American Bank has facilitated 1,104 Paycheck Protection Program (PPP) loans totaling $163.6 million as a result of its participation in the two rounds of funding Congress approved for the program. The Paycheck Protection Program is an emergency relief program the Small Business Administration (SBA) administered in partnership with the U.S. Treasury Department as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. In its two rounds of funding, the PPP made $659 billion available to small businesses with fewer than 500 employees to help keep their workforce employed during the COVID-19 crisis. It was designed to provide a direct incentive to keep small business workers on their companies’ payrolls.
“American Bank was founded fifty years ago specifically to meet the needs of the businesses in our communities, and small businesses are a significant focus of who we serve. Through the years, we have always been there for our clients – in good times and bad – and now is no exception. Knowing how much our clients need help, and having a longtime association with the Small Business Administration as an SBA Preferred Lender, it was a given that we would be a participant in this program from day one,” stated American Bank’s Chief Executive Officer and President, Stephen C. Raffaele. “We began submitting applications the day the program opened and mobilized 40% of our entire workforce to make this program a success for our South and Central Texas small businesses. Our team members have worked tirelessly for days on end and all the applications approved by the SBA have been funded within 10 days of approval, putting millions of dollars to work for businesses in all of our market areas who are desperately working to survive the financial impact of the COVID-19 pandemic,” Raffaele added. “While our team worked tirelessly to get existing clients the help they needed, that same team worked just as hard for small business owners in our communities who were not currently our clients as well,” he added.
A summary of the details of American Bank’s participation in both rounds of the PPP follows:
- 40% (113) of the American Bank workforce was deployed on the program
- 1,104 completed applications were approved by the SBA
- $163.6 million in loans were made across all the bank’s market areas
- $148 thousand was the average loan amount across all market areas
- All loans have been funded within 10 days of the SBA’s approval
About American Bank
American Bank was founded in Corpus Christi, Texas in 1970. It is an independent financial institution with assets totaling nearly $1.6 billion as of March 31, 2020 and 14 locations in the Texas communities of Austin, San Antonio, Houston, Corpus Christi, Port Aransas, Rockport, Goliad and Victoria. It also operates a network of 19 ATMs. The bank’s strategic plan includes growth in the size and scope of the bank’s operations and geographic footprint; an enhanced, exceptional banking experience for clients; and a position as a leading regional Texas bank. Services include Commercial Banking, with Centers of Excellence specializing in commercial real estate, medical, energy, SBA and technology lending; a full range of Personal and Business Banking services, including business and personal deposit accounts and loans; Private Banking and Wealth Management for executives and professionals; a full suite of technology-enabled Treasury Management services; home mortgage and construction-related loans; and a full range of electronic banking services. In addition, the bank’s subsidiaries and other partners offer trust, wealth management, and insurance services. Those partners include American Bank Trust and Wealth Management, and the American Financial Insurance Services affiliate, Borden Insurance. Member FDIC. Equal Housing Lender.