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California Bank & Trust Processes More Than 8,400 PPP Loan Applications, Funding Nearly $1.62 Billion Thus Far

SBA preferred lender gets approval on more than 8,400 loans for California businesses, totaling $1.62 billion

California Bank & Trust (CB&T) announced today that it has processed and obtained approval on more than 8,400 Paycheck Protection Programs (PPP) loans, totaling $1.62 billion, as of Friday, May 15. This funding will help preserve payroll for 138,463 California workers, based on applicant data.

More than 76% of loans approved were for amounts less than $150,000, and more than 90% of loans were made to businesses with 50 employees or fewer. The median size of the loans processed was $55,200.

Summary of CB&T PPP Loans

As of May 15, 2020

Market

Loans Processed

Amount

Jobs Preserved

San Diego

981

$

 

204,807,645.00

16,937

Irvine

130

$

 

50,034,800.00

4,227

Los Angeles

428

$

 

82,900,500.00

6,533

San Francisco

167

$

 

43,166,000.00

2,717

Sacramento

185

$

 

37,064,800.00

3,846

Fresno

362

$

 

47,034,600.00

3,967

California Total

8,420

$

 

1,618,913,642.00

138,463

California Bank & Trust will continue processing PPP applications until funds are exhausted. As of Friday, May 8, the SBA had approved $189 billion of the $310 billion in Round 2 funding. Small businesses, independent contractors, self-employed individuals, nonprofits that qualify and have not yet applied for a PPP loan, can visit www.calbanktrust.com/cares to begin the application process.

As small businesses struggle for much-needed capital in the wake of the COVID-19 crisis, California Bank & Trust knew it had to help entrepreneurs during these challenging times. "Our deep and longstanding relationships in the communities we serve allowed the bank to process Paycheck Protection Program loan applications on an unprecedented level, both for existing clients and new clients," said David Blackford, CEO of California Bank & Trust. "Employees have worked around the clock and through weekends on behalf of businesses that represent a broad cross section of demographic groups and geographic areas. We did it because we knew we had to deliver for local entrepreneurs facing economic challenges."

The PPP loans also helped California nonprofit organizations, such as Feeding San Diego. The organization received PPP funding and were able to help maintain 58 jobs and continue their important work of feeding the community. In support of our local community, California Bank & Trust made a donation of $10,000 to Feeding San Diego.

To learn more about California Bank & Trust, visit www.calbanktrust.com/cares.

About California Bank & Trust

California Bank & Trust has been helping Californians and their businesses grow and prosper for more than 60 years. Today, it is among California’s leading banks with more than $11 billion in assets and nearly 90 branch offices located throughout the state. A division of Zions Bancorporation, N.A. (NASDAQ: ZION), CB&T has been voted "Best Bank" by The San Diego Union Tribune for nine consecutive years and "Best Commercial Bank" for six years in a row. Readers of The Orange County Register also have voted CB&T as the county’s "Best Bank" for six consecutive years; and the Bancorporation has consistently won the Greenwich Excellence Awards for achievement in Middle-Market and Small Business. CB&T provides a full array of financial solutions for businesses and individuals, including commercial banking, business banking, small business lending, treasury management, international banking, and wealth management. Its experienced and professional bankers are backed by major resources yet maintain local decision-making authority and regional market and industry expertise. Each is committed to providing clients with valuable economic insights and connecting them with the beneficial business relationships they need in order to succeed. To learn more, visit www.calbanktrust.com. Connect with California Bank & Trust on Facebook, Twitter, and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200518005700/en/

Contacts

Media Contact:
Ubaldo Plentywounds
(619) 920-2814 | ubaldo.plentywounds@calbt.com