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Legends Bank Provides $41 million in PPP Loans for 345 Local Businesses Impacted by COVID-19

 

Legends Bank of Clarksville, TNClarksville, TN – Legends Bank announced today that it has processed more than 345 loans totaling $41,657,350 under the Small Business Administration’s Paycheck Protection Program (PPP) to help local small businesses support payroll and related costs, saving over a thousand jobs within the Middle Tennessee Area.

Paycheck Protection Program

The average loan size was approximately $121,000 as of May 22nd, 2020. The PPP, which was originally launched on April 3rd to address economic challenges caused by the COVID-19 Coronavirus pandemic, provides forgivable, government-guaranteed loans for the nation’s small businesses, which account for roughly 48 percent of the U.S. workforce.

“As relationship bankers and dedicated members of this community, we are doing everything we can to protect the vibrancy of our small businesses, which serve as the economic engines for our local economy,” said Tommy Bates, President and CEO of Legends Bank. “I’m so proud of our staff, who have worked around the clock to process these loans and ensure that critical funds were able to get in the hands of those who needed it most.”

In addition to its PPP funding efforts, Legends Bank continues to help customers during this time. Offering digital services through online and mobile banking was vital to customers as they sheltered in place.

With these services, customers have access to manage their funds 24/7, which allows them to safely conduct most of their day to day banking transactions safely from home. The bank has begun phased-in lobby re-openings and continues to offer drive-thru banking and in-person appointment options at select locations.

“Community banks stepped in to provide a helping hand to local small businesses—something that they do during both good times and challenging ones,” Independent Community Bankers of America President and CEO Rebeca Romero Rainey said.

“Providing more than half of the nation’s small business loans, community banks prioritize the needs of their local customers and communities and quickly adapt and respond during times of crisis. By providing the lion’s share of PPP loans, community banks have served an essential role in helping small businesses survive amid COVID-19 Coronavirus, while saving countless jobs across our nation,” stated Rainey.

According to the SBA summary of loan approvals through May 16th, lenders with less than $50 billion in assets accounted for nearly 65 percent of approved loans—totaling 4.3 million—and more than 62 percent of the approved dollar amount—estimated at $513 billion since launch of the PPP. Nationwide, community banks have received an average of nearly 200 loan applications through the program ranging in size from less than $50,000 to more than $500,000, according to a recent ICBA survey.

To learn more about community banks, visit www.banklocally.org.

 


About Legends Bank

Legends Bank is a wholly owned subsidiary of Legends Financial Holdings, Inc., operating eight branch banking locations in Clarksville, Brentwood, and Nashville, TN. More information about Legends Bank can be found at legendsbank.com

About ICBA

The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. With more than 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ nearly 750,000 Americans and are the only physical banking presence in one in three U.S. counties.

Holding more than $5 trillion in assets, nearly $4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America.

For more information, visit ICBA’s website at www.icba.org.


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