FNB Processes $2.6B in SBA PPP Loans

F.N.B. Corporation, parent company of First National Bank, has processed more than 18,000 Small Business Administration (SBA) Paycheck Protection Program (PPP) loans to date, representing approximately $2.6 billion in direct relief to small businesses across the company’s seven-state footprint. FNB has closed and funded 94% of the PPP loan requests, resulting in $2.4 billion in relief funds already advanced to its clients.

Of the approved SBA PPP loans processed through FNB to date:

  • 98% of eligible applications received Preferred Lending Program (PLP) numbers
  • The average loan amount was $139,000
  • 92% of the loans were under $350,000
  • 76% of the loans were under $100,000
  • 97% of the loans benefitted businesses with fewer than 100 employees and, of those businesses, approximately 70% have fewer than 10 employees
  • More than 3,700 loans (approximately 20%) were approved for businesses operating in low-to-moderate income (LMI) neighborhoods
  • Nearly 2,500 loans (approximately 13%) were approved for businesses in rural (non-MSA) areas

“I am extremely proud of our employees who worked tirelessly around the clock seven days a week to ensure that tens of thousands of small businesses receive the critical funding they need to protect their livelihoods and retain hundreds of thousands of employees,” said Vincent J. Delie, Jr., chairman, president and chief executive officer of F.N.B. Corporation and First National Bank. “Our actions are in direct alignment with our mission to improve the quality of life in the communities we serve.”

FNB also was one of the first banks in the country to announce a formal program providing additional support measures to alleviate the financial burden on businesses and consumers from the COVID-19 pandemic, including relief efforts and deferral programs.

  • Deferred nearly $1.5 billion in loan payments for more than 10,000 clients as of April 28
  • Waived service charges and fees for customers directly impacted by COVID-19
  • Remained active as a lender, originating over $900 million in additional loans and leases to small- and medium-size businesses during the first quarter, consistently deploying capital to advance the economic success of the Company’s clients
  • Participant in the PA CARE Package, developed to provide consumer relief for citizens across the Commonwealth of Pennsylvania

In addition to the Company’s annual commitment, FNB supports its local communities impacted by the pandemic in various ways, including:

  • Donating $1 million in support of COVID-19 relief efforts
  • Engaging in proactive outreach to more than 100 nonprofit and community organizations, which are predominantly dedicated to serving LMI communities, across its multi-state footprint regarding PPP loans and other programs
  • Allocating $1 million in special relief payments to its own frontline and operations employees
  • Supporting numerous food banks, local businesses and healthcare professionals through financial support and volunteer activities

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Terry Mulreany
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