Editor’s Note: The analysis was limited to loans made in Richmond and Columbia counties in Georgia and Aiken and Edgefield Counties in South Carolina. This analysis separates out lenders that have local branches and a local market presence. This analysis excludes many lenders that made loans in the four counties evaluated that do not have a significant market share. Many of the lenders mentioned here made loans outside of the four counties and those loans were excluded from this analysis.
Analysis of the paycheck protection program loans up to $150,000 shows that shows that community banks far exceeded national banks in PPP participation in local loans.
This analysis was completed with recently released SBA data on those loans up to $150,000. The data on loans over $150,000 was released earlier in 2020.
Both Queensborough National Bank and Trust and Security Federal Bank dwarfed the national banks with a local presence on PPP participation. Combined the two banks transacted nearly 40% of all PPP loans in the four counties evaluated.
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South State Bank, which acquired Georgia Bank & Trust in 2017, is based in Columbia, S.C. and made nearly 20% of the loans. Combined the three lenders made nearly 58% of the loans measured in this analysis.
Combined PPP loans paid payroll for approximately 100,000 local jobs using approximately $650 million of stimulus money for just the four counties measured. These figures included over 250 non-profit organizations that received over $32 million combined to assist with over 5,000 jobs.
Queensborough led in all categories for loans over $150,000 with approximately 25% of all loans, 27% of all jobs reported and 29% of gross loan amounts.
South State Bank came in second with 24% to 25% of all the same metrics.
Synovus Bank was third with a large percentage of loan amounts and jobs reported while their percentage of total loans ranked seventh. This indicates that Synovus Bank represented companies with larger loan amounts and number of employees but did fewer overall loans.
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The national banks such as Wells Fargo, Regions Bank, Fifth Third Bank, Trust Bank, and Bank of America were lower in the rankings.
For loans under $150,000, Security Federal Bank was the leader making over 1,000 loans, giving them over 23% of the loans in this category. Queensborough and South State Bank were second and third with 17% each. The data clearly shows that businesses trusted locally based banks over nationally branded banks for loans under $150,000.
Loans under $150,000 resulted in approximately another $164 million, which affected roughly 29,000 jobs.
Combined Queensborough, Security Federal and South State Bank represented over 58% of loans made locally based on the metrics used.
Joe Edge is the Publisher for The Augusta Press. Reach him at joe.edge@theaugustapress.com
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