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 U.S. Small Business Administration (SBA) to fund over
$100 million in loans through the
SBA's Paycheck Protection Program (PPP) created under the
Coronavirus Aid, Relief, and Economic Security Act ("CARES
Act").
In the last six weeks, T Bank has helped more than 1,000
borrowers secure PPP loan approval from the SBA. The average
PPP loan size for T Bank's customers is approximately $100,000. This is nearly 20% less than the
average loan size approved by the SBA through May 8, 2020 (approximately $127,000), meaning that T Bank's lending program
successfully aided 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 scores of small
businesses who were not originally T Bank customers.
"Our team has worked tirelessly to help our small business
community," said Patrick Howard,
Chief Executive Officer of T Bank. Mr. Howard added: "These
small businesses employ thousands of people, and thanks to these
timely loans, they received the funding necessary to keep employees
on payroll. Our team members worked countless extra hours to
help these companies secure SBA approval in an expeditious
manner. I could not be prouder."
T Bank is a designated SBA Preferred Lender and quickly
developed a unique on-line program to accommodate the flood of PPP
loan applications. That program permitted T Bank to promptly
underwrite the increased volume of loans. The program also
provided, and continues to provide, on-going banking services to a
host of enterprises utilizing the PPP.
The ease of use and responsiveness of T Bank's on-line platform
received strong praise from borrowers, including one who said: "I
am floored and speechless at the speed in which this was handled.
THANK YOU! I am impressed beyond words."
T Bank will continue to accept and process SBA PPP loan
applications as long as the current round of funding is
available. For more information about T Bank, or to get
started on securing a loan under the PPP, 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 across
the United States. T Bank was recognized in 2020 as one of
the Top 200 Banks in the United
States by financial health analysts in Lending Tree's annual
analysis.1 Its innovative approach to serving clients
combines advanced technology with dedicated personal
attention. To learn more, visit www.tbank.com.
About Tectonic Financial, Inc.
Tectonic Financial, Inc. (TFI) is a financial holding company
headquartered in Dallas, Texas
offering 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 quoted on Nasdaq Global
Select Market under the symbol TECTP.
Cautionary Statement 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 amended. Any statements about our expectations,
beliefs, plans, predictions, protections, forecasts, objectives,
assumptions, or future events or performance are not historical
facts and may be forward-looking. Forward-looking statements are
typically, but not exclusively, identified by the use of
forward-looking terminology such as "believes," "expects," "could,"
"may," "will, "should," "seeks," "likely," "intends" "plans," "pro
forma," "projects," "estimates," or "anticipates" or the negative
of these words and phrases or similar words or phrases that are
predictions of or indicate future events or trends and that 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 furnished from time to time with the
Securities and Exchange Commission. There may be other factors of
which we are not currently aware that may affect matters discussed
in the forward-looking statements and may also cause actual results
to differ materially from those discussed. In addition, there is
uncertainty about the duration and severity of the COVID-19
pandemic and the impact it may have on our operations, the demand
for our products or services, global economic activity in general,
and the response of governmental authorities to the pandemic and
our participation in COVID-19 related government programs such as
the SBA's PPP. While 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 in or contemplated by the particular
forward-looking statement, and, therefore, you are cautioned not to
place undue reliance on such statements. Further, 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
unanticipated events or circumstances, except as required by
applicable law.
1 Lending Tree created the Top 200 Healthiest
Banks analysis in the wake of the 2008 financial crisis and has
continued releasing 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 at-risk loans to the total value of funds the bank has
on-hand to cover those loans; 2) deposit growth, based on when
people put money in the bank; and 3) capitalization, determined by
a direct calculation of an institution's assets minus its
liabilities. A complete copy of the analysis and rankings can
be accessed at: www.depositaccounts.com/banks/health.aspx.
Contact:
Patrick Howard
(972) 720-9000
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SOURCE T Bank, NA