DALLAS, May 12, 2020 /PRNewswire/ — T Bank, NA, the wholly-owned banking subsidiary of Tectonic Financial, Inc. (NASDAQ: TECTP), today announced that it has received approval from the United States Small Business Administration (SBA) to fund more than $100 million in the form of loans through the SBA’s Paycheck Protection Program (PPP) created under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”).
Over the past six weeks, T Bank has helped more than 1,000 borrowers get approved for an SBA PPP loan. The average PPP loan size for T Bank customers is around $100,000. That’s nearly 20% less than the average loan size approved by the SBA through May 8, 2020 (approximately $127,000), meaning that T Bank’s loan program has successfully helped small businesses as intended by the Paycheck Protection Program. Significantly, the financing provided by T Bank under this program has helped, and will continue to help, hundreds of T Bank customers, as well as dozens of small businesses that were not originally T Bank customers. .
“Our team has worked tirelessly to help our small business community,” said Patrick Howard, CEO of T Bank. Mr Howard added: “These small businesses employ thousands of people, and thanks to these timely loans, they have received the funding needed to keep employees on the payroll. Our team members have worked countless hours to help these companies get SBA approval quickly. . I couldn’t be prouder.”
T Bank is an SBA-designated preferred lender and quickly developed a unique online program to meet the flood of PPP loan applications. This program enabled T Bank to quickly secure the increased volume of loans. The program has also provided, and continues to provide, seamless banking services to a host of businesses using PPP.
The ease of use and responsiveness of T Bank’s online platform has received a lot of praise from borrowers, including one who said, “I’m aghast and speechless at how quickly this was handled. THANK YOU! Im impressed beyond words.”
T Bank will continue to accept and process SBA PPP loan applications for as long as the current funding round is available. For more information about T Bank or to start getting a PPP loan, visit www.tbank.com.
About T Bank, NA
T Bank, NA, a subsidiary of Tectonic Financial, Inc., is a nationally chartered, FDIC-insured bank serving customers throughout the United States. T Bank has been recognized in 2020 as one of the top 200 banks in United States by financial health analysts in the annual Lending Tree analysis.1 Its innovative approach to customer service combines state-of-the-art technology with dedicated personal attention. To find out more, visit www.tbank.com.
About Tectonic Financial, Inc.
Tectonic Financial, Inc. (TFI) is a financial holding company headquartered in Dallas, TX providing banking, trust, investment advisory, third party administration and recordkeeping, securities brokerage and insurance services to high net worth individuals, small businesses and institutions across the United States. TFI has a non-cumulative perpetual preferred stock listed on the Nasdaq Global Select Market under the symbol TECTP.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as than modified. Any statements regarding our expectations, beliefs, plans, predictions, safeguards, forecasts, goals, assumptions or future events or performance are not historical facts and may be forward-looking. Forward-looking statements are generally, but not exclusively, identified by the use of forward-looking terminology such as “believes”, “expects”, “could”, “may”, “will”, “should”, ” seeks”, “probable”, “intentional”, “plans”, “pro forma”, “projects”, “estimates” or “anticipates” or the negative form of these words and expressions or similar words or expressions that predict or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Factors that could cause our actual results to differ materially from those described in the forward-looking statements include, among others, the risks and uncertainties discussed in our most recent Annual Report on Form 10-K and other reports that are filed or provided sometimes. in time with the Securities and exchange commission. There may be other factors not currently known to us that may affect the matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. Additionally, there is uncertainty about the duration and severity of the COVID-19 pandemic and the impact it may have on our operations, demand for our products or services, global economic activity in general and the response of government authorities to the pandemic. and our participation in government programs related to COVID-19, such as the SBA’s PPP. Although forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. All forward-looking statements are necessarily only estimates of future results. Accordingly, actual results may differ materially from those expressed or contemplated by particular forward-looking statements, and, accordingly, you are cautioned not to place undue reliance on such statements. In addition, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unforeseen events or circumstances, except as required by applicable law.
1 Lending Tree created the analysis of the 200 healthiest banks in the wake of the 2008 financial crisis and has continued to publish it annually. To compile the report, it analyzes data from its subsidiary, DepositAccounts.com, using a proprietary ratio based on the following: 1) Texas ratio, determined by comparing the total value of loans at risk to the total value of funds available to the bank to cover these loans; 2) deposit growth, based on when people deposit money in the bank; and 3) capitalization, determined by a direct calculation of an institution’s assets minus its liabilities. A full copy of the analysis and rankings can be viewed at: www.depositaccounts.com/banks/health.aspx.
SOURCE T Bank, North America