First Citizens Bank Helps Nearly 23,000 Business Clients Access SBA Paycheck Protection Program Funding

First Citizens Bank announced that it has secured $3.2 billion in loans for nearly 23,000 businesses through the SBA’s Paycheck Protection Program.

Rhea-AI Summary

First Citizens Bank announced that it has secured $3.2 billion in loans for nearly 23,000 businesses through the SBA’s Paycheck Protection Program. This initiative, part of the CARES Act, aims to provide emergency relief to small businesses affected by COVID-19. The funding supports companies with 500 or fewer employees to manage critical expenses, including payroll. With over 565 branches across 19 states, First Citizens Bank, a subsidiary of First Citizens BancShares (FCNCA), emphasizes its commitment to customer service and community support during challenging times.

Positive

• Secured $3.2 billion in loans for nearly 23,000 businesses.
• Demonstrated strong customer service and dedication during the COVID-19 crisis.

Negative

• None.

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RALEIGH, N.C., May 14, 2020 (GLOBE NEWSWIRE) -- First Citizens Bank today announced it has helped nearly 23,000 businesses across the company’s franchise secure loans totaling $3.2 billion through the SBA’s Paycheck Protection Program.

“Taking care of our customers is our promise – it’s who we are, especially during times like these,” said Chairman and CEO Frank Holding. “I’d like to thank our clients for their patience and trust in us as we’ve navigated this process and the unusual operating environment. I’d also like to thank our associates for diligently working day and night to help businesses access this PPP funding. It’s been an incredible display of teamwork and dedication, and we’re grateful for the opportunity to support small businesses and their vital role in the communities we serve.”

The Paycheck Protection Program, part of the CARES Act (the Coronavirus Aid, Relief, and Economic Security Act) passed by Congress, was created to provide emergency relief for small businesses impacted by COVID-19. Specifically, it was designed to provide capital to businesses with 500 or fewer employees to help them meet their short-term ongoing expenses, including payroll.

Founded in 1898 and headquartered in Raleigh, N.C., First Citizens Bank serves customers at more than 565 branches in 19 states. First Citizens Bank is a major subsidiary of First Citizens BancShares Inc. (Nasdaq: FCNCA), which has more than $41.5 billion in assets. For more information, call toll free 1.888.FC DIRECT (1.888.323.4732) or visit firstcitizens.com. First Citizens Bank. Forever First®.

Barbara Thompson
First Citizens Bank
919.716.2716

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the amount of loans secured by First Citizens Bank through the PPP?

First Citizens Bank secured $3.2 billion in loans through the Paycheck Protection Program.

How many businesses benefited from First Citizens Bank's PPP loans?

Nearly 23,000 businesses benefited from the loans secured by First Citizens Bank.

What is the purpose of the Paycheck Protection Program?

The Paycheck Protection Program is designed to provide emergency relief to small businesses impacted by COVID-19, helping them meet ongoing expenses like payroll.

Which company is the parent of First Citizens Bank?

First Citizens Bank is a subsidiary of First Citizens BancShares, which trades under the ticker symbol FCNCA.

In how many states does First Citizens Bank operate?

First Citizens Bank operates in 19 states across the U.S.