has branches throughout eastern Pennsylvania, New Jersey, Maryland, Delaware, as well as portions of Virginia. The bank held loans totaling nearly $17.1 billion as of March 31.
  • LinkBank, Camp Hill: Processed more than 300 applications for a combined loan total of more than $70 million, according to the bank’s CEO, Andrew Samuel.
    • LinkBank has three branches. As of Dec, 31, it held loans totaling $166.8 million.
  • Mid Penn Bank, Millersburg: Processed 2,184 applications for a combined loan total of nearly $470 million, according to a bank press release. The bank expects to earn processing fees of nearly $15 million. The borrowers employed about 50,000 people overall.
    • Mid Penn has 39 branches in Central, western and eastern Pennsylvania. It held loans totaling nearly $1.8 billion as of the end of 2019.
  • Northwest Savings Bank, Warren: Processed more than 3,500 applications for a combined loan total of $430 million. It said about 30% were accepted in the first round before PPP funding was exhausted.
    • Northwest has 170 branches in Pennsylvania, New York and Ohio. As of March 31, it held loans totaling more than $8.7 billion.
  • Orrstown Bank, Shippensburg: Processed nearly 1,500 applications for a combined loan total of roughly $370 million. In a regulatory filing, the bank noted that it expected to take in roughly $9 million in processing fees for the second and third quarter of 2020.
    • Orrstown has 34 offices in Pennsylvania and Maryland. As of March 31, it held loans totaling more than $1.6 billion.
  • PeoplesBank, York Township: Processed 670 applications for a combined loan total of roughly $133 million, according to a bank spokesperson. The borrowers employed 14,732 people overall. The bank, meanwhile, said it expects related fee income of about $4.2 million.
    • The bank has about 25 offices in Central Pennsylvania and northern Maryland. As of the end of 2019, it held loans totaling $1.5 billion.
  • S&T Bank, Indiana, Pennsylvania: Processed 2,560 loans for a combined loan total of $537.5 million.
    • The bank has about 75 offices in Pennsylvania, New York and Ohio. As of March 31, it held loans totaling nearly $7.2 billion.
  • Univest Bank & Trust, Souderton: Processed roughly 1,050 applications for a combined loan total of about $415 million.
    • The bank has more than 50 offices in southeastern Pennsylvania and the Lehigh Valley, as well as in Lancaster County. It has filed for regulatory approval to open a branch in York County. As of March 31, Univest held loans totaling about $4.4 billion.
  • York Traditions Bank, York Township: Processed roughly 310 applications for a combined loan total of nearly $52 million. The bank expects to earn fees of roughly $1.9 million.
    • The bank has six branches in York County and is planning a branch in Lancaster County. As of March 31, it held loans totaling $412.3 million.

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