April 30, 2020
By Caity Witucki
Contributing Editor, Coleman Movers & Shakers
Coleman Movers & Shakers — Wintrust, ChoiceOne, First Bank & Trust Company, and Crestmark
Wintrust Aids Over 8,900 Small Businesses Through the Paycheck Protection Program
Wintrust Financial Corporation announced last week that it funded nearly $3.3 billion in loans to approximately 8,900 small businesses during the first round of Paycheck Protection Program loans.
Historically, Wintrust ranks as one of the largest SBA lenders in the communities it serves. For the PPP program, Wintrust secured approval of more than 7,500 small businesses in Illinois, 850 small businesses in Wisconsin, and 500 small business borrowers with operations in other states around the country. The median loan size is approximately $87,500, and more than 4,500 loans, over half of the total number of PPP loans made by Wintrust, are for less than $100,000, demonstrating the relief provided by Wintrust community banks to very small businesses.
“These are difficult times for everyone,” says Edward J. Wehmer, Founder and Chief Executive Officer. “And while we could have never envisioned these specific circumstances when Wintrust was founded in 1991, one of our founding principles was to always answer the call of our communities when the time came and that is what we continue to strive to do. I hope that through our unprecedented efforts to fully engage as a PPP lender, we have been able to provide some peace of mind and comfort to participating small business owners and their employees for the coming months, and allow those small businesses that otherwise might have been forced to close the opportunity to re-open and hopefully flourish.”
ChoiceOne Reports Strong Net Income After Merger Despite COVID-19
ChoiceOne Financial Services, Inc., a Michigan based financial holding company that merged with County Bank Corp. on October 1, 2019, reported positive financial results through March 31 despite the coronavirus pandemic. ChoiceOne reported a net income of $3,254,000 for the first quarter of 2020, compared to $3,027,000 in the fourth quarter of 2019.
“Despite the early effects of the COVID-19 pandemic, our company reported strong net income for the first quarter of 2020,” says ChoiceOne CEO, Kelly Potes. “We will maintain the strength and resilience we have built over the last 120 years with our fervent commitment to serve our shareholders, customers, and communities during these unusual and challenging times.”
As of April 24, 2020, ChoiceOne has deferred over 290 consumer loan payments and 300 commercial loan payments. During the first round of PPP loans, ChoiceOne was able to process 504 Paycheck Protection Program loans in principal amounts over $91.6 million.
First Bank & Trust Company Reaches Milestones Amid COVID-19 Outbreak
First Bancorp, Inc., recently announced that it has reached $2 billion in total assets despite the COVID-19 outbreak.
“Reaching $2 billion in assets is a significant cornerstone of accomplishment as we enter the next phase of growth for this company,” says Chief Executive Officer, W. Mark Nelson. “The fundamental principles and strategies that built our foundation over the past 40 years will serve us well as we continue to grow. We are here today because of our loyal customers, and serving their needs is our primary focus going forward.”
In the first quarter of 2020, the Bank’s total net loans increased by $122.2 million over the previous year and total deposits increased by $128.2 million. The Bank is positioned to meet 2020 goals, excluding balances reflected by recent activity from the SBA’s Paycheck Protection Program (PPP).
First Bank & Trust Company answered the call for many businesses struggling to navigate the challenges of COVID-19. “Many of our lenders worked tirelessly to process these loans,” says Nelson. “Of the 1,813 SBA-PPP loans we processed, 1,068 were in the amount of $50,000 or less which reflects our Bank’s commitment to helping the small businesses in our community.”
Crestmark Helps 77 Businesses in the First Half of April
On April 28, 2020, Crestmark, a division of MetaBank, announced that it helped 77 businesses in the first half of April, providing more than $41.3 million in financing support. 2 of the 77 loans were SBA loans used for for working capital and acquisition purposes.