LAFAYETTE, La., April 18, 2020 /PRNewswire/ -- IBERIABANK
Corporation (NASDAQ: IBKC), the holding company of the 133-year-old
IBERIABANK (www.iberiabank.com), is pleased to report results
related to the Small Business Association's Paycheck Protection
Program (SBA PPP). In approximately two weeks, IBERIABANK provided
support to a significant number of eligible clients that applied
for funding through this program.
To date, the Company has taken 9,500 applications totaling
$1.9 billion, of which the Company
reserved funds of over $1.7 billion,
or 90%. Thus far, the Company has placed over $640MM in clients'
checking accounts and approved loans that impact 188,000 small
business employees. Since the program concluded, the Company has
received an additional 500 applications.
Like the majority of banks, IBERIABANK was not able to fund
every application. The team worked through the arduous process 24/7
since the program's inception to take care of every client
possible. On April 16, 2020,
the Small Business Administration announced that it had exhausted
its funding of $349 billion in the
Paycheck Protection Program and stopped accepting applications.
IBERIABANK is focused on funding the properly completed
applications in the queue and is continuing to accept applications
in the event Congress appropriates additional funding in the near
future. The Company also continues to provide relief through loan
deferral options and fee waivers.
"We are very proud of our Company's ability to support clients,
particularly at a time when they need us most," says Daryl G. Byrd, President "The incredible
teamwork and commitment of the IBERIABANK team produced
extraordinary results surpassing that of many other banks in the
industry. This is a very tough time for the business community and
we remain ready to continue to work 24/7 to provide continuous
support."
IBERIABANK Corporation is a financial holding company with
locations in Louisiana,
Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, South
Carolina, North Carolina,
Mississippi, Missouri, and New
York offering commercial, private banking, consumer, small
business, wealth and trust management, retail brokerage, mortgage,
commercial leasing and equipment financing, and title insurance
services.
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SOURCE IBERIABANK Corporation
