Prime Meridian Holding Company recently announced that Prime Meridian Bank had received Small Business Administration (SBA) approval on 746 loans related to the SBA Paycheck Protection Program (PPP). As of April 29th, $74.4 million of the $80.0 million in loans had been disbursed.
“One thing is for sure,”said Sammie D. Dixon, Jr., Vice Chairman, President and CEO of the Bank, “we are in this together and doing our part to help our communities and our country protect the livelihoods of as many as we can. We salute the medical community – physicians, nurses, and health care workers everywhere – who have risked their health and well-being serving others during this pandemic.”
“Likewise, we thank our team – and their counterparts in community banks across the country – for standing at the frontlines of the battle to save our collective economic lives. They show up every day to support one another and they are getting it done.”
“A lot of goodwill has been generated on behalf of clients by the way our team has responded. The strength of our culture has become self-evident during this crisis – the team spirit, ability to pivot, the tenacity and grace – have all been brought to bear on this challenge. I could not be more proud.”
The announcement related to the SBA loans was included in a press release addressing first quarter financial results.
The Company reported net earnings of $716,000, or $0.22 per basic and diluted share, for the quarter ended March 31, 2020 compared to net earnings of $867,000 or $0.28 per basic and diluted share, for the quarter ended March 31, 2019.
“The economic fallout from the COVID-19 pandemic is causing financial hardship for every community,” said Dixon. “We are focused on doing everything we can, for as many as we can, as they grapple with their own unique circumstances.”
Prime Meridian Bank, founded in 2008 and headquartered in Tallahassee, has 88 full-time equivalent employees in their four Florida locations which includes two in Tallahassee, Florida, one in Crawfordville, Florida, and one in Lakeland, Florida.
Don’t banks get to charge 10% for processing the loans?
I’ve been hearing about some really big local companies getting a lot of money, that continued to work during the shut down (didn’t lose any business) and didn’t need the money. I would definitely be interested in seeing a list of companies that received these monies.