HOUSTON, May 29, 2020 (Newswire.com) - Wallis Bank announced that it has processed over 3,500 loans totaling more than $347.5 million under the Small Business Administration’s Paycheck Protection Program (PPP), helping small businesses support payroll and related costs. The average loan size was approximately $99,000 as of May 26. The PPP provides forgivable, government-guaranteed loans for the nation’s small businesses, which account for roughly 48 percent of the U.S. workforce.
“As relationship bankers and dedicated members of this community, we are doing everything we can to protect the vibrancy of our small businesses, which serve as the economic engines for our economy,” said Asif Dakri, Chief Executive Officer of Wallis Bank. “I’m so proud of our staff, who have worked around the clock to process loans and ensure that critical funds were able to get in the hands of those who needed it most.”
“Community banks stepped in to provide a helping hand to local small businesses—something that they do during both good times and challenging ones,” ICBA President and CEO Rebeca Romero Rainey said. “Providing more than half of the nation’s small business loans, community banks prioritize the needs of their local customers and communities and quickly adapt and respond during times of crisis. By providing the lion's share of PPP loans, community banks have served an essential role in helping small businesses survive amid COVID-19, while saving countless jobs across our nation.”
About Wallis Bank
Wallis Bank is a full-service community bank dedicated to serving both rural customers as well as large international clients with the highest level of personal service. The Bank was established in 1906 in Wallis, Texas, and holds the unique experience of surviving the Great Depression and both World Wars. Over the years, the company underwent the expansion of additional branches and offices in Houston, Dallas, San Antonio, Los Angeles, and Atlanta. The Bank continues to expand its offering of digital products and services for enhanced customer experience. In 2019, Wallis Bank has been named to ICBA’s Best of the Best community banks. This marks the sixth time in seven years that the Bank has been recognized for this honor.
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. With more than 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ nearly 750,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, nearly $4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.
Source: Wallis Bank